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Automakers are sharing consumers' driving behavior with insurance companies

nytimes.com

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Re: Automakers are sharing consumers' driving behavior with insurance companies

#311

Post by xboxnolifes »

mindslight wrote: post #300
xboxnolifes wrote: post #242

Earlier quoted context omitted.

> In an ideal world, such data-harvesting might lead to cheaper prices / a more efficient insurance market - which would make the privacy loss worth considering from a trade-off standpoint, at least in theory. In an ideal world (read: perfect information knowledge), this would lead to insurance being a bad deal for every consumer of it. In the theoretical position where insurance companies can accurately price each i…

No, the point of buying insurance is to reduce your individual variance even though your average cost goes up. It's not an individual savings plan, but rather shared pooling of risk.

In a perfect information world, there is no shared pooling of risk. You are paying exactly what you will cost, plus margin. That is the point im trying to make.

Re: Automakers are sharing consumers' driving behavior with insurance companies

#312

Post by nonprofiteer »

batch12 wrote: post #13

When I got my last car, it had a sticker instructing me to press the SOS button to opt out of data collection. The gentleman that answered acted confused when I made the request, taking the stance that he wasn't aware of data collection from the car and maybe I should contact the manufacturer. It was only after I read him the sticker text verbatim that he went into a scripted response and confirmed the opt out. Shady…

Was it a Toyota?

Re: Automakers are sharing consumers' driving behavior with insurance companies

#313

Post by theogravity »

ajcp wrote: post #273
theogravity wrote: post #152

After seeing this article, I did a bit of searching and you can also get your LexisNexus report and also opt-out of data sharing along with deleting associated data. I did it and recommend everyone else does as well. https://consumer.risk.lexisnexis.com/consumer

That link only allows you to request the LexisNexis Risk report on you. Do you have a link where one can opt-out of data sharing or deleting associated data? I cannot find anything on the LexisNexis site allowing for that.

It turns out only certain states allows for deleting like California

Re: Automakers are sharing consumers' driving behavior with insurance companies

#314

Post by thfuran »

rootusrootus wrote: post #271
thfuran wrote: post #224

Earlier quoted context omitted.

Should the fine be the same regardless of whether it's five minutes after school let out out or 3AM on Christmas day?

I'm curious how that would play out. Speeding is a risk, doing it in a school zone when classes are getting out is a bigger risk, but driving at 3AM is also a big risk.

Driving while tired is a risk, but that's not the same thing.

Re: Automakers are sharing consumers' driving behavior with insurance companies

#315

Post by criddell »

lotsofpulp wrote: post #296
criddell wrote: post #255

Earlier quoted context omitted.

> It's probably better than the idea of drivers with bad credit paying more for insurance. There must be some correlation between bad credit and likelihood to be in a collision.

There is a better correlation between dangerous driver and likelihood to be in a collision.

Probably. If so, that will be weighted more heavily.

Re: Automakers are sharing consumers' driving behavior with insurance companies

#316

Post by WirelessGigabit »

moooo99 wrote: post #66

I‘m a huge fan of s telemetry insurance. I have I personally and it saves me around 300€/year on my cars insurance because I am a very defensive driver. However, this being integrated into the vehicle in an absolutely intransparent way is a huge step up and a really unsettling privacy violation. For this to be ethically viable imho, there need to be a few prerequisites - it’s transparent what has been transmitted - y…

That last point is merely a way for you to get used to this system. Once enough people allow the spying they'll increase the price of you don't allow the spying.

And after that they'll mandate it for everybody.

I already pay a premium for having more horses under the hood. I don't want to get dinged when I use my car's power.

Re: Automakers are sharing consumers' driving behavior with insurance companies

#317

Post by mindslight »

xboxnolifes wrote: post #311
mindslight wrote: post #300

Earlier quoted context omitted.

No, the point of buying insurance is to reduce your individual variance even though your average cost goes up. It's not an individual savings plan, but rather shared pooling of risk.

In a perfect information world, there is no shared pooling of risk. You are paying exactly what you will cost, plus margin. That is the point im trying to make.

By "perfect information" do you mean the ability to predict the future? Because that is what is necessary to make your statement true.

Because in general no, people buying insurance do not pay in what they will individually cost (plus margin). Rather most will be paying in much more than they will ever cost, whereas some will cost much more than they have, or ever will have, pay in. One total property loss or serious at-fault auto collision (say ~$400k) will dwarf a lifetime of premiums ($2k/year for 50 years?).

The point is that such things are rare, so most people will have zero of them over their lifetime. But even perfectly knowing the a priori chance that each person may suffer a catastrophic loss, you can't know which specific people it will be.

Re: Automakers are sharing consumers' driving behavior with insurance companies

#318

Post by icepat »

quesera wrote: post #281
rnk wrote: post #211

Earlier quoted context omitted.

The credit card company could access subcategories of your purchase. It would make sense for them to do that to track you

Itemized receipt data is not transmitted to the network or to the issuing bank. Some merchants have multiple registers for the sale of different types of products, but generally if you receive only one receipt for your full purchase, it will be recorded under the category code for the merchant's primary business.

In Canada, at least, you have to go to specific stores that only sell either alcohol, or cannabis. So the just having a bill from there would be enough.

Re: Automakers are sharing consumers' driving behavior with insurance companies

#320

Post by rootusrootus »

thfuran wrote: post #314
rootusrootus wrote: post #271

Earlier quoted context omitted.

I'm curious how that would play out. Speeding is a risk, doing it in a school zone when classes are getting out is a bigger risk, but driving at 3AM is also a big risk.

Driving while tired is a risk, but that's not the same thing.

From the insurance company's point of view it's all just risk. Driving at 3AM isn't just about driving tired, it's about drunk drivers sharing the road. The risk is substantial.
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