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Although touched on lightly here, most are missing the real reason for this device. It's a data logger. The larger insurance companies have a staff of people who do nothing but come up with ways of screwing their customers. They do this by studying trends and socio/economic backgrounds. Any commonalities they come up with are used against many of their consumers.
For instance, and not surprisingly, any car deemed "high performance" is going to require a higher premium than one that is not considered as such. Almost makes sense, but could also be considered "profiling." Sure, there are a lot of idiots who can't handle this type of car, so everyone with a high performance car suffers with higher premiums, regardless of what their habits and driving record show.
Same thing applies to age and even credit score. Supposedly those with less-than-optimum credit ratings are charged more than those with very good scores. The reasoning: those with financial problems are more likely to get into an accident! Where they come up with this BS is all through data analysis and manipulating of the figures to justify their rates and increases.
So, this Tracker isn't given you to so you can get a small discount on your rate. It's there so they have a whole new database of facts and figures with which to screw the consumer. They'll undoubtedly find that certain cars, certain geographic areas and probably even times of the day will all contribute to potential accidents/claims. Anyone then falling into any of those categories will be subject to higher rates, just because there was "a study done."
Really ,trying to sell us Insurance on this forum ,there are so many adds now but most for Performance parts tires witch is cool , Insurance but not just Insurance but some kind of we need to know what you are doing in your 200 MPH Corvette at all times deal . Some of us are Outlaw Hot Rodders I am one and proud of it take your little box and get it out of my bizz O I am sorry you want to put one in you were in my bedroom also well then OK and we would like to put one up my what so we know when your... REALLY...
Same thing applies to age and even credit score. Supposedly those with less-than-optimum credit ratings are charged more than those with very good scores. The reasoning: those with financial problems are more likely to get into an accident! Where they come up with this BS is all through data analysis and manipulating of the figures to justify their rates and increases.
I am really sort of shocked that the Government has not jumped on that one by now (of course they are in bed together). That is the main reason I stayed with the same Auto Insurance company the past 30 years (until last month). I kept getting much lower offers from other companies (of course they are just initial offers soon to sky-rocket upon renewal) the past few years, but every time I would call them, as soon as they said "We will need your permission to pull a Credit Report", I would say "No". They would say "Why, is that a problem?". I would say "It is none of your business and last time I checked, Insurance Companies do not extend credit - so you really should not legally have access to Credit Information". "If you say you are going to insure me now and let me pay later, and I agree to that, then that is different". I was always met with silence on the other end - like nobody ever told them "No." Last time I checked my FICO score it said I was in the top 1% nationwide - but insurance companies are not creditors - they should be denied access as they have no "premium" risk - they collect in advance.
You are right... if they could show that most people in wrecks last year were wearing a blue shirt at the time of an accident, they would jack your rates up if they could prove you own a blue shirt!
I believe they want to check credit if you pay on a monthly basis and not the whole premium up front. That would be a risk to them if some one has bad payment history.
Just had to post this update after one month on the Tracker"...
Thought you might like to see what they consider a "Rapid Acceleration" Event! On May 19th I had a downright out-of-control burst of speed going from 14.3mph all the way up to School Zone speed of 21.7mph in 1-second! Actual there was a pick-up truck coming up behind me that looked like he was going to rear-end me as I was coming up to red light, so I gave it a "little" gas for self-preservation. Did not even "punch-it" - barely touched the gas just to make sure he saw me.
Sure will be glad when this 90-days are up and I can get back to driving "safely"! Hardest part for me is not being able to drive my car between midnight and 1am - that is when I usually go to the grocery store about 3 blocks away - when there is no traffic.
To be honest, my results would likely look like...
- Negative 100% discount
- Days remaining - 90
- Mileage - 3.6 miles
- Rapid Acceleration - 69 Events
- Hard Braking - 5 Events (I'm not too heavy on the brakes haha)
I believe they want to check credit if you pay on a monthly basis and not the whole premium up front. That would be a risk to them if some one has bad payment history.
Pretty sure the credit thing is from collecting data nothing to do with if you default, if you don't pay they don't insure you!
This is not good for anybody imo, the more people that use these the more info they collect, and like the credit thing it will cost us all in the end. Just think your bank may buy into it and it could go the other way if the data plays out... higher interest rates for corvette owners! Or something similar I'm not a conspiracy theory guy, but they aren't doing it to "give" you anything.
Well wishes
For the record I have great credit, at least for now.
Last edited by Forcedvert; 05-24-2015 at 11:52 PM.
2020 Corvette of the Year Finalist (performance mods)
C5 of Year Winner (performance mods) 2019
... so basically the people that would not get a mark for rapid acceleration are the people that **** me off and hold up traffic because they take a half mile to get up to the speed limit... maybe next time my car is down for longer than 3 months I'll plug one in
... so basically the people that would not get a mark for rapid acceleration are the people that **** me off and hold up traffic because they take a half mile to get up to the speed limit... maybe next time my car is down for longer than 3 months I'll plug one in
I was thinking same thing, I could of done that several times if the shop my car was at didn't let battery die so many times.
This insurance device is a joke and I would never get one. This thing does nothing to capture driver proficiency. It is bad decisions that people make that cause accidents. Ironically, insurance companies have inferential data but choose to discriminate so they can fille their coffers. Case in Point: I drive a C5Z so my rates are higher than if I drive a four door Honda Civic. I have a stellar driving record with no accidents and no speeding tickets in over 20 years yet I still pay more in insurance to drive a corvette.
I was going to try to respond with something comical but,,,,, It is just plain SAD that they grade you on such ridiculous events.
I wonder if they find any people with a perfect score????
Glad to see that your getting that much discount..
BC
That is part of the reason I have been posting these updates. I think it is safe to say that the ONLY way to get the 30% is to NEVER drive the car for the 90 days. As soon as the tires move you drop to 25%. My guess is that the last 24-hours of the 90-day period it will mysteriously drop to the 5% minimum regardless of what happens between now and then. It is like a FICO score, they tell you what things influence the score, but they never reveal their algorithm of the day.
I think they are more interested in recording how many new policy applicants decline to install the device when offered as that speaks louder than any likely recorded results.
It is kind of like a Police Officer refusing to wear a body-cam on duty - you know there is a reason!
Originally Posted by Forcedvert
Pretty sure the credit thing is from collecting data nothing to do with if you default, if you don't pay they don't insure you!
This is not good for anybody imo, the more people that use these the more info they collect, and like the credit thing it will cost us all in the end. Just think your bank may buy into it and it could go the other way if the data plays out... higher interest rates for corvette owners! Or something similar I'm not a conspiracy theory guy, but they aren't doing it to "give" you anything.
Well wishes
For the record I have great credit, at least for now.
Well, if they use "my" data collected as an example, then Corvette owners should all be getting higher discounts and better interest rates soon! I have over one-million safe-driving miles logged in Corvettes, not sure what better record they could be looking for?
True, if the "average" Corvette owner (like I used to be when I was younger) plugged these in, it would be insurance rate suicide! But my hot-rodding days are over. Of course, I never had a close-call when I was driving like a maniac, all my close calls (that would have resulted in an insurance pay-out) have usually been when the car is either stopped or when driving like Mr. Magoo and some idiot tries to T-Bone me!
In my case, I am not sure what "data" they are collecting could be considered adverse? They certainly do not need any supporting data to hike rates, they do that whenever they want at will anyway - been doing that for years!
The vast majority of legislation and regulations passed that restrict individual rights have been performed with junk-data or no data at all.
I see (3) scenarios with these damn trackers...
(1) You agree to install one and show them that you drive like a little old lady - NO HARM DONE.
(2) You agree to install one and drive like a maniac - INSURANCE RATE SUICIDE (nobody in this group).
(3) You decline the voluntary installation of one for a 90-day period - IF ENOUGH PEOPLE DO THIS WITHIN A CATEGORY THAT IS AN ADMISSION OF GUILT "DATA-WISE"! What does it say to insurance companies if 99% of Corvette owners say it is not worth saving up to 30% on their insurance premiums by agreeing to be monitored up front? Not many people would turn down a 30% savings unless they knew they were going fail the requirements. If I were an insurer I would think one of two things - either Corvette drivers are extremely high-risk as a group or we apparently can start charging them more because they are not even interested in substantial discounts - they can afford to pay higher rates!
Sadly the data they are collecting is not of much real value because only people that consider themselves safe drivers (according to to insurance company criteria) will agree to be monitored in the first place. Virtually 99% of their high-risk policies will be in the group of those who decline the device.
Of course you purchase a high-performance vehicle (like a Corvette) to be able to accelerate/brake/maneuver quicker than the average vehicle, but their data collected is the same as if you drive a Suburban! I guess? They don't say?
I really think the most valuable data they are collecting is seeing how many new policy applicants in each category are DECLINiNG these devices. That is the real "red-flag" that might impact insurance rates in the future, but like I said before, they have never needed this type of data in the past to increase rates?
^^^^^^
They already know the data on corvette owners. They charge rates based on age, to apoint and a lot of other stuff, it ain't to charge you less money,
And it's not for just corvette owners, maybe you think it's ok to just let the inscurance company get info about acceleration and breaking off of every car from computer but most don't.
Although touched on lightly here, most are missing the real reason for this device. It's a data logger. The larger insurance companies have a staff of people who do nothing but come up with ways of screwing their customers. They do this by studying trends and socio/economic backgrounds. Any commonalities they come up with are used against many of their consumers.
For instance, and not surprisingly, any car deemed "high performance" is going to require a higher premium than one that is not considered as such. Almost makes sense, but could also be considered "profiling." Sure, there are a lot of idiots who can't handle this type of car, so everyone with a high performance car suffers with higher premiums, regardless of what their habits and driving record show.
Same thing applies to age and even credit score. Supposedly those with less-than-optimum credit ratings are charged more than those with very good scores. The reasoning: those with financial problems are more likely to get into an accident! Where they come up with this BS is all through data analysis and manipulating of the figures to justify their rates and increases.
So, this Tracker isn't given you to so you can get a small discount on your rate. It's there so they have a whole new database of facts and figures with which to screw the consumer. They'll undoubtedly find that certain cars, certain geographic areas and probably even times of the day will all contribute to potential accidents/claims. Anyone then falling into any of those categories will be subject to higher rates, just because there was "a study done."
I suppose it would be ok with some people for health insurance companies to do genetic tests to look for certain cancers that are familiar so if you don't have a certain gene marker you could get a discount.
First, if you have a Tracker installed and the insurance company doesn't drop you in six months you have only documented that you have zero need for a high performance vehicle.
Second, if you do hammer your performance cars quite frequently, in the manner they are designed to facilitate, and you have any sort of speed related accident, expect immediate cancellation of your coverage. Also, even if you never have an accident, expect that future rate increase will be impacted by your lead foot.
Third, if other drivers or individuals file suit after an accident, you can expect that your Tracker documented pedal to the metal habits will be under subpoena for the judge and/or jury to peruse.
Fourth, as stated by others, the insurance companies are seeking justification for higher rates on performance cars, they are NOT remotely concerned with lowering your rates in the long run. Any thoughts to the contrary are beyond naive.
Most of you are making a mountain out of a mole hill...
I don't think so ,right now in Calf. some stores asking people to sign something : I will not use this whatever I just got in my street car . If is HP something was HP Brake Fluid ..Been trying to outlaw Hot Rods for a VERY long time not mole hill life style for myself.. Get you head out from under the rock and look around...
That is part of the reason I have been posting these updates. I think it is safe to say that the ONLY way to get the 30% is to NEVER drive the car for the 90 days. As soon as the tires move you drop to 25%. My guess is that the last 24-hours of the 90-day period it will mysteriously drop to the 5% minimum regardless of what happens between now and then. It is like a FICO score, they tell you what things influence the score, but they never reveal their algorithm of the day.
I think they are more interested in recording how many new policy applicants decline to install the device when offered as that speaks louder than any likely recorded results.
It is kind of like a Police Officer refusing to wear a body-cam on duty - you know there is a reason!
Well, if they use "my" data collected as an example, then Corvette owners should all be getting higher discounts and better interest rates soon! I have over one-million safe-driving miles logged in Corvettes, not sure what better record they could be looking for?
True, if the "average" Corvette owner (like I used to be when I was younger) plugged these in, it would be insurance rate suicide! But my hot-rodding days are over. Of course, I never had a close-call when I was driving like a maniac, all my close calls (that would have resulted in an insurance pay-out) have usually been when the car is either stopped or when driving like Mr. Magoo and some idiot tries to T-Bone me!
In my case, I am not sure what "data" they are collecting could be considered adverse? They certainly do not need any supporting data to hike rates, they do that whenever they want at will anyway - been doing that for years!
The vast majority of legislation and regulations passed that restrict individual rights have been performed with junk-data or no data at all.
I see (3) scenarios with these damn trackers...
(1) You agree to install one and show them that you drive like a little old lady - NO HARM DONE.
(2) You agree to install one and drive like a maniac - INSURANCE RATE SUICIDE (nobody in this group).
(3) You decline the voluntary installation of one for a 90-day period - IF ENOUGH PEOPLE DO THIS WITHIN A CATEGORY THAT IS AN ADMISSION OF GUILT "DATA-WISE"! What does it say to insurance companies if 99% of Corvette owners say it is not worth saving up to 30% on their insurance premiums by agreeing to be monitored up front? Not many people would turn down a 30% savings unless they knew they were going fail the requirements. If I were an insurer I would think one of two things - either Corvette drivers are extremely high-risk as a group or we apparently can start charging them more because they are not even interested in substantial discounts - they can afford to pay higher rates!
Sadly the data they are collecting is not of much real value because only people that consider themselves safe drivers (according to to insurance company criteria) will agree to be monitored in the first place. Virtually 99% of their high-risk policies will be in the group of those who decline the device.
Of course you purchase a high-performance vehicle (like a Corvette) to be able to accelerate/brake/maneuver quicker than the average vehicle, but their data collected is the same as if you drive a Suburban! I guess? They don't say?
I really think the most valuable data they are collecting is seeing how many new policy applicants in each category are DECLINiNG these devices. That is the real "red-flag" that might impact insurance rates in the future, but like I said before, they have never needed this type of data in the past to increase rates?
Who you trying to BS not me for sure . DATA COLLECTING on you and you want some one sitting in a dark room looking at your BIZZ making decisions on you based on some box then if you say NO WAY you most be a bad driver I say HELL no not because I am a bad driver I don't want you in my BIZZ .I say BS you and your little black box need to stay out of my driving habits..
05-08-2015, 03:02 PM
