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A comment on GM collects driver behavior data then sells access to insurance companies. Parent comment

Re:GM collects driver behavior data then sells access to ins... by richwater on Friday April 26, 2024 @10:12AM (#40169674)
Building on top of this, many states limit how much increases can be, which makes it difficult for insurers to respond to quickly changes market forces like we saw in COVID.

Labor + Parts became so much more expensive but coverage costs were unable to be increased.

https://www.npr.org/2024/03/07/1236504265/auto-insurance-cos...

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Re:GM collects driver behavior data then sells access to ins... by themaninthedark on Friday April 26, 2024 @11:54AM (#40171007)
Sounds like the car insurance companies should have taken out policies for sudden events beyond their control.

Other types of insurance companies do so; For example, State Farm might take out a policy to backstop their cash reserves where the terms are if they exceed over $100million in claims in a 2 week period of time.

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