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Popular finance guru The Barefoot Investor has issued a stark warning to Australians considering buying a new car.
Scott Pape, author of the 2016 best-selling financial advice book The Barefoot Investor, argued that new “internet-connected cars” in the United States often share data on speeding, braking, and swerving. a driver with insurance companies.
This data can then lead to an increase in their insurance premiums.
Mr. Pape recently blogged about his joyless experience behind the wheel of a “Chinese-built Haval Jolion SUV.”
“This is hands down the worst car I have ever driven (and in my 20s I drove a Mitsubishi Magna that leaked more oil than Saddam Hussein),” Mr. Pape wrote.
Scott Pape (pictured), author of the 2016 best-selling financial advice book The Barefoot Investor, argued that new “internet-connected cars” in the United States often share data on speeding, braking and driver swerves with insurance companies. This data can then lead to an increase in their insurance premiums
Mr Pape recently wrote about his joyless experience behind the wheel of a “Chinese-built Haval Jolion SUV” (pictured) with all its sensors and alarms to keep the driver in check.
“The Haval makes me feel like I’m 17, back on my L plates, with my hyper-anxious mother in the passenger seat ‘guiding’ me.”
Mr Pape said the car made “sounds” repeatedly to keep him under control, including when he was not wearing his seat belt, trying to overtake or even if he looked away from the windshield .
He suggested something more “sinister” might be at work.
“You see, in the United States, Internet-connected cars are recording all these noises, deviations and abrupt stops, and selling this data for millions to the insurance industry,” he wrote.
‘The result? People often face higher insurance premiums.
While acknowledging that this is only a reality in the United States for now, he warned that it could soon become widespread in Australia.
“The most powerful automakers in the world have teams of lawyers who write 12,000-word confidentiality terms that they know no one ever reads,” Mr. Pape wrote.
“This then allows companies to track and sell our every move, and the buyers of this data feed it into algorithms and use it against us.”
In October, Katherine Kemp, associate professor at UNSW’s Faculty of Law and Justice, warned that “Australia’s privacy laws require urgent reform.”
Scott Pape (pictured with his wife Liz) has warned Australians to be wary of internet-connected cars
“Australia’s privacy laws are not up to the task of protecting the vast amount of personal information collected and shared by car manufacturers,” Ms Kemp wrote.
“And because our privacy laws do not require the specific disclosures required by some U.S. states, we have much less information about what automakers do with our data.”
Ms Kemp cited a US study by the Mozilla Foundation, a non-profit organization, which found that cars with internet-connected features were “the worst official category of privacy products” they have ever had. reviewed, calling them a “privacy nightmare on wheels.”
They tested all the major car brands – Toyota, Ford, BMW, Volkswagen, Tesla, Hyundai – and found that they all failed to meet minimum privacy standards.
Nearly 85 percent share or sell your data to third parties, while Nissan and Kia reportedly even allow data on a driver’s sex life to be collected.
“They clearly state that they may collect and share your sexual activity, health diagnostic data, as well as your genetic and other sensitive personal information for targeted marketing purposes,” reports the Mozilla Foundation. States.