Insurance Recommendations

[j2nh]

Had a claim with SkiSafe, handled promptly, no complaints from me. What I was told by SkiSafe, they cover a lot of inboard ski/wake boats and their claim history is low which is why their rates are usually the lowest. We pay around 350/year declared value for our club ski boats (196's) but pay $800 for a 2006 Mirrocraft bass boat with a 60hp outboad. Claim rates are higher for fishing boats.

[shanesj]

I am with skisafe and do recommend them, but i find these threads pretty useless. Cause you can't compare unless you know all the following:

amount insured
deductible
freeze damange
layup period
amount of liability coverage
etc

The real reason you cannot compare premiums is your insurance score will drive the premium more than any other factor. Two people can have the exact same coverage and have very different premiums just because of their insurance scoring.

[xrichard]

The real reason you cannot compare premiums is your insurance score will drive the premium more than any other factor. Two people can have the exact same coverage and have very different premiums just because of their insurance scoring.

What is the insurance score/scoring, how's it calculated (or at least how is it damaged and how is it improved?), and how do I determine mine? Is it a score used by all insurance agencies similar to FICO, etc?

I see in this thread very little mention of liability limits, something that can swing your insurance by quite a bit. But I haven't heard of scoring outside of "how many claims in the past 5 years" or whatever the typical claims question is when you apply for insurance.

[shanesj]

What is the insurance score/scoring, how's it calculated (or at least how is it damaged and how is it improved?), and how do I determine mine? Is it a score used by all insurance agencies similar to FICO, etc?

I see in this thread very little mention of liability limits, something that can swing your insurance by quite a bit. But I haven't heard of scoring outside of "how many claims in the past 5 years" or whatever the typical claims question is when you apply for insurance.

Liability limits will not have a large impact on premium. Going from 100,000 to 500,000 will be negligible as the insurance carriers now most claims will not reach the higher liability limits.

There is no way to find out your insurance score as every company calculates it using their own magical formula. I can say from what I see that your credit score is a very large driver in determining the insurance score. All 12 of my carriers use an insurance score system, that is not to say all carriers are but you are going to have a hard time finding one that doesn't use insurance scores in the personal lines business. Your state laws will also have an impact on the systems used.

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[SkiBee]

I have had Ski Safe for 10 years. Incredible service and easy to work with. I had a claim 4 years ago for around $6K (hit submerged log on the Potomac and needed new rudder, shaft, and prop) and they paid as fast as I could tell them the problem. Very inexpensive policy in my opinion. It would take an enormous premium increase for me to change. I would ask that you give them strong consideration.

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