Quote:
Originally Posted by GGG
I don’t think in benefits insurance companies long term.
Maybe an initial bump from a reduction in accidents but once you have statistically significant data on the new rate of accidents premiums would adjust and the company would make less as in general insurance rates are actuarially calculated costs times a markup.
So long term insurance companies don’t care about the rate of accidents. They care if there is a change in the rate of accidents over the insured term.
So something like Covid was really bad as it increased the rate of death of people who are paying insurance rates based on historical rates of death. Getting people to live healthier who already have insurance pays off. So only by reducing death rates could you have any longer term impact on insurance profits.
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Why wouldn't it? There's a reason why you can request a discount for winter tires and if you agreed to do that 1 year monitoring thing.
I don't like the idea of mandatory re-testing, but getting discounts for a combination of being claims free AND calculation based on the last time you passed insurance approved driver skill training, performance improvement etc. would make a ton of sense to me.