When it comes to yachts, any owner will know how something that should be so delight inducing and joyful causes so much hassle and stress. From arranging your berthing and insurance to planning a weekend trip on the water with family and friends, nothing ever works out the way it should. But when the stars align, the snags get sorted and the weather plays ball, then the enjoyment of being on the water gives us the laughter and smile that makes it all worthwhile.
But why can’t this be easier? Bryan Davies, the founder of CompareYachtInsurance.com weighs in on how he has taken the yacht insurance market by storm; “We are here to provide a different stance on the market. Historically it has been very difficult to get a handful of insurance policies together and know what the differences are. When we started off two years ago we wanted to make life easier for our customers, and we have achieved exactly that”.
Scouring the market of almost every other service provider available, it quickly becomes apparent that there are comparison and aggregator websites for everything. Car Insurance, Household Energy, Rental Car and even mobile phone comparison sites all set out to enlighten customers on how much bang for their buck they’ll get from their end provider. But how does this work with the yacht insurance market where not every yacht is the same, not every passage goes down the same route and everyone’s appetite for risk differs depending on the weather. Davies adds “Knowing the ins and outs of every yacht insurance policy is a minefield. We have studied the market long enough to know everything about the polices out there. This made our focus on the offering easier, as we knew which insurers we wanted to work with in order to give our clients the biggest variety of cover available. They’ll be able to rest assured, knowing that having used our free online service, they will have access to the top insurers with their most competitive price.”
With the recent turmoil in the marine insurance market driving premiums higher and higher, most yacht owners are faced with a tough decision. Do they stay with their current insurer even after the prices were hiked up 10, 15, 20%; or is this the year to shop around and throw whatever loyalty is left under the bus and look after the purse a little longer. “The market has been hurting ever since the 2017 hurricane season, and securities in the US, London and Lloyds market have tightened up. We sympathise with insurers for having to increase their premiums to ensure the liquidity of the yacht insurance market. The time for really exploring how much cover a yacht owner requires is now, and for them to value the quality of the product they purchase”, Davies explains.
The Yacht Insurance market has been shaken up recently by insurers and by newcomers to the market like CompareYachtInsurance.com. Whilst we don’t know what the future holds, the main point Davies would like us to take away is to play the hands that we are dealt. “Our service is free and takes less than 2 minutes to from start to end. That is if you don’t get caught reading the insightful articles on our website. At the end of the day, we are here to do right by all the yacht owners out there, and our track record and client opinions are a testament to that.”