Boat Insurance FYI

carlywolf · Post by **carlywolf** » Tue Jul 10, 2012 11:15 am

Not sure if everybody knows this but... insurance rates are also determined by ones credit ratings etc etc. Well i received my bill in the mail and after going thru it i noticed it said that i was not given the best rate ( they have to tell you) because i had some hits on my (not soft hits) credit done by experian credit bureau. I have progressive insurance for my cars also. Sooo i bring up my annual free credit report and i see a hit from a telemarketing mortgage company that was soliciting me about low interest mortgage loan. I never applied or responded to their letter in the mail, just threw it out as most of us do. Well that affected my credit rating ,hence higher rate on my insurance needs. Dont know how much yet but my agent said will be less. Just thought i would pass that on. Might be a tankful of gas. Every little bit counts!!!!

Btw i called experian and disputed that and 24 hours later it was removed from my credit history

k9th · Post by **k9th** » Tue Jul 10, 2012 3:05 pm

Thanks for the info.

alexander38 · Post by **alexander38** » Tue Jul 10, 2012 5:09 pm

Good reminder .... that score means alot these days, If you own a company they'll pull your Inc. rating too....to ....2.....

P-Dogg · Post by **P-Dogg** » Tue Jul 10, 2012 11:39 pm

Having recently applied for insurance on my new tricab, I was furious to get the same "we can't give you our best rate" runaround. Having a credit rating in excess of 800, I was a bit peeved. I got the VP of insurance for BoatUS on the phone (Mike Pellerin) and he was able to tell me (unlike his "underwriters") that the difference between the "best" BoatUS rate and the next best that I got was just $30/yr. Certainly not a tank of gas (unless you have a john boat). I have all of three credit cards -- none with balances, and I just paid off my friggin' house! (no car loans or student loans either, and paid cash for the boat -- I am so un-American) The credit bureau said that I had too many cards.

Everytime someone pulls your credit score, it lowers your credit rating a few points. Maybe that's what happened with your mortgage deal. I'd piss and moan about it until you got the best rate. Tell your insurance carrier that you want to be re-scored, and that you'll cancel and go with another carrier if they don't. Keep asking to talk to someone higher-up until you get satisfaction.

Commissionpoint · Post by **Commissionpoint** » Wed Jul 11, 2012 12:31 am

I run in the high 7's or low 8's depending on the bureau and the exact time you look. ( I sometimes carry a balance if I've just bought something big.)

I pay about $450 a year for an agreed value policy. 25k for the boat. 8k on electronics, and 5k on personal effects.

My insurance company paid out about 100k for Irene last fall. Premiums were just about the same this spring. I guess its all in who you deal with.

prowlersfish · Post by **prowlersfish** » Wed Jul 11, 2012 6:56 am

How much experience can have a effect on your rate also ,

rossjo · Post by **rossjo** » Wed Jul 11, 2012 9:03 am

Commissionpoint wrote: ... I pay about $450 a year for an agreed value policy. 25k for the boat. 8k on electronics, and 5k on personal effects.

My insurance company paid out about 100k for Irene last fall...

$100k ?

carlywolf · Post by **carlywolf** » Wed Jul 11, 2012 10:44 am

Well i did hear from my insurance agent and was very surprised that i didnt get caught up in all that red tape, ( we all know about red tape) it actually lowered my boat insurance 98 bucks every six months. I have no problem paying what i owe but really now, almost 200 bucks a year for one simple hard hit on my credit. Wife was happy but said i have a long way to go to pay off that new engine, the things us men must endure

sehord · Post by **sehord** » Thu Jul 12, 2012 4:12 pm

You guys are cryin over spilt milk.... try to get insurance in the Hurricane State of Florida and see what you pay.... The area has far more to do with your rate than the credit

Commissionpoint · Post by **Commissionpoint** » Fri Jul 13, 2012 2:24 am

rossjo wrote:
Commissionpoint wrote: ... I pay about $450 a year for an agreed value policy. 25k for the boat. 8k on electronics, and 5k on personal effects.

My insurance company paid out about 100k for Irene last fall...
$100k ?

mmmhmm

boats, docks, personal property, all gone forever and mostly without a trace. changed the waterfront here forever. it was a choice to go to a 25k boat in the aftermath, not a requirement. just thought it would be cool to have a trojan again.