R56 Insurance bill on the new MINI
#1
Insurance bill on the new MINI
I traded in a 2001 Jeep Grand Cherokee (loaded). My yearly insurance bill went from $1122 up to $1275 an increase of only $153/year (13%). The Jeep was worth about $8000 and I paid $30,000 for the Mini. That was very good news to me. Liability went down 13% and of course collision went up 42%. A lot less than I expected trading in a 6 year old car for a new one.
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Oh, 25 yo female, no tickets or accidents.
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#8
You're lucky I have allstate and they want a little over $800 for 6 months with a $1000 deductible, $900 with a $500 deductible.
#9
Once again, MINIs far exceed their hype. They look simply small, cute and benign, but are (in fact) quick, nible, economical, practical, a great value, stable, smooth, competitive........and also safe!!! Is there anything this one little car can't do (especially considering it's price)???
#10
I'm picking up my new LB/W MCS next Thursday and called my State Farm agent to arrange for insurance. We have multiple vehicles and our home insurance with State Farm. The bill for 6 months was $230 - we have $100 deductable for comprehensive and $1000 deductable for collision. Our children are grown and out of the house, so only me and my husband are on the policy. I was pleasantly surprised at the cost.
Last edited by mixdorfs; 05-04-2007 at 06:50 PM.
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As an insurance professional, I always find it interesting to read or listen to people compare their insurance rates with other people. It's an exercise in futility to try and figure out why one person's rates are different than another's.
Why ? There are wayyyyyyyy too many variables involved and some of those variables are unknown to you. Insurance companies have "trade secrets" regarding their formulas. They can't have other companies knowing how they select and rate clients or they may lose their competitive advantage. Only the State's Insurance Department is required to know because they have to approve of their methods.
Just to give you a very short list of some of the factors nearly every major insurance company uses to compute your premium:
-Age
-Gender
-Marital Status
-Do You Have Children
-Territory (ie how many accidents happen where you live)
-Weekly and Annual Miles Expected To Drive
-Violations In The Past 3 Years
-Accidents In The Past 3 Years
-How Many Bank Accounts You Have Open
-How Much You Debt You Have
-Your Credit Rating
-The IRG Of Your Vehicle (Safeness Factor, if you will... hard to explain)
-Driver Safety Courses
-How Long You've Been With That Company
etc, etc, etc. And even I don't know all the factors my own employer uses and I was an Underwriting Manager for three years !
Instead of comparing rates to each other, you're better off comparing rates from many companies to get the best insurance provider for you. Just don't forget to also consider the service (agent and claim) that company is going to provide you as well.
Why ? There are wayyyyyyyy too many variables involved and some of those variables are unknown to you. Insurance companies have "trade secrets" regarding their formulas. They can't have other companies knowing how they select and rate clients or they may lose their competitive advantage. Only the State's Insurance Department is required to know because they have to approve of their methods.
Just to give you a very short list of some of the factors nearly every major insurance company uses to compute your premium:
-Age
-Gender
-Marital Status
-Do You Have Children
-Territory (ie how many accidents happen where you live)
-Weekly and Annual Miles Expected To Drive
-Violations In The Past 3 Years
-Accidents In The Past 3 Years
-How Many Bank Accounts You Have Open
-How Much You Debt You Have
-Your Credit Rating
-The IRG Of Your Vehicle (Safeness Factor, if you will... hard to explain)
-Driver Safety Courses
-How Long You've Been With That Company
etc, etc, etc. And even I don't know all the factors my own employer uses and I was an Underwriting Manager for three years !
Instead of comparing rates to each other, you're better off comparing rates from many companies to get the best insurance provider for you. Just don't forget to also consider the service (agent and claim) that company is going to provide you as well.
#14
I'm picking up my new LB/W MCS next Thursday and called my State Farm agent to arrange for insurance. We have multiple vehicles and our home insurance with State Farm. The bill for 6 months was $230 - we have $100 deductable for comprehensive and $1000 deductable for collision. Our children are grown and out of the house, so only me and my husband are on the policy. I was pleasantly surprised at the cost.
Hope you aren't saving money by choosing lower liability limits though.
Always glad to hear from a happy State Farm customer !!
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I don't think San Antonio is too bad. About two weeks after we moved here to Houston we realized we should have lived five miles farther north... Montgomery county. lol
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That said, for one person the rate change after moving to an MCS is representative of the impact the vehicle itself makes on a quote, though that is variable between people as due to different prior cars, etc.
Last edited by EENY; 05-05-2007 at 08:02 AM.
#22
Just to give you a very short list of some of the factors nearly every major insurance company uses to compute your premium:
-Age
-Gender
-Marital Status
-Do You Have Children
-Territory (ie how many accidents happen where you live)
-Weekly and Annual Miles Expected To Drive
-Violations In The Past 3 Years
-Accidents In The Past 3 Years
-How Many Bank Accounts You Have Open
-How Much You Debt You Have
-Your Credit Rating
-The IRG Of Your Vehicle (Safeness Factor, if you will... hard to explain)
-Driver Safety Courses
-How Long You've Been With That Company
-Age
-Gender
-Marital Status
-Do You Have Children
-Territory (ie how many accidents happen where you live)
-Weekly and Annual Miles Expected To Drive
-Violations In The Past 3 Years
-Accidents In The Past 3 Years
-How Many Bank Accounts You Have Open
-How Much You Debt You Have
-Your Credit Rating
-The IRG Of Your Vehicle (Safeness Factor, if you will... hard to explain)
-Driver Safety Courses
-How Long You've Been With That Company
#23
First, ANY statistic that an insurance company uses to determine premiums must bear the burden of proof that it is a valid indication of a person's risk to be involved in an accident. This statistic has obviously been proven to be a valid indicator.
I believe the connection our actuary department has been able to make is that having more than "x" number of bank accounts is a factor in determining the degree of a person's financial responsibility. And it's been proven definitevely that those persons less fiscally responsible are worse risks on the road.
Then again, because the formula is a secret know only to those who actually work in the Actuary Dept, perhaps the number of bank accounts is used in combination with the amount of debt and other financial factors.
Here's a question back to you: Have you ever read your credit report ? Did you see where it lists the number of bank accounts you have open ? Okay... basically, anything used in your credit report score is fair game to be used by insurance companies because it's been proven that your credit score is a very accurate predictor of risk.
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