03-13-2024, 06:20 AM | #1 |
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My insurance premium jumped up 30 percent on my renewal for my 2024 M2 when renewal came up in January. I called my insurance company to ask them why the hell my rate would skyrocket if I had no accidents or tickets and they were unable to provide me with an answer. I then called Farmers insurance to get a quote and they quoted me $7000 to insure my M2 and 2018 grand Cherokee which was 3000 more than what progressive is now charging me. Then this morning on the news they were talking about how car makers are giving out driving data (speed, braking forces, miles per day etc…) and that people were getting crazy rate hikes.
Has anyone else’s insurance mysteriously shot up for no apparent reason? I’m talking big not normal rate hikes. It’s definitely happening and I’m so angry that I didn’t turn all the privacy stuff on in idrive as soon as I got my car. |
03-13-2024, 06:50 AM | #3 |
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The car’s data is most likely being accessed by auto insurance companies. I haven’t gotten my M2 yet, but my rates also went up a considerable amount for the past six months. I’ll see what happens when the renewal comes up in May. I’ll likely have my M2 by then.
Automakers Are Sharing Consumers’ Driving Behavior With Insurance Companies |
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03-13-2024, 07:38 AM | #5 |
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Insurance is sky rocketing everywhere, period. Its location, type of car on top of the usual parameters they review. You are also adding an M car, they do know what that is (its the potential, not necessarily how you drive).
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03-13-2024, 07:41 AM | #6 |
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I understand the aggravation, but this is private companies giving personal data to other private companies. This is actually an instance where more government intervention to regulate these companies would help the people as opposed to the companies.
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03-13-2024, 07:46 AM | #7 |
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Alright, now someone tell me where to turn this shit off.
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03-13-2024, 07:53 AM | #8 |
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USAA offers this thing through a phone app, where they say “opt-in and save up to 30% on your policy!” It basically means you’re intentionally allowing USAA to track your every driving behaviors via telemetry from your phone. Funny they leave out the other side of it where they double your rates if they disagree with how you needed to pass somebody or brake to hard to avoid something…
This whole thing will not end up well for performance vehicles. Nobody will be able to fart without somebody doubling their rates because of it. Then, I ask, what is the point of having a fun car anymore?
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03-13-2024, 07:56 AM | #9 | |
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Have seen a number of articles -- some in the WSJ but online at news sites I visit -- on the rising cost of not only car insurance but home insurance as well. I read where insurance companies are paying out more than they are taking in and of course this can't continue. So rates are going up. And what is worse is some insurance companies are no longer issuing policies in some areas. Home insurance coverage was mentioned. |
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03-13-2024, 08:01 AM | #11 |
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Lets be honest, its not in BMWs interest to share how their customers drive their cars with insurance companies. BMW do not want their customers to pay a lot for insurance, as it reduces the number of prospective customers. So in my opinion, no, they do not share this data.
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03-13-2024, 08:02 AM | #12 |
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The news piece on Good Morning America yesterday was about GM's Smart Driver program. I used to get the monthly reports from Chevrolet when I had my 2018 Camaro 2SS 1LE. See attachments for examples of the report. I'm not aware that anything was sent to my insurance. My rates never increased during my 3 years with that car. And I did 3 track days with it. Those particular reports were doozies!
You could/can opt out of the program. I never did opt out though.
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03-13-2024, 08:06 AM | #13 |
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https://g87.bimmerpost.com/forums/sh....php?t=2066991
Nearly everyone's rates are being jacked up. Insurance companies have to make up their lost revenue from covid & nobody driving. |
03-13-2024, 08:36 AM | #14 |
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Insurance rate increases have more to do with loss claims in hard hit storm areas than anything else.
I cannot comment specifically to whether car companies are selling driving data but certainly insurance rates have been on the rise because insurance companies must make a profit every year.
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03-13-2024, 08:41 AM | #15 | |
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03-13-2024, 08:49 AM | #16 | |
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When one agrees to the terms of service with BMW, including ConnectedDrive (its Privacy Policy document is 42 pages long!). Among other things BMW can collect your SS#, drivers license number, bank account numbers, credit/debit card numbers, and so on. The app does not accept do not track signals. Via the BMW App I found My Trips. I'm going to activate this and see what data it collects. Unless prohibited by law I would not be surprised that BMW shares what it can although sharing may not be for free. Where one drives, how one drives, this data has value. I am going to print out the various terms of use, privacy documents and go over them and see what I can find regarding sharing driving data. |
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03-13-2024, 10:00 AM | #17 |
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part costs, real inflation, covering losses, more uninsured drivers in your area, etc. all affect it. my other cars and my wifes car have all gone up approx 20% so unless they are applying my driving style across all the cars it seems unlikely that data sharing is to blame. probably more likely to blame all the folks totalling new M2s
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03-13-2024, 11:04 AM | #18 |
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This isn’t mysterious and it’s not complicated. Auto insurance increases are due to the same reason as homeowners’ insurance increases i.e. materials, parts, labor etc.
Personal experience, the rebuild cost of my home in New York increased by $200K, the Arizona home $400K. Auto insurance on 3 cars increased significantly and we have totally clean driving records but all of us are paying for the idiot, uninsured, and irresponsible drivers. You’ll see them every day. Insurance companies aren’t going to eat the cost of claims. YMMV |
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03-13-2024, 11:58 AM | #20 |
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Powell said today inflation remains high because of so many things being uninsurable and the costs passed to the insured.
You can blame a number of things: natural disasters, uninsured motorists, cost of EV repair costs and EV's burning. Of course we've always had natural disasters and there's always good/bad years, but the others are getting worse and all of us that do carry insurance pay for those who don't. |
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03-13-2024, 02:00 PM | #21 |
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BMW's says they do not share with insurance providers. They also say that we can access this info in the My Garage section on their website, but I can't find it.
But do they share data with LexisNexus? That would be good to know. https://www.press.bmwgroup.com/usa/a...language=en_US Last edited by RootsTootsMagoots; 03-13-2024 at 02:04 PM.. Reason: Added link |
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03-13-2024, 03:01 PM | #22 | |
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