Hehe,

Well she is flawless, except for the fact she married me :-)

I hear you...but that is what didn't make sense. If they were only checking credit to offer a premium rate or what ever, why was it more expensive?

I guess the moral to my story is, if someone who is married, no kids, over 25, a home owner, with over 700 ratings, flawless driving records, and multiple policies... why should they get anything but the BEST rate possible?

I challenge anyone to offer up a genuine reason why someone fitting that description shoudln't get the best rates?

It just doesn't make "real world" sense. Sure you can run algorithyms of all the numbers and factors, and integrate the amount of risk under the curve and make the numers tell what ever story you want. But, thats just tweaking numbers to suite your side of things.

Oh well, I got my good rates.....for now.....But a baby might be on the way.....I have no idea how that will change things....

 

My insurance quoted me a price nearly matching my current rate for the 2001 Z3, less than $100/ mo

 

I currently don't have a car... sold my mitsubishi mirage in Feb. before going to South America for three months. When I got back in July and started considering buying a Mini, I checked with my insurance company about rates.

I was expecting they would go up. The Mirage (what a name) was going to be approx. $478 for 6 months in Tennessee. The Mini for the same address and time was going to be $430.20. This was for a 2002 Cooper, by the way.

Today, I called back because I'm now considering ordering a 2006 Cooper S. I asked what the regular 2006 Cooper was for 6 months = $384.55 (this company has apparently CUT their rates since July). Then I asked if the Cooper S was more expensive... it is, slightly = $408.83 for six months.

So about $50 more a year. That seems okay to me.

The company by the way is USAA insurance. The are FANTASTIC. When someone fell asleep and rear-ended me in upstate NY about 7 years ago (totaling a Corolla), they dealt with it so well. No problems. Paid off the car, even went after the other driver for my deductible since it wasn't my fault.

The only hitch with USAA - you either have to be in the service, or have a family member that was. My father was in the Navy... so I am able to have my insurance through them. I also have renter's insurance and a credit card with them. They will probably also finance my new car for around 5.9%. (I'm going to shop for a better rate, but I'm pretty sure Mini finance can't meet that rate.)

If you are in the service or have a parent who was in, check out USAA for insurance. The profesionalism of how they deal with everything is incredible. And no, I don't work for them. Just happy with their service. Even if there rates are slightly higher, which they don't seem to be, I still might pay for it just for their great service.

P.S. - for demographic purposes, I'm single, 40, male, with good credit (I think!).

 

I'll gladly respond to the insurance score questions and comments in the morning. This afternoon/evening I have priorities: Detailing the CR MC.

It's a very complicated subject and I don't want to rush a reply and confuse anyone to the point they'll never want to talk to me about car insurance matters again.

 

Okay, spent 6 hours detailing the car yesterday and it looks GREAT, thanks to lessons learned reading the detailing thread. Now it's raining today so I drove the SUV and I'm missing my CR MC !

Anyway, as I promised, I want to respond to questions and comments raised by folks regarding the use of "score" for your auto insurance premiums. It's a very complicated subject and the rules not only vary from company to company, but also from state to state. So I can't give anyone specific info regarding their policies, here's some general points that my help you understand the subject just a little better:

1. Every insurer has their own unique formula to compute scores.

2. These formulas use closely guarded trade secrets (so other companies don't steal them). I don't even know all the factors my company uses in our formula and I'm an Underwriting Manager.

3. These formulas have to be approved by State Insurance Regulatory offices. Because of this, you can rest assured that they are reasonable (Insurance Regulators are typically pro-policyholder) and valid.

4. The use of credit as part of your score comes from gathering tons of data over the course of many years. Actuarial information has proven that a person's credit history is a direct reflection on his/her risk as a driver. Simply put, you manage your finances poorly, you are more likely to be a higher risk driver than someone who manages their finances responsibly.

To reply specifically to a couple of posters:

A. Your score AND your driving record are used to determine your premium. They are not mutually exclusive. There are many other factors which impact your premium to varying degrees, as well, and I'm sure you're aware of those factors (where you live, your commute mileage, your age, marital status, etc, etc).

B. Your agent cannot arbitrarily change your premium because you are a long time customer, because he likes you, or because you have a nice smile. Your info goes into the computer, the computer spits out a number. If you get a lower premium, it's only because a mistake was made or a discount was missed on your first quote.

Long-winded, I know. But I tried to keep it as short as possilbe for simplicity's sake. But let me know if you have other questions or comments. If I can help more, I will.

 

B. Your agent cannot arbitrarily change your premium because you are a long time customer, because he likes you, or because you have a nice smile. Your info goes into the computer, the computer spits out a number. If you get a lower premium, it's only because a mistake was made or a discount was missed on your first quote.



Hmmm....intentionally missed....because they changed it for me. Makes me wonder how often they "miss" things on purpose and do nothing about it unless someone kicks and screams...

Oh well.

thanks for the info, and great post.

 

I have state farm, and my insurance went from $250 montly to $220 monthly. Going from a 97' VW Jetta to an 03' MINI Cooper

 

I'd like to think that it happens very rarely, sdm (if I may). But I would urge everyone to not simply file away their policy set when it comes in the mail, but go over it carefully and make sure you are not only getting all the discounts you deserve, but also to make sure you have the coverage limits you need/want and all the other information is correct.

I know... I used to be one of those "instant filers" in my previous life (23-year Air Force career). Now that I'm in the auto insurance field, I go over my policy with a fine-tooth comb.

Ps. Thanks... glad you found that info useful !

 

I know you're young, Jeremy. When it comes to youthful operators, even getting one year older makes a big difference. Without looking at your policy information specifically, that's just a guess as to why yours went down. Most likely a combination of factors.

 

State Farm told me i was getting 30% knocked off because MINIs have a 'Safty Discount' My age hasnt changed since I got the Jetta (17 when I got that, 17 now) I've had a boo-boo in the past year (in my 94' Lincoln Town Car) So I don't know, and I don't care either, they want $30 less a month, by all means, I'll keep that $30

 

My wife just emailed me that the insurance paper work arrived in the mail with our new Mini added...

We went from $1000 annually to $1700 annually by adding the Mini as our third car.

What's up with that?!

 

$700 a year for a brand-spanking new MC is bad ?? Unless you're carrying minimum liability limits and high deductibles, I think that's pretty sweet.

 

For real, sounds good to me!

 

I guess when you put it that way it doesn't sound as bad. I haven't bought a brand new car in a few years errr, 3 so I guess I forgot how much they sock ya at the start.

Thanks for the feedback!

 

I'll take your bill, you take mine. My mini added $886 per year to our policy. Multiple car/homeowners discount/no accidents/ no tickets/ all the discounts you can get. Both drivers over 45 with good credit....

The joys of living in Houston. High insurance.

 

We have AAA. I am selling my Suzuki Sidekick, 2wd. AAA classifies this as an SUV. Go figure, it's the same size as a Mini but rides higher. Got it for around town. In removing it from our insurance, and adding our MCS-JWC, the total change in our monthly premium is about $5.00 more.

 

I traded in the spouse's 2000 BMW 328is for my (used) Mini and the insurance went down about $50 a month.

And, although I have a FICO well into the 800s - my credit history is absolutely NONE of my insurance company's business. If it's okay for them to see my entire credit history and use it as a basis for determination of "worthiness," why not my complete medical history, too? I do have high blood pressure, controlled by medication, but that makes me ever so slightly a higher statistical risk of having a heart attack while driving. Maybe people who smoke should be completely denied insurance, as they're more likely to drive while smoking and only use one hand on the wheel. Or people with kids are more likely to be distracted by the kids while driving.

If I believed it was anything other than an excuse to find more ways to raise insurance rates or cherry-pick customers, I'd be far more sympathetic. As soon as they changed to this criterion, our insurance rates went UP with NO other changes, even though we have just about the highest FICO you can get.

 

MMS1,

If the State Insurance Regulatory office where you live agreed with you, then they would not allow the insurance companies to access your credit information. However, as I stated up-thread, insurers have proven to the regulators there is a valid statistical evidence linking credit history with driving risk.

Considering how much the insurance company risks when taking on a driver (I would bet you have at least $100,000/$300,000 liability limits), I think they have a right to look at some of your "personal" information.

 

Since we have a statewide ballot measure in November that seeks to ban the use of credit scoring in all forms of insurance, a lot of people seem to disagree with the State Board.

 

But do you think people disagree with it from a privacy standpoint, or from a money savings standpoint? I think people are more than willing to hand over any piece of personal information that will save them some money. In this case, for probably 90% of people, providing the information causes them to have to pay more, so of course they are not in favor of it.

I can see both sides. The insurance companies have quite a risk in each driver. However, that's the business they're in - their problem, not ours as consumers.

I have a hard time with it from a privacy standpoint more than anything else.

 

The argument against it is about 50% privacy concerns and about 50% that it's "double jeopardy" for some rate payers, especially young ones. If you are a 24 year old male, you are not likely to have a good FICO - not because you necessarily have BAD credit, but because you don't have enough GOOD credit. So you'll get hit for your age and gender in the first place PLUS get hit again because, at your age, you don't have a good credit score.

 

Having not established enough credit isn't the same as having poor credit history. Our company, and I would bet most or all others do the same thing, treats the lack of credit history as a neutral score and it has neither a positive nor a negative impact on the premium.

Again, Insurance Companies are heavily regulated at the State level. They're not out to get you and they must have logical and reasonable reasons for every decision they make that impacts premiums. They do the best they can to assess risk and attach the appropriate premium to that risk. You may not believe it, but credit scoring as a very accurate tool as part of that risk assessment.

This is why I hesitated to even jump into this discussion... auto insurance is an emotional subject for some folks. I understand that... you pay a lot of money over the course of your life for your coverage and if you're lucky, you never get any of it back.

 

I look at it like this: My credit history is there for the sole reason that it is required by business to provide me with credit. In a round-about way, insurance companies provide you with credit. Credit towards a pay-off if you have an accident.

Now, from life experience I can tell you that if a ballot measure takes away this tool that the insurers want to use, they will most likely adopt an across the board rate hike.

 

Ok the rate review is in. Heres what they say:

Quote:

The vehicle symbol rating numbers for the 2004 Mini Cooper are higher than for the 2003 Jaquar. In addition to the vehicle being one year newer, this is the reason for the premium increase. Following are the respective symbol numbers:

LiabilitySymbol: Jaguar 1 Mini Cooper 2
CompSymbol: Jaguar 6 Mini Cooper 9
CollSymbol: Jaguar 12 Mini Cooper 16
PLPSymbol: Jaguar 8 Mini Cooper 11

Are they just trying to shut me up or is this valid? I have a very hard time believing those numbers.

 

I'm in Houston and originally my 06 MC added $1700 to my premium, but I switched companies after my family being with allstate for 10 years to Farmers which only charged me $1100 for the year. Allstate "considers all hatchbacks sport cars", so they tell me and Farmers considers it an economy car.