It’s becoming more and more common to hear that some EV manufacturers and others offer their own insurance. Of course, a company that specializes in insurance will take care of it, but you can save money by going through a manufacturer like Rivian or Tesla. Why? This is because manufacturers can provide underwriters with more data to justify lower rates.
This is especially important for owners of high-performance EVs, as premiums tend to be ridiculously high.
However, not all customers want this. Concerns about privacy and data quality, and the future of insurance-related issues discourage this. Not only will these customers pay higher fees, but they will also be safer drivers from a well-designed driver monitoring system, which Tesla ultimately aims to achieve with a “safety score.” I’m missing the opportunity to learn how.
This article explains why you think telematics insurance is a bad idea (despite good intentions), and then the second article explains: Suggest some good alternatives to lower prices Not only is it less risky, it’s also a lot of fun!
I know all readers disagree with my concerns, but I’m not the only one who feels this way and doesn’t buy telematics-based insurance. It is important to find some, as alternatives can help reduce premiums for everyone and improve general road safety.
On the surface, it makes sense to share vehicle telematics with insurance companies.
Great power comes with great responsibility. EVs tend to be higher performance vehicles, and some people are less responsible for their power and torque levels. Not only does the extra force lose control of the irresponsible driver, but the extra weight of the EV and the resulting speedup can cause some spectacular collisions at the insurer at the expense of arms and legs.
When enough people are involved in a catastrophic accident with a particular manufacturer and model, the car becomes a bad “symbol” of insurance, raising rates for all owners, no matter how good their individual driving records are. increase.
To help increase costs, manufacturers are looking for ways to help owners get better premiums. The easiest way is to provide the insurance industry with more data so that it can be processed to make you feel better. Insurers are obsessed with numbers and don’t seem to be asking difficult questions about the quality of their data.
Why you don’t share telematics personally with anyone
There are three basic issues I have with driver behavior tracking. The fact that privacy, “garbage in, garbage out”, and correlation do not mean causality.
Problem 1: Privacy — If someone else has your data, you could literally be put in jail!
Let’s start with privacy. Drivers using Progressive Slingshot, Tesla Insurance, or other products from other EV manufacturers appear to be voluntarily submitting their data to the inspection in the hope of receiving a discount. As a driver, you should have the right to share your data with anyone you want, and prohibiting you from doing so will infringe your rights.
What most people don’t know is that when data is collected and stored somewhere, there are more privacy breaches than negotiated.
The “justice” system is the most fearful thing when you are paying attention. Let’s say your spouse takes you to a divorce court and ends up with stored location data for your car. Sure, you may have been to a convenience store next to a strip club or a relative’s house next to a place where sex workers meet regularly, but that can’t be determined accurately enough. So now you need to prove innocence to the judge.
To make matters worse, what if someone commits a murder and you happen to drop in nearby for reasons that are completely innocent and disconnected?People have Arrested and cross-examined based on location data and lost their work and reputation despite being 100% innocent.. I don’t know how many people weren’t lucky. I’m sitting behind the bar for a crime I’ve never committed because Google or someone else provided garbage data to a police officer.
Technically, I clicked “Next” and “Agree” in the Ayn Rand novel-length EULA, but didn’t agree to ruin our lives.In the world of Law school professors recommend not talking to the police at all, We are all discussing a lot with the data that computers collect. Engaging our car in a chorus of potentially guilty evidence is not a great idea. The risk of losing everything is not worth the small amount we can save.
There are many other unexpected risks that result from the loss of privacy. Hackers, fraudulent authoritarian governments, criminals, and many other malicious people want to use as much data as possible against you. Simply denying opportunities by minimizing the amount of data that flies around is a good security practice.
Problem 2: Overtrust of bad data
Another issue is the interpretation of the data. Inadequate data collected and isolated from any situation, as seen in Tesla’s safety score, can lead to terrible visibility of very safe drivers with good driving records. I have. Sure, Stans tells a good driver with a low score that he really has to be a bad driver, but ignores good driving records without accidents because it was programmed by a programmer without statistical and risk management expertise. I can’t. A car that comes up with a number.
Yet another problem is that the correlation is not equal to the causal relationship. Sure, people who drive frequently and aggressively may be at high risk, but that doesn’t mean that people who drive slowly are actually safe.is Well established Below the average speed of surrounding vehicles increases the risk of being involved in an accident. By trying to impress a computer that doesn’t understand the situation around you, you can actually put you at a higher risk of collision than usual.
If the insurer eventually catches up with this issue, they will need more data or want to raise everyone’s rates. Face it, they have financial incentives to do this, so don’t be naive and go past them.
Others on the road did not sign up for this
Another problem is that other people on the road didn’t sign up to participate in the manufacturer’s experiments. Theoretically, doing things like safety scores and other driver monitoring will improve safety, but in reality, driving, distraction, and even distractions that match the score but do not fit the context of the situation. It can lead to guessing unsafe driving.
Devising alternatives that occur on public roads helps build public confidence in innovative insurance programs, rather than instilling public distrust.
Even if I’m wrong, these concerns are still important
Part 2 explains that it is important whether these concerns are right or wrong... Most of the automotive industry doesn’t want to join telematics-based insurance, so there are plenty of opportunities for businesses to make money and improve road safety, but they can miss it if alternatives aren’t available. ..
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Cool and fun alternative makers can be used to lower high speed EV insurance premiums
https://cleantechnica.com/2021/10/17/cool-and-fun-alternatives-manufacturers-can-use-to-lower-insurance-premiums-for-fast-evs/ Cool and fun alternative makers can be used to lower high speed EV insurance premiums