Tesla insurance premium renewal notice - doubled

[Jhodgesatmb]

Not sure which forum to post this to...

When I got my Cybertruck I added it to my Tesla Auto policy. Back in mid May. I just received a policy renewal email yesterday, for the upcoming 6-month period starting in September, and the premium has DOUBLED. Nothing has changed in my driving record (no violations, accidents, or claims) in over a year, so I would not expect the premiums to change from the spring. I have tried to reach out to Tesla Insurance but they make it difficult so I haven't heard back. Has anyone else had this happen? Has anyone ever tried to contact Tesla Insurance with a discrepancy in their policy? There is no way to reach out to them from the app, and the phone number they gave gave me a 40-minute wait time and that was unacceptable.

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[L3it3R]

Hearing from other users about the absolute silence from them has been the number one reason I won't use them

 

[Crissa]

There was another thread about this about two or three weeks back, yeah.

-Crissa

 

[Art138]

The lack of the ability to communicate was my prime reason not to go with them. Imagine sorting things out after an accident. If you can,look else where.

 

[Cybertruck26]

I refuse to allow an insurance company to base their rates off of them being able to monitor my vehicles telemetry. To me, it just gives them too much ability to raise at their own discretion, while using their perception of "my driving" as the justification.

 

[DittoDan]

Probably by 2030, all cars will be monitored by insurance. I hear the gov is working with all auto manufacturers to include electronics to do this.

Dan the Man from Michigan

I refuse to allow an insurance company to base their rates off of them being able to monitor my vehicles telemetry. To me, it just gives them too much ability to raise at their own discretion, while using their perception of "my driving" as the justification.

 

[DittoDan]

Give us an idea about before and after $$$?

Not sure which forum to post this to...

When I got my Cybertruck I added it to my Tesla Auto policy. Back in mid May. I just received a policy renewal email yesterday, for the upcoming 6-month period starting in September, and the premium has DOUBLED. Nothing has changed in my driving record (no violations, accidents, or claims) in over a year, so I would not expect the premiums to change from the spring. I have tried to reach out to Tesla Insurance but they make it difficult so I haven't heard back. Has anyone else had this happen? Has anyone ever tried to contact Tesla Insurance with a discrepancy in their policy? There is no way to reach out to them from the app, and the phone number they gave gave me a 40-minute wait time and that was unacceptable.

 

[Cybertruck26]

Probably by 2030, all cars will be monitored by insurance. I hear the gov is working with all auto manufacturers to include electronics to do this.

Dan the Man from Michigan

Business is free to business and govt can't mandate how a business runs... If my business model is such that I monitor your telemetry, there WILL be competition that doesn't... that's how you win business. I don't believe "ALL" will be monitored, but I do agree that more people will participate bc the perceived convenience seemed like the better option.

 

[DittoDan]

It will be a law just like seatbelts, all vehicles will have to have them (the government must save you from yourself).... sigh!

Dan the Man from Michigan

Business is free to business and govt can't mandate how a business runs... If my business model is such that I monitor your telemetry, there WILL be competition that doesn't... that's how you win business. I don't believe "ALL" will be monitored, but I do agree that more people will participate bc the perceived convenience seemed like the better option.

 

[Cybertruck26]

It will be a law just like seatbelts, all vehicles will have to have them (the government must save you from yourself).... sigh!

Dan the Man from Michigan

Though, I DO see the dystopian reality in that... Let's hope for the best.

 

[Jhodgesatmb]

The lack of the ability to communicate was my prime reason not to go with them. Imagine sorting things out after an accident. If you can,look else where.

Actually, I have had good experiences with Tesla Insurance for claims. It is this other stuff where they go silent and there seems to be no way to interact with them.

 

[Deleted member 17810]

Probably by 2030, all cars will be monitored by insurance. I hear the gov is working with all auto manufacturers to include electronics to do this.

Dan the Man from Michigan

Have a link to where you heard about this?

 

[lowtek]

Not sure which forum to post this to...

When I got my Cybertruck I added it to my Tesla Auto policy. Back in mid May. I just received a policy renewal email yesterday, for the upcoming 6-month period starting in September, and the premium has DOUBLED. Nothing has changed in my driving record (no violations, accidents, or claims) in over a year, so I would not expect the premiums to change from the spring. I have tried to reach out to Tesla Insurance but they make it difficult so I haven't heard back. Has anyone else had this happen? Has anyone ever tried to contact Tesla Insurance with a discrepancy in their policy? There is no way to reach out to them from the app, and the phone number they gave gave me a 40-minute wait time and that was unacceptable.

Vote with your wallet.

 

[darkfyre]

I'm going to speculate wildly for a moment if that's permissable:

1) Many brands are already collecting this type of data; it's not just Tesla. If you have a phone app that connects to your car, there's a good chance that AT LEAST your odometer is getting transmitted back to your insurance provider. So, to me, it's not an unrealistic expectation to see all brands doing this by 2030.

2) I'm guessing that Tesla is setting a new standard when it comes to the amount of telemetry that they are using to evaluate premiums. This is mostly because they are the manufacturer AND the provider which puts them in a very unique position. If I had to guess, we will see a lot more OEMs adopt this model since most of them seem to use their vehicles as 'loss leaders' to sell parts, maintenance and other stuff at a profit. This would be another revenue stream for OEMs if they could create reliable enough software.... or license Tesla's telemetry system.

3) Statistics don't lie and the metrics that Tesla insurance seems to evaluate (or at least were evaluating at the beginning when the FSD Beta was being released beyond the 60k test vehicles that were in phase 2 - Think Safety Score), weren't really to gate access to FSD (although they did serve that purpose). Instead, I always thought it was a 'test run' for their Tesla Insurance that was launching/had already launched in many states around that time. Given that Tesla is a fledgling provider, they have to be much more conservative with their risk taking (which influences acuarial tables). We are seeing many big name insurance providers having trouble staying afloat due to a variety of factors, one of which is limiting rate hikes when risk deems it necessary. This is why you see a lot of headlines for home-owners insurance in places like California and Florida about how insurance companies are cancelling thousands of policies because, they can't raise the rates high enough to be at a profitable risk margin (and other factors of course). That said, major insurers in California are going through similar assesments with their auto-policies now. Having extra data is going to punish some and let others just keep their policy because there is more statistical evidence that allows the insurance company to maintain profits because they have a wider view into the risk (because they have vehicle telemetry).

4) I 100% believe that you won't be able to get a new car without this data sharing very soon into the future. I'm guessing that refusing to share will either: A) Not be an option, B) you will pay dramatically increased rates for insurance, C) you will not be insurable. This COULD BE due to governmental legislation (although, my personal view is that the economy will drive this because most people don't care enough to buy a vehicle that doesn't share telemetry). But I think it's far more likely that the insurance market and automakers (if they still remain separate entities) will make this happen due to cost savings that effect their bottom line (and subsequent shareholders).

Now, I say all that to say, it 100% does not excuse an insurance company of stonewalling you when it comes to questions about rate hikes. I'll be honest, I have chosen NOT to use Tesla Insurance for my M3LR or CT purchases due to seeing many of these stories. I can still call my local agent and have a 1-on-1 conversation about rate changes. A doubling of premium with NO EXPLANATION is not acceptable and having to wait an excessive amount of time to get an answer isn't the busines relationship I want with my auto-insurer.

I'll add to what press-start says above: Money talks, your dollars count.

Thanks for sharing!

 

[Deleted member 17810]

I'm going to speculate wildly for a moment if that's permissable:

1) Many brands are already collecting this type of data; it's not just Tesla. If you have a phone app that connects to your car, there's a good chance that AT LEAST your odometer is getting transmitted back to your insurance provider. So, to me, it's not an unrealistic expectation to see all brands doing this by 2030.

2) I'm guessing that Tesla is setting a new standard when it comes to the amount of telemetry that they are using to evaluate premiums. This is mostly because they are the manufacturer AND the provider which puts them in a very unique position. If I had to guess, we will see a lot more OEMs adopt this model since most of them seem to use their vehicles as 'loss leaders' to sell parts, maintenance and other stuff at a profit. This would be another revenue stream for OEMs if they could create reliable enough software.... or license Tesla's telemetry system.

3) Statistics don't lie and the metrics that Tesla insurance seems to evaluate (or at least were evaluating at the beginning when the FSD Beta was being released beyond the 60k test vehicles that were in phase 2 - Think Safety Score), weren't really to gate access to FSD (although they did serve that purpose). Instead, I always thought it was a 'test run' for their Tesla Insurance that was launching/had already launched in many states around that time. Given that Tesla is a fledgling provider, they have to be much more conservative with their risk taking (which influences acuarial tables). We are seeing many big name insurance providers having trouble staying afloat due to a variety of factors, one of which is limiting rate hikes when risk deems it necessary. This is why you see a lot of headlines for home-owners insurance in places like California and Florida about how insurance companies are cancelling thousands of policies because, they can't raise the rates high enough to be at a profitable risk margin (and other factors of course). That said, major insurers in California are going through similar assesments with their auto-policies now. Having extra data is going to punish some and let others just keep their policy because there is more statistical evidence that allows the insurance company to maintain profits because they have a wider view into the risk (because they have vehicle telemetry).

4) I 100% believe that you won't be able to get a new car without this data sharing very soon into the future. I'm guessing that refusing to share will either: A) Not be an option, B) you will pay dramatically increased rates for insurance, C) you will not be insurable. This COULD BE due to governmental legislation (although, my personal view is that the economy will drive this because most people don't care enough to buy a vehicle that doesn't share telemetry). But I think it's far more likely that the insurance market and automakers (if they still remain separate entities) will make this happen due to cost savings that effect their bottom line (and subsequent shareholders).

Now, I say all that to say, it 100% does not excuse an insurance company of stonewalling you when it comes to questions about rate hikes. I'll be honest, I have chosen NOT to use Tesla Insurance for my M3LR or CT purchases due to seeing many of these stories. I can still call my local agent and have a 1-on-1 conversation about rate changes. A doubling of premium with NO EXPLANATION is not acceptable and having to wait an excessive amount of time to get an answer isn't the busines relationship I want with my auto-insurer.

I'll add to what press-start says above: Money talks, your dollars count.

Thanks for sharing!

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.
According to the report, the trip details had been provided by General Motors — the manufacturer of the Chevy Bolt. LexisNexis analyzed that driving data to create a risk score “for insurers to use as one factor of many to create more personalized insurance coverage,” according to a LexisNexis spokesman, Dean Carney. Eight insurance companies had requested information about Mr. Dahl from LexisNexis over the previous month.

https://archive.ph/Kb2FX

rabbit hole!

https://www.eff.org/deeplinks/2024/...ur-driving-history-data-brokers-and-insurance

https://www.markey.senate.gov/news/...invasive-data-privacy-practices-of-automakers

https://www.wired.com/story/automakers-sharing-driver-data-security-roundup/

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