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Thread: Higher premiums this year??

  1. #1
    Join Date
    Nov 2008
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    See map on blog for details
    Posts
    95

    Default Higher premiums this year??

    I just got my insurance renewal quote from Pantaenius and am a little surprised. The only thing we asked the underwriters to change was our cruising area (Caribbean instead of Med) and we reduced the value of the boat by just under 20%.

    The premium has gone up by 88% - almost double!! They also increased the deductible from $5k to $10k. Has anyone else experienced increases this year?

  2. #2
    Join Date
    Aug 2009
    Location
    Stratford upon Avon, boat Poole
    Posts
    3,381

    Default Re: Higher premiums this year??

    No, mine with Pantaenius went down slightly.

    Maybe Carribean is seen as much higher risk area.

    I suggest you ring them. They are very approachable.

    Mike
    Nothing works on an old boat, except the skipper.

  3. #3
    Join Date
    Aug 2009
    Location
    Florida/Bahamas
    Posts
    276

    Default Re: Higher premiums this year??

    It might be because you are going to be much closer to the land of perpetual litigation (USA). Perhaps if you promise them you won't go to the USVI?
    Sail Fast Live Slow

  4. #4
    Join Date
    Feb 2010
    Location
    Me Germany / Boat Spain
    Posts
    324

    Default Re: Higher premiums this year??

    I shopped around for a new insurance a few weeks ago.
    I have seen similar figures with german insurers. Like premium of 4% of boat value with a deductible of 10%, completely excluding hurricane season and several other risks.

    Some insurance agent told me that some EU insurers are no longer interested in the remote cruising fields and go back to concentrate on local waters only. Many don't even insure anything in the caribbean, let alone worldwide.

  5. #5
    Join Date
    Jan 2009
    Location
    Pacific Ocean/N. American coast
    Posts
    432

    Default Re: Higher premiums this year??

    Ours didn't change when we renewed in August... (To be precise, our premium went down because we changed cruising area, but the premium from last year through the next year for the previous cruising area didn't change at all).

  6. #6
    Join Date
    Nov 2008
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    See map on blog for details
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    95

    Default Re: Higher premiums this year??

    Pantaenius just confirmed that the reason for the large hike in price was because we will be in the Caribbean.

    I was surprised that, given the price, the cruising area excludes Haiti, Dominican Republic, Venezuela, Cuba and Colombia. Also, we need to be south of 10 degrees N after June 1, which means we can't leave the boat in Trinidad...

  7. #7

    Default Re: Higher premiums this year??

    Hello
    Whilst it is true that some insurers have withdrawn from certain cruising areas, there are still a number of options out there for blue water cruising. If anyone would like to gain an alternative quote from us, we will be happy to see what we can do to assist. We only use 'A' rated insurers. To gain a quote, simply click on the link below
    http://www.velosinsurance.co.uk/quoteEnquiryForm.asp?aff=94
    we shall look forward to hearing from any of you who may like to 'test the water' with us.
    Liz

  8. #8

    Default Re: Higher premiums this year??

    We're insured with Pantaenuis for east coast n. america caribbean including venezuela without geographical exclusions, there is also no requirement to be out of the hurricane zone june to november, there are however significant caveats around cover for damage caused by named storms. we currently pay 2000 for an insured value of 125,000
    Andy
    Lagoon 42 TPI "PTARMIGAN"

  9. #9
    Join Date
    Oct 2008
    Location
    Devon, UK
    Posts
    2,793

    Default Re: Higher premiums this year??

    Just been notified that mine is going up 83.00 to 294.00 and my excess is going up 50.00 to 200.00, I will argue this as although my insurance claim last year was around 15,000.00 it was not my fault, I was 6 miles away.

    Quote Originally Posted by dmmbruce View Post
    No, mine with Pantaenius went down slightly.

    Maybe Carribean is seen as much higher risk area.

    I suggest you ring them. They are very approachable.

    Mike

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