Insurance Scoring
 

Greetings!

As industry leaders, we think it is important to keep you informed of industry trends and developments. Using insurance scoring in rating is now emerging in the high performance boating segment and we want you to understand what it is and why it may save you money.

Insurance scoring has been used for years in homeowners and auto insurance and has been statistically proven to be predictive of future losses. An insurance score is derived from your credit history. Overall, insurance scores consider patterns of credit management practices. Single incidents generally have minimal impact.

What does this mean to you? If you are financially responsible, your insurance premium will be significantly lower than someone who is not. Markel incorporates insurance scoring in their rating and we have been able to save many customers on their premiums.

Elton Porter’s service is second to none and Markel has the most tenure insuring performance boats. If you have not given us a try, please do, we insure all types of performance boats and look forward to earning your business.

Thanks!

insurance scoring
 

I do not use insurance scoring with my high performance insurance program.I also use yacht insurance carriers such as RLI,SEAWORTHY,and OLD UNITED who do not use credit scoring either.I guess WARREN BUFFETT (SEAWORTHY-BERKSHIRE HATHAWAY) must not know what he is doing.

:drink:

cant imagine why my credit score would (or should) have anything to do with my insurance premiums. The reason i say this is my credit is not perfect, its not bad but far from perfect. You'd think the fact that i have never made an insurance claim of any kind in my entire 43 years would cary more weight also the fact that i have never had any sort of accident ever. i would think ones driving and claims record should be the only pertanant info.

I am totally with you Dave. It sure does seem to me as if these particular insurance carriers are trying to take advantage of people suffering through this tough time and credit woes. The scoring should only apply to my claims history and nothing else. What is the insurance carrier trying to accomplish with implementing this program? A reason to charge more money to those that can't afford it already? This is exactly why insurance needs regulated. I'm not ALL FOR regulation but, if the carriers are trying to take a bigger advantage of the policy holders then its just another reason for regulation.

Big Andy

More Input On Credit Scoring
 

I have to laugh when some of the carriers that use I use call me and complain about the lack of new business.I respond by telling them that a rational company got the business due to the fact that they used boating related methods of quoting the premium instead of a meaningless credit score.I have clients for over 20 years that have only average credit scores but have never had a claim.

I guess if your credit is less than perfect dont go with Markel !

My Post Problem
 

i'm trying to delete my posts and I'm not having any luck.I need help or for the powers of OSO to delete them

Whoa!!! No need to delete posts. I hope that someone isn't asking you to delete it. You have only stated, that, the companies you write insurance premiums for don't use credit scoring to determine the cost of the premium. Elton Porter Insurance is an industry leader(it says so in the first post) and as industry leaders they should be able to handle some criticism on this monumental announcement.

Big Andy

My offshore is insured through sy, and I am very impressed with it. Seemed a little more old school than most. (nothing against markel or stacy) But it was very nice to have someone look at boat insurance with a real world set of eyes, not just by numbers

Clean out your PM box Sy and I will help you.