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Important Youi insurance changes for old boats

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Created by AshleyM A week ago, 7 Nov 2018
AshleyM
QLD, 187 posts
7 Nov 2018 9:28PM
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So I've just sold my Spacesailer 24 to a gentleman in Wynum.

Naturally I told him about our favourite insurance company, Youi, who don't require surveys.

He was declined insurance because the vessel was supposedly built before 1980.

The firm who underwrite the marine element of Youi's business will no longer insure any vessel built prior to 1980, however they will honour all current and existing policies.

My boat was re-rigged 3 years ago and will fly through any survey, it's just a pain in the neck and a waste of time on a simple little boat.

Bananabender
QLD, 408 posts
7 Nov 2018 10:14PM
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Tried them last year for an 1985 built .They quoted triple QBE.

Windancer
QLD, 98 posts
7 Nov 2018 10:58PM
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Interesting... I find that most older boats are built far superior than some of these new Tupperware boats.

sirgallivant
NSW, 1241 posts
8 Nov 2018 12:35AM
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It puzzles me why anybody would bother with youi ?

I tried car, motorcycle and boat insurance quotes with them and they were parsecs away from anything resembling their competition like NRMA, QBE or even ClubMarine.

Seebreasy73
QLD, 135 posts
8 Nov 2018 4:59AM
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sirgallivant said..
It puzzles me why anybody would bother with youi ?

I tried car, motorcycle and boat insurance quotes with them and they were parsecs away from anything resembling their competition like NRMA, QBE or even ClubMarine.



I second this too. Got them quote for car, motorbike, plane, space shuttle - all were well above other quotes and heard horror stories of not wanting to payi out, because "you did not told us that" bs.

shaggybaxter
QLD, 1241 posts
8 Nov 2018 7:02AM
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That's not that uncommon. Club Marine did the same thing a few years ago, where they decided that boats past a certain age were to be removed off their books. Mine was 1980, marina berth, existing policy for over 6 years no claim and when it was time for renewal they refused to renew it.
I offered to pay a higher premium in case money this was the issue. No deal. After several attempts at understanding why, I was told unofficially there was not a large enough return for them out of insuring mainstream older boats of that value. The boat had even been pulled the year before for an out of water survey for the same insurance policy.

The same broker appeared at my new boat in Hammo one day trying to talk me into signing the new boat across to them. He didn't recognize me until he was sales speiling to my crew about how Club Marine is a real boaters insurance mob. I finally bit and tossed him off the boat. I can still picture him standing there with his mouth open at the dock, he didn't have a word in response, lying bastard.

This is the same company where upon a sinking they negotiate the payout figure with you, rather than the payout figure agreed in the policy.
So while Youi may be bottom feeders, they've a lot of company.

Seebreasy73
QLD, 135 posts
8 Nov 2018 7:14AM
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shaggybaxter said..
That's not that uncommon. Club Marine did the same thing a few years ago, where they decided that boats past a certain age were to be removed off their books. Mine was 1980, marina berth, existing policy for over 6 years no claim and when it was time for renewal they refused to renew it.
I offered to pay a higher premium in case money this was the issue. No deal. After several attempts at understanding why, I was told unofficially there was not a large enough return for them out of insuring mainstream older boats of that value. The boat had even been pulled the year before for an out of water survey for the same insurance policy.

The same broker appeared at my new boat in Hammo one day trying to talk me into signing the new boat across to them. He didn't recognize me until he was sales speiling to my crew about how Club Marine is a real boaters insurance mob. I finally bit and tossed him off the boat. I can still picture him standing there with his mouth open at the dock, he didn't have a word in response, lying bastard.

This is the same company where upon a sinking they negotiate the payout figure with you, rather than the payout figure agreed in the policy.
So while Youi may be bottom feeders, they've a lot of company.


they're all the same, but surprised to see that they refused to insure you because your boat was year 1980. Mine is older than that and still with Club Marine.

Not certain, but I think in the Uk (or USA) there are clubs that insure their own boats. You need to maintain the boat through the club's service centre though. You pay a yearly membership fee of $400-$500, but that will give you comprehensive insurance as well. Wouldn't be a bad idea to sort something like this, since most of us belong to a club or two anyway.

AshleyM
QLD, 187 posts
8 Nov 2018 10:42AM
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I don't see what the issue is with older boats. A fibreglass hull is a fibreglass hull, and rigging on a 30 year old boat is the same as rigging on a 40 year old boat, ie it has been replaced several times over.

For me, I'm primarily only wanting insurance for public liability purposes in order to satisfy marina management or in my case the council(who own my mooring).

shaggybaxter
QLD, 1241 posts
8 Nov 2018 10:54AM
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Seebreasy73 said..

shaggybaxter said..
That's not that uncommon. Club Marine did the same thing a few years ago, where they decided that boats past a certain age were to be removed off their books. Mine was 1980, marina berth, existing policy for over 6 years no claim and when it was time for renewal they refused to renew it.
I offered to pay a higher premium in case money this was the issue. No deal. After several attempts at understanding why, I was told unofficially there was not a large enough return for them out of insuring mainstream older boats of that value. The boat had even been pulled the year before for an out of water survey for the same insurance policy.

The same broker appeared at my new boat in Hammo one day trying to talk me into signing the new boat across to them. He didn't recognize me until he was sales speiling to my crew about how Club Marine is a real boaters insurance mob. I finally bit and tossed him off the boat. I can still picture him standing there with his mouth open at the dock, he didn't have a word in response, lying bastard.

This is the same company where upon a sinking they negotiate the payout figure with you, rather than the payout figure agreed in the policy.
So while Youi may be bottom feeders, they've a lot of company.



they're all the same, but surprised to see that they refused to insure you because your boat was year 1980. Mine is older than that and still with Club Marine.

Not certain, but I think in the Uk (or USA) there are clubs that insure their own boats. You need to maintain the boat through the club's service centre though. You pay a yearly membership fee of $400-$500, but that will give you comprehensive insurance as well. Wouldn't be a bad idea to sort something like this, since most of us belong to a club or two anyway.


Yep, no rationale to it. Another friend with a 34', same age, had no issue with is Club Marine until 2 years later, then he got flicked too, same experience. It's a black art how some of these mobs think.

boty
QLD, 426 posts
9 Nov 2018 8:49AM
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shaggybaxter said..

Seebreasy73 said..


shaggybaxter said..
That's not that uncommon. Club Marine did the same thing a few years ago, where they decided that boats past a certain age were to be removed off their books. Mine was 1980, marina berth, existing policy for over 6 years no claim and when it was time for renewal they refused to renew it.
I offered to pay a higher premium in case money this was the issue. No deal. After several attempts at understanding why, I was told unofficially there was not a large enough return for them out of insuring mainstream older boats of that value. The boat had even been pulled the year before for an out of water survey for the same insurance policy.

The same broker appeared at my new boat in Hammo one day trying to talk me into signing the new boat across to them. He didn't recognize me until he was sales speiling to my crew about how Club Marine is a real boaters insurance mob. I finally bit and tossed him off the boat. I can still picture him standing there with his mouth open at the dock, he didn't have a word in response, lying bastard.

This is the same company where upon a sinking they negotiate the payout figure with you, rather than the payout figure agreed in the policy.
So while Youi may be bottom feeders, they've a lot of company.




they're all the same, but surprised to see that they refused to insure you because your boat was year 1980. Mine is older than that and still with Club Marine.

Not certain, but I think in the Uk (or USA) there are clubs that insure their own boats. You need to maintain the boat through the club's service centre though. You pay a yearly membership fee of $400-$500, but that will give you comprehensive insurance as well. Wouldn't be a bad idea to sort something like this, since most of us belong to a club or two anyway.



Yep, no rationale to it. Another friend with a 34', same age, had no issue with is Club Marine until 2 years later, then he got flicked too, same experience. It's a black art how some of these mobs think.



I have pagan insured with club marine no problems 5 year survey 1 year rig survey for offshore racing over 250 mile I am bringing another seabird up from Sydney on the weekend club marine refused insurance as the valuation for the vessel was less than $1500 per foot

AshleyM
QLD, 187 posts
9 Nov 2018 6:28PM
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boty: $1500/foot is modern boat country.

There aren't alot of older 30 footers on the market that are worth more than $45k.

A Cavalier 30 these days barely goes for $30k.

In North Queensland there is an impeccable Cav 32 with new everything, and he's sitting stagnant at $45k and will have to reduce his price, putting that vessel below $1500/foot.

cisco
QLD, 10783 posts
9 Nov 2018 9:22PM
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Thanks for that gents. At $1500/foot my 30 footer is now worth $45k if it is insured!!!

Bristolfashion
VIC, 380 posts
10 Nov 2018 7:01AM
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It's a good plan to put a scheme together for a yacht club or even group of local clubs. Flicking 1 boat doesn't matter to the broker / insurer but loosing (or gaining) a scheme of a hundred boats will make a noticeable dent/lift in someone's numbers.

I'd suggest using a good local broker to set it up. Try and get something included that gives your scheme the edge - discounts with local businesses etc.

Cheers

Bristol

Bananabender
QLD, 408 posts
10 Nov 2018 1:42PM
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boty said..

shaggybaxter said..


Seebreasy73 said..



shaggybaxter said..
That's not that uncommon. Club Marine did the same thing a few years ago, where they decided that boats past a certain age were to be removed off their books. Mine was 1980, marina berth, existing policy for over 6 years no claim and when it was time for renewal they refused to renew it.
I offered to pay a higher premium in case money this was the issue. No deal. After several attempts at understanding why, I was told unofficially there was not a large enough return for them out of insuring mainstream older boats of that value. The boat had even been pulled the year before for an out of water survey for the same insurance policy.

The same broker appeared at my new boat in Hammo one day trying to talk me into signing the new boat across to them. He didn't recognize me until he was sales speiling to my crew about how Club Marine is a real boaters insurance mob. I finally bit and tossed him off the boat. I can still picture him standing there with his mouth open at the dock, he didn't have a word in response, lying bastard.

This is the same company where upon a sinking they negotiate the payout figure with you, rather than the payout figure agreed in the policy.
So while Youi may be bottom feeders, they've a lot of company.





they're all the same, but surprised to see that they refused to insure you because your boat was year 1980. Mine is older than that and still with Club Marine.

Not certain, but I think in the Uk (or USA) there are clubs that insure their own boats. You need to maintain the boat through the club's service centre though. You pay a yearly membership fee of $400-$500, but that will give you comprehensive insurance as well. Wouldn't be a bad idea to sort something like this, since most of us belong to a club or two anyway.




Yep, no rationale to it. Another friend with a 34', same age, had no issue with is Club Marine until 2 years later, then he got flicked too, same experience. It's a black art how some of these mobs think.




I have pagan insured with club marine no problems 5 year survey 1 year rig survey for offshore racing over 250 mile I am bringing another seabird up from Sydney on the weekend club marine refused insurance as the valuation for the vessel was less than $1500 per foot


Just realised Pagan Winner 1974 Westcoaster M/H
She's got credentials.

woko
NSW, 269 posts
12 Nov 2018 8:14PM
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I've givin up trying to get insured. At $1500/ foot my spray is worth $ 49500 ! Ha ! Shes in great nick and would be happy for any survey. Anyway marinas aren't my style, If foul weather is predicted I leave crowded anchorages and everyone knows sprays don't race. So if you see me comin beware !

Karsten
NSW, 233 posts
12 Nov 2018 10:45PM
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woko said..
I've givin up trying to get insured. At $1500/ foot my spray is worth $ 49500 !


Hi woko (and others that dumped regular insurance), do you still have third party (aka liability) insurance?

If yes, who with ?

Asking since I'm on a mooring and on the lookout for a 3rd party provider without having to incur slipping and survey costs.

Ramona
NSW, 4460 posts
13 Nov 2018 7:58AM
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Karsten said..

woko said..
I've givin up trying to get insured. At $1500/ foot my spray is worth $ 49500 !



Hi woko (and others that dumped regular insurance), do you still have third party (aka liability) insurance?

If yes, who with ?

Asking since I'm on a mooring and on the lookout for a 3rd party provider without having to incur slipping and survey costs.


Depends where your mooring is. If your old enough and not in JB try Apia.

crustysailor
VIC, 605 posts
13 Nov 2018 12:52PM
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If your in Vic, try www.tudorinsurance.com.au/
They do older boats, and swing moorings.

Their rep came onsite to our club, sussed out the local area, and then did a club members policy rate.
Most were just after '3rd party', but I put my cat through for fully comp,and social racing as they were QBE agents.

No survey needed, boat just has to be looked after and you supply some decent photos to prove it.

The only thing they won't touch at all is ferro.

No allegiance, just happy customer.

Usually I'd tar most insurance companies with the same brush, but at least this broker gives us a bit of a chance instead of flat out no for old boats/swing moorings.

Planeray
93 posts
13 Nov 2018 1:08PM
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crustysailor said..
If your in Vic, try www.tudorinsurance.com.au/
They do older boats, and swing moorings.

Their rep came onsite to our club, sussed out the local area, and then did a club members policy rate.
Most were just after '3rd party', but I put my cat through for fully comp,and social racing as they were QBE agents.

No survey needed, boat just has to be looked after and you supply some decent photos to prove it.

The only thing they won't touch at all is ferro.

No allegiance, just happy customer.

Usually I'd tar most insurance companies with the same brush, but at least this broker gives us a bit of a chance instead of flat out no for old boats/swing moorings.


Don't even have to be in VIC - they were able to sort me out in Sydney over the phone/email.

Big fan of them - sorted it all out for me just like you say - old boat, swing mooring with just some photos. Now have full cover inc racing for $60 a month less than Youi were charging through QBE.

boty
QLD, 426 posts
Wednesday , 14 Nov 2018 9:03AM
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AshleyM said..
boty: $1500/foot is modern boat country.

There aren't alot of older 30 footers on the market that are worth more than $45k.

A Cavalier 30 these days barely goes for $30k.

In North Queensland there is an impeccable Cav 32 with new everything, and he's sitting stagnant at $45k and will have to reduce his price, putting that vessel below $1500/foot.


I don't know if that is for all forms of construction but it is definitely for timber vessels I think this might have been done to eliminate insuring classic vessels maintained in less than pristine condition
the yacht we sailed up from Sydney on the weekend was structurally and engineering wise in better condition than most 10 year old production boats though some halyards had marginal wear sails were very old with the original spinnaker having the cyc 2 sail number still on her the value of the vessel was down because of poor cosmetics and sail rigging issues
some vessels just fall outside the parameters of what the multinationals are comfortable with
oh the joy of owning classic yachts



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"Important Youi insurance changes for old boats" started by AshleyM