600
The current state of auto insurance: shit that belongs on a shady Kickstarter from 2013
(lemmy.world)
this post was submitted on 12 Jun 2024
600 points (97.3% liked)
Mildly Infuriating
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If you're the best driver in the world, you don't need to carry insurance because the lifetime expected spending on premiums is below the lifetime insurance payments. The only reason you carry insurance is if you're not sure whether you're the best driver in the world.
Once your insurance knows (better than you) where you rank as a driver, they will either refuse to cover you (because costs > revenues) or raise your rates until you fall into a high risk of changing carriers (because that's where they maximize profits). The initial discount is simply a teaser rate, while the company collects more data. The real determination of your max tolerable premium is your personal income, which is set by the value of your vehicle. All the telematics is hand-wavy bullshit. You really might be the best driver in the world, but they'll still raise your rates if they think you'll pay it.
The real secret to getting a lower insurance premium is to own a cheaper car (and therefore signal to your insurer that you have less money to spend on insurance).