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A comment on Allstate used GasBuddy and other apps to track driving behavior. Parent comment

Re:Allstate used GasBuddy and other apps to track driving be... by bradleybuda on Tuesday January 14, 2025 @12:59PM (#42701090)
The insurance companies are betting their margins on this. If they are wrong, they will fail in the marketplace.
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Re:Allstate used GasBuddy and other apps to track driving be... by josephcsible on Tuesday January 14, 2025 @01:20PM (#42701452)
Since having insurance is mandatory, if they all charge too much, they won't fail.
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Re:Allstate used GasBuddy and other apps to track driving be... by bluGill on Tuesday January 14, 2025 @03:13PM (#42703175)
They do not have a monopoly. There is plenty of room for a handful of companies charging too much to fail. there is also plenty of room for companies charging too little to fail.
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Re:Allstate used GasBuddy and other apps to track driving be... by gruez on Tuesday January 14, 2025 @01:45PM (#42701865)
> if they all charge too much, they won't fail.

What prevents one company from defecting and taking all the market share?

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Re:Allstate used GasBuddy and other apps to track driving be... by drawkward on Tuesday January 14, 2025 @01:21PM (#42701469)
oh yes, please tell us about this imaginary perfect marketplace. where does it exist?
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Re:Allstate used GasBuddy and other apps to track driving be... by s1artibartfast on Tuesday January 14, 2025 @01:29PM (#42701601)
a perfect one doesn't, but you would be just as crazy to think that no market place exists either.

Insurance companies do in fact compete on rates.

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