Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Retirement & Car Insurance
Old 07-12-2007, 07:58 PM   #1
Full time employment: Posting here.
Helena's Avatar
 
Join Date: Aug 2006
Posts: 599
Retirement & Car Insurance

fyi

Most car insurance policies are written,
to and from work and pleasure, once
you retire, changing to pleasure only
should reduce the premium a little...
every little bit helps
__________________

__________________
Helena is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-12-2007, 08:46 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 1,015
After I retired, I contacted my insurer (AAA) about reducing my rate. My agent asked if I'm a member of AARP (sure am!) and told me that because of a relatively new relationship between the Auto Club and AARP, my annual premium would DROP BY $300 !!

Well worth the $12 membership charge to belong to AARP!
__________________

__________________
Achiever51 is offline   Reply With Quote
Old 07-12-2007, 09:13 PM   #3
Recycles dryer sheets
 
Join Date: May 2007
Posts: 309
Try this , get a quote from AARP, (hartford) insurance.
Ours dropped $700 /yr by switching from allstate.

Homestead
__________________
homestead is offline   Reply With Quote
Old 07-12-2007, 11:34 PM   #4
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 509
Even though I'm only 30, my rates dropped when I showed my agent that I was a part-time driver only driving 7,500 miles or less per year. I had to show proof of this through odometer dating, but it's definitely saved me some $$
__________________
Peaceful_Warrior is offline   Reply With Quote
Old 07-13-2007, 09:15 AM   #5
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 282
my insurance (Progressive) started using some weird metric for credit rating and it says that I am not getting their lowest tier rates because

A)my earliest reported account was opened after age 21 (can't do anything to fix that now, can I, how is this useful 17yrs later?)

B)
* no history of car loans or leases was provided (had one 10 yrs ago...)

C)
only 1 loan or account with current payment status (my credit card, I have no mortgage loan and hate to think this is harming my credit and costing me more for insurance...)

Anyone else have these issues with lack of loans affecting their insurance rates?
__________________
igsoy is offline   Reply With Quote
Old 07-13-2007, 09:27 AM   #6
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,850
Quote:
Originally Posted by igsoy View Post
my insurance (Progressive) started using some weird metric for credit rating and it says that I am not getting their lowest tier rates because

A)my earliest reported account was opened after age 21 (can't do anything to fix that now, can I, how is this useful 17yrs later?)

B) * no history of car loans or leases was provided (had one 10 yrs ago...)

C) only 1 loan or account with current payment status (my credit card, I have no mortgage loan and hate to think this is harming my credit and costing me more for insurance...)

Anyone else have these issues with lack of loans affecting their insurance rates?
I don't know much about this but it seems to me that insurance companies check your credit when determining your rates. Instead of focusing on details, try to raise your credit score in general and maybe that would help to offset their issues with your lack of car loans and mortgage (which is pretty ridiculous, I admit!)
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 07-13-2007, 11:09 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,425
Yep! Our rates came down after retirement since we were no longer commuting to work!

Audrey
__________________
audreyh1 is online now   Reply With Quote
Old 07-13-2007, 11:22 AM   #8
Recycles dryer sheets
 
Join Date: Jun 2007
Posts: 377
What is the world would credit rating have to do with car driving safety?
__________________
Bigritchie is offline   Reply With Quote
Old 07-13-2007, 11:59 AM   #9
Dryer sheet aficionado
 
Join Date: Jul 2004
Posts: 46
Many auto insurance companies are now using "insurance scores" as part of the input to what you pay. Apparently there is a link between credit worthiness and auto insurance claims.

III - Credit Scoring
__________________
MileKing is offline   Reply With Quote
Old 07-13-2007, 12:05 PM   #10
Recycles dryer sheets
 
Join Date: Sep 2006
Posts: 103
Some insurers use credit scores in setting rates, but not all. Therefore you may want to shop around if you have a thin credit history.
__________________
GLM is offline   Reply With Quote
Old 07-14-2007, 12:04 AM   #11
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 282
That's just the thing, though, we have nothing derogatory on our credit report, it's just that we don't have any loans out (we did ten years ago, car loans plus the mortgage), and only one active credit card which we pay in full every month.

That's why I was wondering if anyone else that has a paid off house and no car loans (something that might be common in early retirees) has had the same issue with their car insurance or if it is just Progressive doing this to us?

Their notice specifically mentioned that they "evaluate credit history info differently than a lender would, so it is possible to have a very good credit score, yet still not get the best insurance credit rating."

Is this actually an argument to keep the mortgage and to take out car loans?

Is it really necessary to pay interest just so I can get lower insurance rates?
__________________
igsoy is offline   Reply With Quote
Old 07-14-2007, 08:57 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,032
No, I have a paid off mortgage and I haven't had a car loan in twenty years .I do have two active credit cards that I pay off each month .I switched to Hartford through AARP and lowered the cost of my policy by over $400.00.
__________________

__________________
Moemg is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Safe car part of health plan and/or retirement plan Buckeye Health and Early Retirement 21 07-10-2016 03:58 PM
Attn savy car buyers, help me out wildcat Other topics 64 06-06-2007 01:40 PM
Car insurance saving idea: agent input pls poocher FIRE and Money 15 05-08-2006 09:51 PM
Declining COL in retirement?... Cb FIRE and Money 31 06-09-2005 02:47 PM
Mom being sued after car wreck? BigMoneyJim Other topics 5 03-21-2003 07:14 PM

 

 
All times are GMT -6. The time now is 01:12 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.