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Old 09-03-2019, 04:23 PM   #1 (permalink)
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Tesla insurance

Apparently Musk has been talking about this for years, but it is supposedly finally happening. Tesla owners will be able to insure their cars through Tesla itself. I am sure that every manufacturer claims their cars are the safest in the world, but apparently Teslas are expensive to insure, partially because of the aluminum bodies and glass roof. Musk says owners would save 20 - 30% and the author suggested that once Tesla Insurance proves itself it should have an easy time taking back its promise to not use the staggering amount of data each car collects.

Inc.: Tesla Just Made a Huge Announcement That May Completely Change the Auto Industry. Here's Why It's Brilliant.

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Old 09-03-2019, 04:29 PM   #2 (permalink)
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What was that promise?

There's absolutely no reason to collect staggering amounts of data if not to use it.

I'd like to see something disrupt the insurance market too, though I tend to think it's fairly efficient as it is.

I'm curious, are there formal exceptions to allow insurance companies to discriminate based on sex and age, or is it informal like how bars have "ladies night", which is formally illegal, but informally accepted.
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Old 09-03-2019, 05:09 PM   #3 (permalink)
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It promises to not use the staggering amount of data each car collects for insurance purposes.

It is possible that they bludgeon whoever is over this with data until they cannot stand any more and then the pencil-pushers say "okay, whatever"
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Old 09-03-2019, 06:10 PM   #4 (permalink)
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If I were an insurance company, I'd use whatever data was legally possible to more accurately assess risk. People that drive more dangerously or more frequently are at higher risk, and I'd set their premiums accordingly. If they didn't like the higher premiums, I'd be happy to let them go to someone else who is willing to take the risk.
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Old 09-03-2019, 07:09 PM   #5 (permalink)
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There are various versions of Snapshot by Progressive. They could always offer a discount of up to a certain percent, with the maximum rate being reserved for the worst drivers.

How would they assess the risk of someone who uses autopilot whenever possible?
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Old 09-03-2019, 07:10 PM   #6 (permalink)
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Quote:
Originally Posted by Xist View Post
How would they assess the risk of someone who uses autopilot whenever possible?
Analytics and actuaries.
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Old 09-03-2019, 08:27 PM   #7 (permalink)
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Quote:
Originally Posted by redpoint5 View Post
If I were an insurance company, I'd use whatever data was legally possible to more accurately assess risk. People that drive more dangerously or more frequently are at higher risk, and I'd set their premiums accordingly. If they didn't like the higher premiums, I'd be happy to let them go to someone else who is willing to take the risk.
Sounds like Root Car Insurance
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Old 09-03-2019, 09:00 PM   #8 (permalink)
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I find it interesting how many insurance company advertisements there are... the only thing I care about is coverage per premium price. Instead commercials talk about being able to talk to an agent quickly (who cares), weird ways in which accidents have happened, or accident forgiveness (pre-paying for future accidents).

Insurance is a commodity, yet somehow companies are able to brand and trick us into the perception of differentiation.
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Old 09-04-2019, 01:04 AM   #9 (permalink)
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I'm losing more per month than gas saved by driving an aluminum subcompact. That sucks but I understand.

I like it! You'll be bit in the butt by the reg but maybe not hit so hard by insurance. Deductibles anyway.

I've had State Farm for over twenty years. Had to use them multiple times. That slogan "State Farm is there"? They attack everyone but you. Even after thousands in claims there were no retributionairy fees nor rates. I'm not going to quote their mantra/slogan, but they've done 100% right by me and then some.
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Old 09-04-2019, 07:16 PM   #10 (permalink)
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I will admit this tesla product might interest me.

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