The Insurance Regulatory and
Development Authority of India (IRDAI) allowed
general insurance companies to introduce new
technology-enabled concepts - called "pay as
you drive", "pay how you drive" and floater cover
for multiple vehicles - as part of the motor
insurance package.

It was a matter of time. What do you feel? Will you take the discount in lieu of having a tracker installed in your car? (Image of the article in the thread) 👍 or 👎

This is how US and Canada insure, factors like driver's experience, car make and model, past record of tickets (or lack of thereof) are all accounted for in deciding insurance premium. I think it is better than what we have currently, reward good drivers while charge more from bad drivers, sadly our problem space is very large that we'd still have a lot jerks driving around dangerously.

I am sort of OK with the US model where they look at tickets, etc. But this has a proper tracker installed in your vehicle. I think this takes it a step further. Car insurance companies have already been peddling this since a few years now in terms of "Know stats about your car, etc" but unsure how many takers. ICICI Lombard is peddling its app as a fitness tracker - and they are super intrusive. Ask all health data of your phone 😕 So I am wondering where will this end?

Insurance is less attractive. If all these micro-optimizations ensure insurance companies earn more from the premiums than they have to payout for most (all?) individuals... ...then ultimately an individual is best served by simply saving the amount one sets aside for insurance premiums, and investing it into a combination of FDs, Bonds, and ETFs in one's own name. For example, LIC holds 60% of such amount in Govt bonds and 25% in some stocks/ETFs (i wonder specifically which ones though 🤔).

I think the plan to get rid of highway tollbooths (and essentially fastag) is also involving tracker on car.

All this data! 😅 Time to invest in companies that make hard-disks and tape-drives.

Personally, I'd rather the govt have data on my car (they probably already do. A lot) than an insurance company that denies a claim based on some opaque AI algorithm that deems I drive dangerously.

I don't trust either party to hold my data. I mean we all know the security of our adhar data lol

Well, using entire city's anonymous driving info to determine premium for an individual would be terrible (btw insurers already use market data to set insurance premiums of various types)

Although, I feel like with the rise of teslas and evs in general, this is going to be huge privacy/security factor in coming years. I'm pretty sure lot of these ev collect lot of personally identifiable data that can be extremely monetizable. Especially for insurance companies. I can see the rise of xiaomi’s of the EVs world selling your data to insurance companies for cheap car prices. And also, Apples of the EV world asking premium for protecting your data from insurance companies. I feel like I'm rambling now..

Time to start a telematics device company!

Normalizing having a tracker installed in your car is an orwellian nightmare. A fascist govt could permanently track its citizens using tech like that.

Yes, and we are already there with smartphones in everyone's pockets with ubiquitous data connectivity.