Double-Digit Yacht Insurance Premium Increases Set to Continue
Yacht Insurance rates are continuing to rise and there is no sign of an end to the trend which has seen the yacht and boat insurance market harden over the past 24 months. Some prominent Market faces are going so far as to pronounce not only the death of flat-line premium renewals but that we are also seeing the start of new era of annual incremental increases in yacht insurance premiums. Whether the doom-sayers are ultimately proved correct only time will tell; but the facts as they currently stand are that many yacht owners are still seeing double-digit increases in their renewal costs.
Why Your Tried & Trusted Price Reduction Methodology Will Probably No-Longer Work
Time was when the traditional way to reduce your Yacht Insurance was to shop around the various providers. Historically, the problem with this, of course, is that there were few roads to Market and they tended to eventually lead to fewer insurers; nevertheless, with perseverance you had a good chance of finding somebody who would match your cover at a slightly cheaper rate. Today, however, with several insurers having withdrawn from the Market already this year and others reviewing exactly what they are prepared to insure, the options for shopping around are diminished.
Not only are insurer options diminishing (unless, perhaps, you would like to take a chance with an unrated insurer) the odds of finding an insurer who you can return to with a competitive quote and then negotiate your renewal premium are lengthening against you. This is because insurers are having to face the reality of reviewing the way they do business if they want to stay in the game; and reviewing the way they do business means increasing their revenues; which in turn means increasing your Yacht Insurance premiums. Ultimately, what this means is that your renewal quotation pretty much resembles a line drawn in the sand by your provider.
What Can Yacht Owners Do to Protect Themselves Against Further Premium Increases?
If you own a yacht or powerboat you can “Future-Proof” your yacht and boat insurance premiums by talking to independent Marine Insurance specialists IRCM. Normal practice, if you obtain any insurance quotation is for your quotation to be valid for only 30 days; but IRCM are offering you the opportunity to obtain a competitive quotation at today’s rates for your Yacht Insurance requirements that is guaranteed for 12 months.
This means you can source a competitive premium now and, when your renewal invitation arrives over the next year, instead of wasting time shopping around for a competitive alternative, you can simply contact IRCM and let them know you want to make your Guaranteed Premium Quotation live. Providing there are no material changes to your circumstances or the basis of your insurance programme, we guarantee the cover and price we quoted to you.
Telephone or Email IRCM to “Future-Proof” Your Yacht Insurance Premium
To get your 12-month Guaranteed Yacht Insurance Premium telephone IRCM on 01902 796 793 or email enquiries@marineinsurance-ircm.co.uk . Remember you must contact us before the end of the Southampton Boat Show on 22 September 2019 to qualify for your premium guarantee.