Insurance

chrissd330 · 13 May 2016, 21:21

I Am hoping to take my sib out next week possibly for the first time,what insurance do I need? I am thinking about Craft Insure they seem popular on here,max 4 persons on boat.
Chris

Fenlander · 13 May 2016, 21:24

Of course there are others but the Craftinsure smallcraft policy for your size and HP is good value and can be arranged online in minutes.

treerat · 13 May 2016, 21:38

Quote:

Originally Posted by chrissd330

I Am hoping to take my sib out next week possibly for the first time,what insurance do I need? I am thinking about Craft Insure they seem popular on here,max 4 persons on boat.
Chris

Need? Legally none. Although it really should be......

Mines with John of this parish these days, used to be with Insure my boat with the sib and smaller rib but they didn't seem to like the larger one.

chrissd330 · 13 May 2016, 22:06

Just been looking at craft insure,small boats max speed 25 mph,no idea what mine will do.could my Excell 330 and Tohatsu 9.8 do 25mph?

Fenlander · 13 May 2016, 22:23

Well now and again we see a claim of unexpected high speeds on here but in general you'd be looking at nearer 15-17Kts with that outfit with an average load.

Max... · 13 May 2016, 22:24

No.

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Andy1970 · 14 May 2016, 13:01

Hi, glad this post came up, I also would like to insure my boat, it's 4.2 futura air floor with a 25 2s and don't have any idea of the top speed, do I need to insure it as longer than 4m, guessing I do
Cheers A

Fenlander · 14 May 2016, 13:14

Best to keep things straight with insurance... if you use Carftinsure their smallcraft with motor class is up to 5m so you're OK.

Re speed depending on your load I reckon you'll be just about at their 23Kts limit.

Andy1970 · 14 May 2016, 13:28

Thanks for that, will check out craft insure

chrissd330 · 14 May 2016, 14:27

Thanks Fenlander,just got a quote £49 plus £100 excess,small motor boat .

ShinyShoe · 15 May 2016, 08:22

I always find small SIB and RIB insurance pricey! I come from a dinghy racing background where insurance is remarkably cheap considering that collisions and damage are relatively common!

I suspect you are paying for theft insurance as that and snagging a pot line and sh@gging your gearbox seem to be the most common risks in a RIB/SIB. As this question seems to crop up about what do I need to launch at slipway XXX - I wonder if there are cheaper options that only do 3rd Party risks? (I currently have a very small setup that is really just a tender, but it doesn't have anything to tend!) Total cost: <£250. I will live with the theft risk. The engine was <£100 so I can cope with the gearbox risk. My only concern is damaging someone else somehow.

I'm ready for the "£50 is good it's a tank of fuel" pitch that commonly gets used on rib.net... But for me it's actually 10tanks of fuel. For the Gurnard he would probably have done 250miles of adventure (most of which he wouldn't see another boat to put at risk or even another human to think of nicking his boat!

Poly · 15 May 2016, 10:19

Quote:

Originally Posted by ShinyShoe

I always find small SIB and RIB insurance pricey! I come from a dinghy racing background where insurance is remarkably cheap considering that collisions and damage are relatively common!

I suspect you are paying for theft insurance as that and snagging a pot line and sh@gging your gearbox seem to be the most common risks in a RIB/SIB. As this question seems to crop up about what do I need to launch at slipway XXX - I wonder if there are cheaper options that only do 3rd Party risks? (I currently have a very small setup that is really just a tender, but it doesn't have anything to tend!) Total cost: <£250. I will live with the theft risk. The engine was <£100 so I can cope with the gearbox risk. My only concern is damaging someone else somehow.

I'm ready for the "£50 is good it's a tank of fuel" pitch that commonly gets used on rib.net... But for me it's actually 10tanks of fuel. For the Gurnard he would probably have done 250miles of adventure (most of which he wouldn't see another boat to put at risk or even another human to think of nicking his boat!

Snagging prop lines doesn't usually kill gearboxes especially on sibs with aluminium props.

as with cars theft and damage to the insured's own property isn't the most expensive part. It's the third party risk of a prop removing an arm / leg / head that means payouts will have at least six and probably seven figures.

Poly · 15 May 2016, 10:22

There are policies around that will cover multiple vessels, so you might be able to add your tender to your wafi policy.

Fenlander · 15 May 2016, 12:41

>>>find small SIB and RIB insurance pricey!

>>>I'm ready for the "£50 is good it's a tank of fuel" pitch that commonly gets used on rib.net...

Well as you asked...

What we all think stuff is worth differs but I don't even need to relate the "£50" to a tank of fuel... besides so many other licensing/insuring needs for boating and other activities £50 is peanuts.

Looking at Craftinsure they want £45 for a £300 rowing boat so I'm guessing £45 is about their baseline figure for the third party cover they give you. If you up that to a £3000 SIB outfit with a 15hp outboard it only goes up to £53 I think confirming that it's the third party cover (plus of course business overheads and profit element) that is the greatest element not theft.

When we arrive at our excellent Scottish holiday sibbing destination this summer we'll be straight across to the cafe for a family lunch after unpacking. This will cost near on £50 but within 5hrs we'll need feeding again. So for me £50 or so for a whole year's protection against an unexpected event that results in a million pound claim from others is a bargain.

That's my comparison.

Max... · 15 May 2016, 13:19

Agreed, it's blooming cheap for peace of mind.

ShinyShoe · 15 May 2016, 14:36

But what is the probability of that million pound claim. I realise that depends on lots of variables. How you use your boat, where you use it etc.

Plenty of people manage to feed a family for less than £50 a meal. The beauty of SIBing is its cheap.

Craft Insure are pricey for third party sailing dinghy insurance... So I did some more searching and Newton Crum who I use for third party only cover on a couple of low value dinghy's, have a less than 11hp policy for £20 third party.. That seems much more reasonable :-D

Fenlander · 15 May 2016, 14:49

>>>But what is the probability of that million pound claim

We have a lifetime of careful judgement (in our opinion ha ha) in what we do and don't insure... and over many decades our (mostly) self insure method has saved us a fortune.

However there is one area where we are happy to insure... where however unlikely a claim... if it happened it would be life changing to the family finances. So car, house, boating 3rd party are all properly covered.

BTW you got youngsters driving? We have... two teen girls at the moment with £1500+ first/second year policies. The SIB might be £20 or it might be £50 but it's all loose change after the kids cars!

Poly · 15 May 2016, 15:17

Quote:

Originally Posted by ShinyShoe

But what is the probability of that million pound claim. I realise that depends on lots of variables. How you use your boat, where you use it etc.

It's totally irrelevant. Unless you say a large claim is impossible then do you have tens or hundreds of thousands tucked away somewhere that you wouldn't mind handing over if something goes wrong?

At the end of the day you could probably convince an underwriter that you are specifically a low risk, but by the time they even answer the first question the price you might save is gone.

Pikey Dave · 15 May 2016, 15:40

Speaking as someone who normally detests any kind of bureaucratic interference in my life, I personally think that 3rd party insurance should be compulsory for motor driven boats. I know that opens up a can of worms regarding registration, policing , enforcement etc. But I regard un-insured boaters in the same light as un insured drivers.
Just sayin'

Sh1t happens

mick · 15 May 2016, 17:04

Quote:

Originally Posted by Pikey Dave

Speaking as someone who normally detests any kind of bureaucratic interference in my life, I personally think that 3rd party insurance should be compulsory for motor driven boats. I know that opens up a can of worms regarding registration, policing , enforcement etc. But I regard un-insured boaters in the same light as un insured drivers.
Just sayin'

Sh1t happens

Just adding to the can of worms I reckon every household should have some sort of third party insurance especially those with kids running there bikes into cars etc