By Madeline Klein
One of the perks of being a Say driver is what we call a "Say score." It's all the wonderful things that come with knowing and understanding your insurance score, but better. Here's how it works:
Your Starting Score When You Become a Say Driver
The insurance score you see when you first get an auto quote with Say, use our insurance score quote tool or log into your MySay dashboard for the first time is the score Say starts with as a factor for your insurance rate. If for some reason LexisNexis doesn't have a score for you, we sub in a score of 670, which is a neutral score and doesn't sway your rate one way or another.
Your Score Impact at Renewal
At Say, policy renewals happen every six months, which means we will update all of your information, including your insurance score, and rerate the policy. This is where the fun of a Say score comes into play. For every renewal, we'll add 50 points to your updated insurance score (which creates your Say score) and rate you on the Say score instead. Spoiler alert: A higher score means more savings, but we'll get to that.
For our math people, the Say score equation would look like this:
Current Insurance Score + (Number of Times of Renewals x 50 points) = Say Score
For our non-math people, this means if you had an insurance score of 630 at your first renewal, we'd add 50 points, making your new score with Say 680. If it was your second renewal, we'd add 100 points (50 points for the first renewal and 50 points for the second renewal), making your score 730.
Now, these numbers sound a lot more exciting when we put them in terms of savings. With our rating plan, every 50 points we add to your score saves you an average of 4 percent off your premium. Although we can’t guarantee a rate decrease because lots of factors tie into this number, these extra points are here to help.
There is a limit, however. Insurance scores max out at 997 points, which means we can't rate you on a Say score beyond the max, but that doesn't mean we leave high scores hanging. Once your score is maxed out at 997, each renewal's points acts as a buffer in case your score happens to drop.
Some Say Score Examples
We're throwing a lot of information at you in this post, so let's illustrate the Say score with a few examples.
Your Insurance Score Stays the Same
Let’s say you started with an insurance score of 705. It’s time for your first renewal, so Say checks your insurance score, and it’s still 705. We will add 50 points to your Say score making it 755. Then, we calculate your rate using your new Say score. If nothing else changed with your policy (no accidents, marital status, statewide rate increase, etc.), that 4 percent can go straight back to your pocket. If you happened to get into an accident and your rate increased, this 4 percent savings can soften the impact a little.
Your Insurance Score Goes Up
You started your policy with a score of 655, and at renewal you see it went up to 675. We take that 675, add 50 points and rerate you on a Say score of 725. Easy peasy.
Your Insurance Score Goes Down
You had a score of 840 and at renewal see it dropped to 790. With us adding 50 points for renewing, your Say score becomes 840* and as long as everything else stayed the same on your policy, it'll be as if nothing happened.
*If you are a Missouri driver, due to state laws, this scenario doesn't apply to you. We will always rate you on the highest insurance score you obtain during your Say policy.
You Didn't Have a Score, but Now You Do
Let's say you started your policy with a subbed-in score of 670, but at renewal we're able to pull your actual insurance score. We will add the renewal points to whichever score is higher. That means if your actual score is 630, we'll keep the 670, add 50 points and rate you on a Say score of 720. If your actual score is 700, we'll use it, add the 50 points and rate you on a Say score of 750.
Still don't know your insurance score? Use our insurance score quote tool.
Know your score, but not a Say driver yet? Get a quote and purchase today!
Posted November 28, 2017 in Say Insights.