this post was submitted on 16 Mar 2024
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Privacy
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Nah just people that understand that the insurance companies will do everything to optimise profits over everything, using any excuse they can.
Heuristics like this will squeeze pennies out of middle earners and be gentle to the more "competitive" customers, that can afford not driving or going to a competitor.
Yep, I/my car was involved in 3 accidents over the course of 2 years almost a decade ago. First I was rear-ended, second someone turned into me cause they were in the wrong lane, and the final one I wasn't even in the car, it was parked in the city I lived in and was one of 7 cars that were hit during a police pursuit.
That last accident, I had the same insurance company as the guy who was evading police. When I called to file a claim, the woman told me, "Well... We're not sure we'll be able to offer compensation, as your vehicle is one of seven involved, and the driver's insurance only covers XYZ amount, so we may need to put it under your policy." I told them absolutely not, it was not my problem that they willfully insured a criminal, and that I had been a customer for 5+ years, never missed a payment, and did absolutely nothing wrong in this situation. She still pushed, and I told her if that was the route they wanted to go, she could cancel my policy that minute, and suddenly it turned into "Well, let's see what we can do."
Fuck insurance companies, all of them, literally all of them. They also initially refused to give me my check for that last accident, as the guy at the counter told me, "Well, you have a lien on the vehicle, so we should really be sending this to your bank so they can tell you when/where they want the repairs made." I responded, "Well, that sounds like a conversation I need to have with my bank, and since the loan is between myself and them, I don't really understand what business it is of yours, now I'll take my check please."
They recently upped my rates because I moved 1.7 miles away from my old address, which was in a different zip code, and just thinking about all this makes me want to look into leaving them for another company.
God I hate insurance companies.
Yeah this is one of these perverse incentives business have.
My insurance isn’t doubled. Something’s different between this guy and me.
Yeah you are a "flight risk" customer or you have other data points that make them think you are worth offering a lower premium.
Think my driving record might have something to to with my options?
No? There's a minimum base price that you would be charged.
Remember, this is a profitability equation, not a risk assessment. Wearing a Pope hat doesn't make you the Pope.
I think it does. Seeing as my record is good, thereby making it easier for me to shop around and get a lower price. I think it’s pretty straightforward.
Someone who pays their premiums and doesn’t get in accidents is profitable.
But again, I don’t know all this to the true - I’d like to see his report vs mine.
Is your record good? I moved years ago and my rate dropped by half.
Was my record better or something? No.
Did you move states? Even cities can matter.
I didn’t mean to suggest that ONLY driving record matters.
If you move to a place known for a lot of uninsured drivers, your rates are gonna increase, for example.
quit making sense. 😏
A private business is arbitrarily charging customers for a required service. Living in one postal code or another has no bearing on a driver's actual skill. These people are predatory, pull your head out of your ass.
As I said before, premiums aren’t just based on driver skill/record.
If you move to an area with high carjacking rates, your premiums will rise.
You sound like a kid who just started paying attention to this stuff. I thought it was common knowledge.
I’ve lived in 5 different places, over 2 countries, with the same car, under the same insurance company. Rates were always different.
So my premiums are higher in my 20000$ car because Lexus drivers get carjacked in my postal code.
It's not new to me. It's always been stupid and predatory.
You’re hyperfixating on my examples and missing the point (or, more likely, you understand perfectly but don’t want to admit it). Lots of different metrics go into the final number.
Think insurance rates for those owning the easily stolen models of Hyundai vehicles went up? Likewise, SHOULD they go up after it became apparent they were easily stolen?
The whole thing is predatory and abusive, and is enabled by regulatory capture.
That can be true and it can also be true that accident rates, individual driver history, carjacking rates, weather patterns, and a long list of other things goes into the final number.
Yeah any arbitrary thing they decide makes them more money, they will include, which is a problem.
I know my credit score has something to do with it, for some reason. I've talked to an insurance actuarial and they use that in their premium formula.
e. as my credit score went +100 pts my insurance went down, co-incidentally? Liability only, so it isn't depreciation of the asset. If anything, on average, an older car would be more dangerous, more liable to have the wheel fall off and collide with a Bentley or something.