- Oct 6, 2006
- 12,156
- Boat Info
- 1996 450DA
- Engines
- 3116 Caterpillars
Now here's the next question. What's the best way to get a real quote without dishing out your ss # and having all those inquiries on your credit report?
Most insurance companies use credit scores as a measurement of risk, if you question credit score rating, the underwriters call it "an Insurance Score" and they won't describe what it is or how it factors into how it affects your risk. I couldn't argue NBOA and Progressive off credit rating but I think I learned that it is fairly important to them. My approach was to make the system work to my advantage. I haven't had any debt in about 25 years, other than a few credit cards. Credit cards were a convenience for us, not a necessity. We restricted credit card use to only 2 cash back cards, one 2% cash back, the other 2%,3% or 5% depending upon what we charged, the other thing we did was to manage when large amounts were charged. For example, I started paying cash (and giving up my 2%) for large expenses at the marina like annual charges for slip rent, bottom jobs, etc. I started checking my credit score and was surprised at, not the credit score because I don't borrow money and never checked it anyway, but at what happened to the premiums on the 2 progressive policies I have....my boat and a full coverage policy on a Jeep I keep at our house in Florida. Annual premiums on both decreased by 30% ......credit score on Experion went from low 800's to high 800's.
At the same time, cat 5, Hurricane Michael hit our area. The first outsider to show up at the marina to check the boats stored there for damage was the Progressive adjuster. He found our boat with no damage, blocked up in a storage barn on a concrete floor where she didn't even get rained on. The insurance company seemed to be impressed that some insureds do really try to avoid risk and protest our own assets.
So.......... keeping your ss# from the insurance agent probably hurt your ability to get a good rate from the company you were trying to buy insurance from. I think you can ask the credit reporting agencies to screen out credit inquiries when're you were not requesting credit from their reporting.