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Related, my vehicle insurer keeps jacking up the rates. I've never been in an accident or had a ticket, and I drive 2000 miles per year. But every year up up up
by throwaway74432 3y ago
Related, my vehicle insurer keeps jacking up the rates. I've never been in an accident or had a ticket, and I drive 2000 miles per year. But every year up up up. Then they offer I install a tracking device on my car to get my rates back down to a reasonable amount. There seems to be a pattern of insurers wanting to know everything about everyone, and using irrationally higher rates to coerce consent. And I have to pay it or consent to tracking because insurance is mandated by law.
- gjsman-1000 3y agoOne of us needs to win a lottery; and force (er, strongly incentivize) Congress to pass a law banning the lowering of insurance prices based on tracking devices.
- p1esk 3y agoMy insurer jacks up the rate even with the tracking device. The rate more than doubled in the last 3 years.
- aesh2Xa1 3y agoCar manufacturers are building telemetry into the vehicle, which they can sell directly to insurance companies. If you buy such a car, your insurer doesn't need you to install anything. https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html https://www.nytimes.com/2024/03/11/technology/carmakers-driv... My opinion is that the opt-in hardware might have afforded you some discount, maybe. I doubt the same is true for the manufacturer-insurer relationship. I think that pattern is probably more likely to establish a higher baseline for all drivers, and the presence of data can only ever (1) maintain the baseline or (2) harm you.
- syndicatedjelly 3y agoMaybe the rise in the prices of new cars, used parts, and labor has an impact.
- xyst 3y agothat’s because the insurance model is not based on individual performance but based on a collection of data points. Insurance will jack up the renewal rates for everyone because there are increased number of accidents in your zip code or area. Cars are more expensive now. Often adjusters just declare vehicles no longer worth the repair. Some vehicles if they get dented will result in a shit ton of work to get it repaired (ie, Rivian truck). You are paying for the insurance companies increased risk because the people around you can’t drive worth shit. Got to love car centric transportation …
- giantrobot 3y ago> You are paying for the insurance companies increased risk because the people around you can’t drive worth shit. Insurance companies are supposed to be creating risk pools. If everyone in my zip code drives like shit the insurance company should be splitting them up into pools with better drivers from other areas. There's no reason at all to pool everyone geographically. If the insurance company can't manage risk pools they're fucking up.
- supertrope 3y agoYou can lobby your politicians to mandate coarser rating territories. This will ironically increase premiums more than they otherwise would be. Just like banning credit, gender, homeownership, occupation, etc.
- jjtheblunt 3y agoYou’re free to change insurance companies, aren’t you?
- burntwater 3y agoThey're ALL raising rates. You might be able to change to a cheaper one this year, but next year your cheaper company will have implemented a 20%+ increase.
- nmeagent 3y agoYou're also free to find companies whose contracts don't have binding arbitration clauses. Good luck.
- ska 3y agorepair cost goes up, up, up on average -> insurance goes up, up, up. That may only be part of it, but it's definitely part of it.
- rchaud 3y ago> There seems to be a pattern of insurers wanting to know everything about everyone I see an exciting new revenue stream in their future.
- deleted 3y ago[deleted]