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by taftster
2131 days ago
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There are several things wrong with your post. For one, Google/Apple selling your driving data to an insurance company is not likely happening today. This would be the same type of mistreatment of personal information as it would be selling your health data to a health insurance company. Not that I know, but I highly doubt that personal driving data is being shared with insurance companies from big tech. If they are, this would be a huge privacy agreement violation and would cause a massive lawsuit action against said companies. You're also being misled to believe that these driving trackers will actually reduce costs for drivers. In fact, they only serve as a means to raise insurance premium on drivers that don't qualify for the absolute best rate. Did you ever run a stop sign? 5 MPH over the speed limit? Change lanes without signaling? This level of detail is possible with very accurate GPS and will only serve for the insurance companies to raise rates on most drivers. There is absolutely nothing good about this move from Toyota, and other auto manufactures will no doubt follow suit. This will likely be yet-another-erosion-of-privacy that only serves big business. You should not so easily desire a "you are the product" relationship with auto manufacturers. |
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My guess is it's because there's a competitive market.
This doesn't change this. This allows for better price discrimination than our current tables based just on age, car, neighborhood, gender, etc. This will raise rates for high-risk drivers and lower them for low-risk drivers. If the insurer does the first and not the latter, the latter will go to an insurer who does.
It seems like the view here is that everyone will only do the former, but again: why don't they do that right now? Why does the effect of competition vanish in this case?
"Every insurer will use this technology eventually" isn't an answer. Every insurer has accident data by age. As a result, they offer lower rates to lower-risk age groups.