WakezoneINS

Not necessarily because it is credit based insurance scoring. Claims history is just part of the whole equation... But again, many of the high performance carriers do not credit score. You get credit scored with your standard lines carriers like Progressive, State Farm, Farmers, Safeco etc....

bck

As I understand it your credit score itself doesn't mean much. You take the raw credit report and run it through a different algorithm based on what insurance companies consider important (and allowed by law) and add to that other bits of claim history and you have a new number that insurance companies use to determine your insurance worthiness. They use it like a bank would use a fico score but it is a different number.

sy goldberg

This insurance/credit scoring has caused our agency a tremendous amount of work.Total Dollar Insurance has DIRECT appointments with most of the major boat insurance carriers and several of them use this illogical system to calculate boat insurance premiums.I complain to the underwriters about this and they agree with me that this makes no sense and they blame the company actuary department.I have another carrier the only quotes on persons boating background and we are moving millions of dollars of premium to them.I have clients with megayachts and no claims ever and I still have to change carriers due to 30% premium increases and this is happening at all four of our locations in different geographical areas.I'm now enjoying the previous carreiers complain about our decreasing premium volume with them.

sy goldberg

I forgot to mention that we do not use anything but boating experience in our in house,exclusive high performance and outboard center console programs and we will use our system in a new program that will be up and running shortly.