51–60 of 195 posts
There are too many proactively dangerous drivers on the road. And if these invasive methods make it harder for them to continue to drive this way, I am OK with it.
> The suit also cites Allstate as gathering direct car use data from Toyota, Lexus, Mazda, Chrysler, Dodge, Fiat, Jeep, Maserati, and Ram vehicles. Seems like the bigger part of the story is at the bottom. You can uninstall GasBuddy from your phone but finding and buying a new car that doesn't track you is a bigger hassle.
I like to post this investigation by Mozilla's "Privacy Not Included" whenever car privacy comes up, because it is actually horrendous. https://foundation.mozilla.org/en/blog/privacy-nightmare-on-... > Mozilla’s latest edition of Privacy Not Included reveals how 25 major car brands collect and share deeply personal data, including sexual activity, facial expressions, and genetic and health information
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That would only be true if people could expect multiple insurance events over their life time. But, if the expected time to an insurance payout for a good driver is longer than their life time, then good drivers will never have enough money in their account to cover an accident that occurs.
If you had a perfectly accurate crystal ball and the number of accidents you would have in your lifetime is zero then your account wouldn't need to have any money in it.
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I like to post this investigation by Mozilla's "Privacy Not Included" whenever car privacy comes up, because it is actually horrendous. https://foundation.mozilla.org/en/blog/privacy-nightmare-on-... > Mozilla’s latest edition of Privacy Not Included reveals how 25 major car brands collect and share deeply personal data, including sexual activity, facial expressions, and genetic and health information
Huh, how? Why would someone have a vehicle with someone else's internet connected camera inside?
and if it's in the car it's Internet connected now.
> "whether a consumer picked up or opened their phone while traveling at certain speeds," Presumably without asking whether they were a passenger at the time. Meaning that people who carpool are penalized by this practice...
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Allstate appears to have made a profit for ~14 of the last 15 years. https://www.macrotrends.net/stocks/charts/ALL/allstate/net-i...
They make a profit on investing the float that offsets their underwriting loss. I never claimed that insurance companies aren't profitable. I said that their insurance is a money loser. If you look at their financial statements you can see that they have been losing billions on underwriting for years https://www.allstateinvestors.com/static-files/d61a8007-647a...
$10-20B profit annually is not something I'd describe as "in the hole". The "hole" is overflowing with money.
This is Allstate, the house, trying to maintain their edge over their customers, the players. If they get additional info that tells them you are an unsafe driver, then their odds of you not getting into an accident diminish and their goes their premiums, the bets. Yah yah insurance reduces risks instead of adding it like gambling, but the analogies are still there.
No, the inference they have isn't reliable enough to predict anything except with broad groups. Swerving to avoid road debris or hard braking to avoid a deer as examples of what have cost commercial drivers jobs. Look at the CDL world for a view into this. I have 30 years of clean driving records BTW, so not trying to justify risky driving BTW
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I like it when unsafe drivers pay the costs of the way they endanger all of us.
I like it when people naïvely believe the insurance companies' model of safety has anything to do with actual safety.
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I like it when unsafe drivers pay the costs of the way they endanger all of us.
If you actually have a tracking system like this (a lot of insurance companies will offer it), you'll find the bar for unsafe driving is ridiculously low. The truth is insurance agencies always want to find a reason to increase your premiums, because the law says you can't just increase the premiums for no reason. Most premiums are lower than what it "needs" to be, so if they find an excuse, they will jack up the pre…
This is your friendly reminder that the insurance industry does not generally make money on underwriting. In other words they are losing money on insuring you. Typically the costs of the insurance side of the business are greater than their revenue from premiums. This typically means that insurance actually is a good deal on net. They make their money on investing the float. They can only do that if they attract prem…
Can you provide some sources on this? Genuinely interested to learn more.
Page 2 has their premiums collected and their claims paid. They are down 5 billion in 2022 and 2023. Haven't seen the full results for 2024 yet.
For an explanation of why, Warren Buffets letters to investors explain the insurance industry as a whole pretty well (page 7): https://www.berkshirehathaway.com/letters/2013ltr.pdf
Pretty consistently, the industry as a whole loses money on policies.