Kenn Dahl says he has always been a careful driver. The owner of a software company near Seattle, he drives a leased Chevrolet Bolt. He’s never been responsible for an accident.
So Mr. Dahl, 65, was surprised in 2022 when the cost of his car insurance jumped by 21 percent. Quotes from other insurance companies were also high. One insurance agent told him his LexisNexis report was a factor.
LexisNexis is a New York-based global data broker with a “Risk Solutions” division that caters to the auto insurance industry and has traditionally kept tabs on car accidents and tickets. Upon Mr. Dahl’s request, LexisNexis sent him a 258-page “consumer disclosure report,” which it must provide per the Fair Credit Reporting Act.
What it contained stunned him: more than 130 pages detailing each time he or his wife had driven the Bolt over the previous six months. It included the dates of 640 trips, their start and end times, the distance driven and an accounting of any speeding, hard braking or sharp accelerations. The only thing it didn’t have is where they had driven the car.
On a Thursday morning in June for example, the car had been driven 7.33 miles in 18 minutes; there had been two rapid accelerations and two incidents of hard braking.
A place to discuss privacy and freedom in the digital world.
Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.
In this community everyone is welcome to post links and discuss topics related to privacy.
Some Rules
- Posting a link to a website containing tracking isn’t great, if contents of the website are behind a paywall maybe copy them into the post
- Don’t promote proprietary software
- Try to keep things on topic
- If you have a question, please try searching for previous discussions, maybe it has already been answered
- Reposts are fine, but should have at least a couple of weeks in between so that the post can reach a new audience
- Be nice :)
Related communities
Chat rooms
-
[Matrix/Element]Dead
much thanks to @gary_host_laptop for the logo design :)
- 0 users online
- 57 users / day
- 383 users / week
- 1.5K users / month
- 5.7K users / 6 months
- 1 subscriber
- 2.44K Posts
- 57.5K Comments
- Modlog
Apparently a part of that is that EVs are more expensive to insurance companies, so they are spreading that cost around.
My insurance jumped by about 20% as well, after discounts from shopping around.
It cant just be EVs, but when i was searching this was the main reported factor.
Or, all the insurance companies just decided to massively bump rates
My understanding is that they all got together and decided to raise rates across the board.
Colluding?
Of course not, that would be illegal and immoral!
/s just in case
Used Vehicles became more valuable over the past few years as new vehicle production was issued halted in early 2020 and supply chain issues plagued manufacturers for a few years after that. Used car prices are just now starting to come down. I hardly ever saw cars for sale by owner that didn’t have over 200k miles on them and weren’t models plagued with major issues. People were still asking $5k for absolute junk. My advice over the past few years has been to buy a new car as it’s a much better value over any used car at the moment.
I bet you all the insurance companies are using a service that provides pricing via algorithms. In their opinion it’s not collusion, just math.
This is essentially what all insurance is. Actuary tables, risk analysis, so forth. All math with the single purpose to ensure that over the whole risk pool, the House wins.
My completely uninformed guess is:
Parts are plastic and cheaply made so more shit breaks when you get in an accident.
The reasoning they gave me is exactly that. People driving like crazy post pandemic, and the fact that cars have become exponentially expensive.