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      01-02-2013, 08:13 PM   #1
Mr.335
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Insurance increase in New York..or Maybe everywhere in U.S?

Curious if anyone's policy is renewing soon or has been just renewed recently?

Since 2013 just came I lost out on the new car discount from Geico. (Has to be within first 2 years to be considered new).

As well as something with medical in the state?

Anyway my main point here is when I asked why did my policy increase instead of decreasing. (All my tickets should be gone, or the main ones should definitely be gone i.e speeding)

They said that the 335 went under more testing and they now have received different data about the car?

Kinda glad now I didn't go for the M3. Let alone the payment..but quoting online for it came out to just shy 3k every 6 months.

I'm curious has any one else's policy increase due to the new "Testing" and data received about the car? Doesn't matter which insurance carrier.
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      01-02-2013, 08:29 PM   #2
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3k/6 months...thats insane.
My insurance premium got increased by only $30-40 last month.
Online quotes are always scam.
Find your local insurance agent and go to his office. Thats what I do, my AllState agent always finds some ways to save me money.
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      01-02-2013, 08:30 PM   #3
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Quote:
Originally Posted by Mr.335 View Post
Doesn't matter which insurance carrier.
actually, the carrier does matter.

On a simple level of explanation for how car insurance is rated:

- location where vehicle is parked
- driver age (aka "years of driving experience" - a 21yr old who just got their license will most likely be rated same as a 16yr old who just got their license, despite being 5yrs older than the teenager)
- mileage driven annually
- driving record history
- number of vehicles on policy (mainly for multi-vehicle discount)
- other associated policies (mainly for multi-policy discount)
- policy coverage limits (if these have changed by you)
- vehicle symbol/code (why this matters - a used $10k 7-series will still cost more than a used $10k civic to insure)
- the insurance carrier (most insurance carriers have their own rating system based on their data. that's why a Mercury policy will almost never be the exact same cost as a Progressive policy even if all the information is identical)

any one of these factors can make the rate go up or down... sometimes by a few cents and sometimes by several dollars. Based on your post, you already say that the new vehicle discount was removed and there was a change in medical coverage/rating. These two alone are enough to make your premium go up. The "testing" they talk about probably affected whatever vehicle code they use for the e9x 335, making the premium go up again (or down, but not enough to offset the increase from the previous two factors).

make sense?
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      01-02-2013, 08:52 PM   #4
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I have geico and my policy just renewed this month - it decreased...
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      01-02-2013, 09:25 PM   #5
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Quote:
Originally Posted by edirtaynine View Post
actually, the carrier does matter.

On a simple level of explanation for how car insurance is rated:

- location where vehicle is parked
- driver age (aka "years of driving experience" - a 21yr old who just got their license will most likely be rated same as a 16yr old who just got their license, despite being 5yrs older than the teenager)
- mileage driven annually
- driving record history
- number of vehicles on policy (mainly for multi-vehicle discount)
- other associated policies (mainly for multi-policy discount)
- policy coverage limits (if these have changed by you)
- vehicle symbol/code (why this matters - a used $10k 7-series will still cost more than a used $10k civic to insure)
- the insurance carrier (most insurance carriers have their own rating system based on their data. that's why a Mercury policy will almost never be the exact same cost as a Progressive policy even if all the information is identical)

any one of these factors can make the rate go up or down... sometimes by a few cents and sometimes by several dollars. Based on your post, you already say that the new vehicle discount was removed and there was a change in medical coverage/rating. These two alone are enough to make your premium go up. The "testing" they talk about probably affected whatever vehicle code they use for the e9x 335, making the premium go up again (or down, but not enough to offset the increase from the previous two factors).

make sense?
It does. I definitely appreciate the time you took out to explain all the factors.

Also the area doesn't help out as much since I was affected by sandy. There was no mention of this when speaking to them and there explanation on my policy but I do have a feeling its more behind the scenes.
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      01-02-2013, 09:25 PM   #6
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$343.80 for 1 year, Ameriprise.
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      01-02-2013, 09:57 PM   #7
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My state just went through a huge rate restructure that left a lot of people scratching their heads at higher premiums, while others benefitted from lower rates. Luckily I was on the beneficial end and my premium decreased (not by much, but it averages out to a savings of around $12 per month for both of my cars -- I'll take it). Maybe New York did something similar.

I would also "blame Sandy" for some of this -- comp claims aren't counted against you, but massive catastrophic claims throughout a state or region can affect rates across the board. I had GEICO a few years back and remember them feeding me that line a couple times when I called about phantom rate increases, especially right after Hurricane Ike hit Houston & Galveston.
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      01-02-2013, 10:00 PM   #8
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$343.80 for 1 year, Ameriprise.
Good luck if you have any accident or similar...
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      01-02-2013, 10:02 PM   #9
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Originally Posted by dr335is View Post
Good luck if you have any accident or similar...


If I have learned one thing in my "old age", it is that a good insurance policy is worth its weight in gold. And that you get what you pay for (OK, that's 2 things ).
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