#16
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Insurance prices are going up because insurance companies are socialist. When ours went up 30% I called our agent and screamed and yelled. He said that 1in 4 drivers are uninsured so, the insurance companies are getting their money from the law-abiding to cover the freeloaders.
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#17
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Insurance prices must also go up when for example it costs $8k to repair the minorly-damaged Tesla that you bumped into in the parking lot.
I'm not making these numbers up. And actually, the costs of repair have only gone up since I witnessed one such repair claim of a rear corner impact from someone backing out of a parking space in their Subaru, hitting a Tesla. And yes, with motorists going largely unpunished for driving without insurance or even registration these days, the rest of the motoring public is defacto paying their bills. |
#18
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#19
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Auto insurance rates have gone up due to a multitude of factors:
Many carriers have a program that you can opt into that monitors your driving and can provide discounts for safer driving habits. This just makes sense, certain behaviors increase your chance of an accident. But you don't have to participate if you don't want to. Finally, long term actuarial studies show that credit scores correlate with your riskiness as a driver. Hence many companies want to use that as a factor in rating you for the risk you present. Why? - I can't fully explain, but likely speaks to the responsibleness of a person. Last edited by KonaSS; 03-12-2024 at 04:53 AM. |
#20
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I can almost certainly assure you that my 2005 Volvo is not sharing any of my driving data with big tech
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#21
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Will not say the data collected does not play a factor, but in general insurance rates are increasing.
More people on the road than the past few years. More accidents. Increased average car values(both new & used). More costly accidents. Not enough parts. Cars being declared a total loss in instances where in the past, it would get repaired. Ect, etc, etc. Coming from someone in the insurance industry. |
#22
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Quote:
Thanks |
#23
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Afaik, they still have it. This discussion reminds me they give you a discount for taking a safe driver course, which probably helps more than their app.
We never got any discount from using the app, and it's a battery hog because it really needs constant location data to work. Imagine detecting hard braking from gps data. I suppose the app didn't hurt anything other than the state of charge of my phone, but since all the events I got were false, I didn't figure I would ever get a discount from it. I didn't need the annoyance. |
#24
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Quote:
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#25
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I suppose I can live without it! |
#26
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Yeah - that got me as well. I'll have to cogitate on that for a while....
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“A bicycle is not a sofa” -- Dario Pegoretti |
#27
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You can complain, but the reality is auto-insurance companies have taken a beating since 2020.
I will just take Progressive as an example. Revenue boom from high premiums, but costs boomed more. Net income fell, loss ratios (percentage of premium used for claims) ballooned from 63% to 79% from 2020 to 2023. This is the root of the problem as others have said. |
#28
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A good example is what is happening in the homeowner's insurance market for high risk areas like FL and southern CA. Nearly all the major insurance carriers have pulled out of the market since they can't raise rates enough to cover the more frequent and costly climate events. As a result, what's left are small carriers who may not survive financially in a large catastrophe event and the state establishes an insurance fund that is usually enough to cover only moderate catastrophe event. Homeowners may not be able to get full coverage (replacement) and bear the risk of being partially insured. As noted from others, car accidents are expensive due to all the new tech in something simple like headlights and mirrors, the latter has sensors for blind spot detection, heated elements for frost, cameras for 360 degree views, etc. Most items are above the deductibles on an avg policy ($1k-$2.5K).
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My Bikes |
#29
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Any idea what kinds of costs have gone up since ~2020?
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“A bicycle is not a sofa” -- Dario Pegoretti |
#30
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You have to cut the cable that runs from the carburetor to the choke control.
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Colnagi Seven Moots Sampson HotTubes LtSpeed SpeshFat |
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