Boat insurance now Allianz is out

StickyMcGinty

Allianz seem to have left the pleasure craft market - they seemed to have a good balance of paying out fairly and have reasonable premiums.

Who is everyone going with instead?

I’ve heard Aviva are the most likely to pay out but the premium seems excessive.

What other competitors should I be looking at that will actually pay claims out (don’t mind paying more for quality).

Boat value is about 90k

fergal.b

I use craftinsure and have also had a payout from them with no problems.

StickyMcGinty

Thanks - a quote from them is less than half the one I’m getting from the broker for Aviva.

AndyBoBandy

I’m with Yachtsman Euromarine the last 4-5 years and they seem fine enough…. No experience with claims though, but for simply having cover in place, they are reasonable enough.

DOCARCH

I use craftinsure too. Easy process/no hassles with them but I have no experience of making a claim.

Mick Tator

Where did you hear that Allianz is leaving the marine market? They are advertising still......

About 80 years ago an Irish insurer was set up specifically as a marine insurer and as a result it dominated the marine and marine cargo market for decades. Allianz now owns that operation and inherited that position.

The main imarine insurers deal with the pleasure craft market via brokers, so what is your broker telling you? What options has it proposed? Any decent broker should offer three different quotes with a recommendation for one.

My guess is that you have a boat that is on a ‘red list’ – one where past claims experience has indicated it’s a dead cert for a claim, like a house built on a flood plain.

Straightforward claims are paid; insurers and brokers are regulated, none want the hassle of investigation and subsequent extra oversight by the Central Bank. The only claims that are disputed generally are those where the insured has been less than frank with the insurer.

https://www.boards.ie/discussion/2058279397/boat-insurance-now-allianz-is-out

BowWow

Several boat owners in my class have had to move as Allianz wouldn't renew for them this year.

My insurance runs out in May, sent them an email asking would they renew for me - received email back saying they were leaving the market.

Does Craftinsure do "Racing Risks"?

Mick Tator

https://www.boards.ie/discussion/comment/120109727#Comment_120109727

https://www.boards.ie/discussion/comment/120109727#Comment_120109727

Thanks - FWIW their site is still advertising for business . It says somethong if they are just quitting that sector and not trying to sell the bppk of business.

StickyMcGinty

https://www.boards.ie/discussion/comment/120109574#Comment_120109574

Broker told me they’re withdrawing from the market.

Broker gave me 2 quotes - Yachtsman and Aviva. Both quoting double what Allianz sold me a policy at last year.

craftinsure quoted at similar to what Allianz gave me last year, but broker saying Aviva the only reliable ones who generally approach claims wanting to pay out

Looks to me like Allianz are out (see attached screenshot) - am I missing something?

DOCARCH

'Does Craftinsure do "Racing Risks"?'

I suppose depends on the risk! But, pretty sure they do.

I was insured for club racing, but removed cover last renewal (as no intention of racing my boat) and saved €65. As far as I am aware they do insure for more than club racing.

Jim from Cork

Most of us Small Boat Angler types have our boats insured with Porthcawl Insurance in Wales. They've had to do some messing around since Brexit but are still offering cover to Irish owners albeit a bit more expensive than what it was previously. they wasn't much between them and Yachtsman so I stayed with Porthcawl because they have a good name in terms of sorting things when there is a problem.