2015 Boating Tips: A – Accessories!

We kick off the season’s tips with one that every boater thinks about and that is our boating accessories.  Whether your boat is filled with water skis, fishing equipment, a GPS, fishfinder or even paddles, make sure you take inventory of these accessories and inspect their condition so that there are no surprises when you’re on the water.

Any tips or fun stories about your boating accessories?  Let us know!  And be sure to ask about coverage for your accessories when reviewing your boat insurance with SkiSafe.

Boating Accessories

Take stock of all boating accessories

Boating Tips: A to Z

Temperatures are hitting 90, winter coats are away for good and lakes are filling up.  Boating season is here!  Starting today and continuing throughout the summer are going to run down the A to Z of safe and boating.

Some of these tips may help keep you and your family safe on the water.  Some will give you something new to think about when maintaining and using your boat throughout the season.  Hopefully you find a few of them fun and interesting while giving you something new to think about.  Whether you’re a first time boater or a veteran of the lakes and seas, there is never a bad time to think about safe boating .

Let us know your favorite and be sure to mention these when inquiring about your boat insurance at SkiSafe! You never know what you might find out.  Stay tuned for our first tip!

Credit Scoring for Boat Insurance

We all know your credit history affects your finances. It impacts your ability to borrow money from a bank. It can increase the interest rate you are charged for a loan on your car or home. But did you know many insurance companies will pull your credit score and use it as a factor to determine the premium you pay?

Beyond worrying that a boat insurance company may use your credit score to charge you a higher premium, there are two questions you should ask if a company seeks to pull your credit when providing a quote for boat insurance. First, will pulling my credit score affect my credit? You probably do not want to risk a hit to your credit score when obtaining quotes for boat or watercraft insurance.

boat insurance

Your credit score should not impact your boat insurance!

An insurance company can check your credit score in one of two ways and it is important to understand the difference. A “hard pull” commonly occurs when you fill out an application for a loan or credit card. The financial institution will determine the terms of their offer based upon your credit report. This means the rate you pay or the amount you can borrow is impacted by their findings. A hard pull will always have a negative impact on your credit score. You should consider whether this is really necessary when obtaining insurance on your boat.

A “soft pull” occurs when a company simply checks your score, the same way that you may check your own credit score. Many insurance carriers claim that they run soft pulls that will not hurt your credit score. However, many consumers have found that these pulls are in fact hard and negatively affect their credit scores. If you make it through the insurance quote process with a company that pulls your credit score, one thing is certain. The premium that company charges you for coverage on your boat or watercraft is absolutely affected by what it sees on your credit report.

The second question you should ask is do ALL boat insurance companies use credit scoring and if not, are you better off using one who does or doesn’t?

SkiSafe never requests a credit report and will not check your credit score. We all have to manage complicated budgets which include rent or mortgage payments, fuel, food, and day to day family expenses. But SkiSafe does not believe that your family budget should determine if you are a safe boater.

SkiSafe does NOT ask for your social security number or for other information about your financial background. What does SkiSafe ask? We will ask about your boating experience and loss history. We will ask where you store your boat. We’ll probably ask if you use it year round, because if not you might qualify for an additional discount. We want to know that you are a safe boater and not about your household finances because we are providing you with premier boat insurance.

Our goal is to offer the lowest possible rate to safe boaters. Let us know if you agree that we need to know about your boating habits, experience and history rather than your credit score in order to make this happen by visiting us at www.skisafe.com.

The Price of Boat Insurance: Why It Is Just As Important As Car Insurance

One of the upsetting things you hear in the boat insurance industry is someone saying “I don’t need insurance.”  Too many boaters cancel their coverage once their loan is paid off and coverage is no longer required. Only two states require boat insurance so many boaters cancel theirs as soon as possible. People think that because they are safe and experienced that they don’t need any additional protection on the water. The truth is that boat insurance is just as important as car insurance. Here’s why you should never go out on the water without it.

You learn one thing very quickly working in boat insurance claims. No matter how experienced or cautious you are, you can’t protect yourself against the carelessness of others or the wrath of nature.  Inexperienced boaters who don’t tie their boats properly, storms, thrill seekers creating huge wakes or worst of all, drunk drivers.  It is not until you find out that another party at fault for your damage has no insurance that you regret not having your own boat insurance.

Does this sound familiar? We’ve all had a car accident that wasn’t our fault or know someone in a similar situation and hope the other driver’s insurance will take care of everything. If not, you always have your insurance to fall back on. But everyone is required to carry car insurance. This is not the case on the water and could leave you with an inoperable boat and a big repair bill.

If your boat is damaged in an accident you know the most you have at risk is the price of the boat in a total loss, and less if it’s a partial loss. Where you really need protection is if a guest slips and falls aboard your vessel, is injured while fishing or water skiing, or if you collide with another boat and injure a passenger. You could be responsible for medical bills and personal liability in amounts much greater than the value of your boat. This is reason enough to at least maintain a liability boat insurance policy.

There is a bounty of losses and accidents that can happen.  If you won’t drive without car insurance you shouldn’t navigate without boat insurance. The investment in your boat and is worth the small price of insurance coverage for peace of mind to protect your property and yourself. Don’t believe it? Check in with SkiSafe Insurance today and decide for yourself once you know the true price of boat insurance.

Have an experience where boat insurance protected you?  Leave a comment and let us know!