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OT: Car insurance 'new car replacement'
 

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Sparky
Joined: 08 Dec 2003
Posts: 19068
Location: PDX

9/26/13 12:32 PM

OT: Car insurance 'new car replacement'

Any comments on these policies, We have Nationwide currently, and they upper the premium on the renewal, albeit like $84.00 year for the two cars.

I may go insurance shopping for the principal of this bait shit on the first insurance period. No claims made FYI.

Anyone else have INS with this new car replacement added in? If so, comments on your understanding appreciated...

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Dave B
Joined: 10 Jan 2004
Posts: 4511
Location: Pittsburgh, PA

9/26/13 2:56 PM

Big Brother

On the topic if changes to our car insurance, we just got a letter from our State Farm agent offering a possible premium reduction "based on the way you drive".

What it means is they install a GPS-based transmitter in your car that monitors where you are driving, how fast you are driving and when you are driving. So, if you always remain in a "good" area, drive slowly and don't drive late at night, they'll give you a rate reduction. Can you say "Big Brother"?

I called my agent's office to say how highly objectionable and what a potential invasion of privacy this is. The woman I talked to agreed and said the agent himself agreed but the home office said they had to send it.

At this point it's optional but I wonder if it will ever become a mandatory requirement to get auto insurance.

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April
Joined: 13 Dec 2003
Posts: 6593
Location: Westchester/NYC

9/26/13 3:14 PM


quote:
At this point it's optional but I wonder if it will ever become a mandatory requirement to get auto insurance.

Insurance company are there to make a profit. So, maximize subscription of the "good" drivers and pay as little as possible when something happens.

A premium reduction to attract driver who only drive within speed limit (and the other "good" stuff). But if everyone gets all upset about the "big brother" aspect and don't take that option, it'll quietly disappear from the option list.

I think the "home office" might be testing the water? Vote with your concience, not your wallet? ;-)

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Jesus Saves
Joined: 16 Jun 2005
Posts: 1150
Location: South of Heaven

10/1/13 1:22 PM

Lojack

GPS will be always be optional and the insurance companies will gladly give you a rate reduction to cut down on adverse selection and moral hazard risks.

Why no mandate, because it would have been done already with a LoJack type system which has been around quite some time now. Even if it were not mandated, with an attractive premium reduction, that would significantly cut down on theft - even for those who do not opt for Lojack. In other words, if enough people used Lojack, thieves would think twice before stealing any car.


Regarding new car insurance, the "new" car may not be quite be what is expected. I'd read the details closely. That could be another moral hazard risk. Much like a disability coverage that would pay 100% of your salary.

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stan
Joined: 14 Feb 2004
Posts: 467

10/8/13 2:12 PM

I don't have that specifically but I've got Allstate. When my car was stolen I received a check for Blue Book retail. I cant complain at all about that and cant imagine anything more

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