Warren Buffett says Tesla FSD is good for society, bad for Insurance companies

Warren Buffett says Tesla FSD is good for society, bad for Insurance companies
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#tesla #fsd #socity #warrenbuffet #insurance #evnews
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[@DaniCharney]

Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them

[@Kelompok16SistemMultimedia]

Exactly! My grandparents were so frugal but they had a TON of money on both sides. I remember my grandfather telling me "you want to make money while you sleep." And I guess that attitude passed down to my dad (RIP), because I remember going to his house one day and I had bought something I really liked, so I wanted to show it to him. So I said "Look at this! Isn't it cute? It was on sale...I saved 50%!" My dad replied "Well, if you're spending, you're not saving." Obviously I had no retort, and that has always stuck with me.

[@StaffSpecial]

Saving and investing wisely while prioritizing necessities and a few small luxuries in relation to one's total assets is a great approach. It helps ensure financial stability and I my for the enjoyment of life's little pleasures without compromising long-term financial goals. It's all about finding a balance that works for you!

[@MarieRandy438]

very true, a huge part of my portfolio growth has come during this bear market. I've been able to scale from $180K to $572K in a short period of time.

[@MattHardwood1]

How do you do that? I'm interested

[@MarieRandy438]

Thanks to my co-worker (Alex) who suggested Ms Angela Christine Derle.

[@geoffreycollings4678]

Less people killed. less families shattered. Less hospital admissions.Less rehabilitation.Less surgeries. Its just a complete win win situation.If only people would realise it .

[@francismarion6400]

That has to be proved first. That's why Buffet is unsure.

[@dourian]

Less money inurance companies, less jobs, less doctors

[@Mr11ESSE111]

in which lalala land you live?' go to African mines of cobalt and back here for year if you stay alive and without illneses and bullshits same western lalalal land fairy tales garbage

[@dynomotivedyno9194]

Take public transit.

[@Pl-qq4yl]

@@dynomotivedyno9194 I will if it will come to rural areas until then sorry

[@ep8029]

Tesla need to provide cheap insurance in the UK as they do in the US. At the moment, expensive insurance is deterring people (certainly me, anyway) from buying a Tesla.

[@John-FourteenSix]

I look forward to seeing Tesla enter the insurance market.

[@tigerlancer3165]

If tesla enters the insurance game on their tesla fsd. You'll know fsd has been perfected. That's basically tesla doubling down on their capabilities.

[@Longtack55]

Berkshire H own a good chunk of Geico Insurance.

[@davesheffield3620]

Imagine the income lost from speeding tickets alone

[@tigerlancer3165]

Have you noticed money is becoming more irrelevant as time marches on? Robots are replacing human occupations. Solar, wind and nuclear is making energy almost free. Universal basic income is closer to reality. Life used to be a zero sum game, now it's conceivable everybody can win.

[@tigerlancer3165]

I really hope we can become the first generation of UBI, instead of the last generation of 9 to 5 working stiffs.

[@catsaregovernmentspies]

Lol at UBI making the world a Utopia. We are marching straight into Neo-fuedalism, we will all be peasants begging for handouts.

[@francismarion6400]

We will have gulags first.

[@juliahello6673]

@tigerlancer3165 Post-scarcity world

[@Alithios]

Over 40 thousand lives a year. Just in USA alone. 50 percent is not some math, it could mean 20 thousand human beings get to live every year.

[@skepticalmechanic]

And people think guns are a problem…

[@tigerlancer3165]

40,000 lives lost in USA alone. China and India must be like, 8 million each cuz you know...asians.

[@tigerlancer3165]

If USA loses 40,000 per year, Chinaa and Indiaa must lose 8 million each per year cuz you know...aasianss.

[@danparish1344]

I think there are 30,000 gun deaths a year but 95% are either self inflicted or gang related.

[@stewartmcleod4094]

Damn that means we need to vaccinate more with our next pandemic

[@colddiesel]

GEN RE(General reinsurance company of North America) is owned by Berkshire Hathaway and is the second biggest Re-insurer in the world (after Munich Re) with 13.5 Billion/year in premiums. They are BH's largest single financial investment and have been for many years. That fact alone gives Buffet a unique insight into the future of the many insurance companies that GEN RE re-insures. Insurers which are motor only will feel the pinch, not so much those companies which carry a broader portfolio of risk. Expect some rationalization/diversification in the motor only sector.

[@justinjja2]

He’s not wrong, my Tesla insurance premium is down to $116 with FSD v12, used to be $183… And that’s with 99% of the drivers on the road still driving by hand.

[@tomschmitt8561]

@@23chnge yes, good question how often does Justin pay $116?

[@10secondsrule]

@@23chngeobviously monthly. Do you even own a car?

[@johnb7794]

I’ve had Tesla insurance since I bought my model 3 in early 2023. I wonder what’s going to happen in the future with Tesla insurance prices when you subscribe to FSD and it becomes unsupervised.

[@ttkddry]

Johnb: in Belgium the insurance price is based on the track record of the regular driver of the car, you actually have to list the first and additional driver on the policy. The driver gets quoted with + points for years without accidents and - points if you actually cause costs (parking dents, actual accidents, ...) If FSD starts driving around thousands of vehicles, the chances of driving around years without accidents is going to be very low, it's just statistics... the more you drive, the more chance of accidents. Have FSD as your second listed driver, with such a record and prices will go up

[@mukamuka0]

It's more likely that more you use FSD, less you have to pay for insurance but it'll never go to zero because there is other cost not relate to FSD such as nature disaster or completely random accident

[@smahmood4642]

This reminds me of a recent article I saw stating treating patients and making them better is not good for hospitals. Simple greed, What kind of society are we living in?

[@zhli4238]

Buffet was right, it is "bad for insurance". The whole auto insurance industry size measured by insurance premiums paid by the consumers could go down, because of fewer accidents. Auto insurance cost mostly depends on claim frequency and claims severity does not vary as much. Then as autonomous driving is approaching perfection, accidents rate is approaching near zero. So why need insurance? One thing Tesla should watch for is on court decisions on these matters, as Robotaxi could have product liability. If accident happens to Robotaxi, court could rule it's not driver's fault but auto manufacturer's. This hasn't happened yet, but it could.

[@mrmawson2438]

True cheers mate

[@garymiller8287]

Berkshire owns GEICO insurance let's see if GEICO goes the way of GM for Buffet and Berkshire

[@bearcubdaycare]

I haven't seen evidence that the safety comparison is like for like. Different types of road have different actuarial risk by a substantial multiple. Autopilot gets used on easier, safer, divided highways, with the other, more difficult, less safe roads driven manually. It's not yet clear whether the FSD numbers are on the same kind of roads as the manual driving that it's compared to...or even what the FSD numbers are. Lots of hype, numbers bandied without context. That context is needed, and the numbers, in enough detail to be useful, need to be analyzed by independent parties.

[@jasontran8095]

I admire Buffet for speak up against media

[@nerdbikes3841]

Almost every single time I get behind the wheel on my local roads I encounter at least one of THOSE CARS. You know- the beat-up bumper cover half-off driver that is weaving a little side to side at 35mph in a 55mph zone. If FSD can rid the roads eventually of these sorts of drivers I’m all for it.

[@brucechapman1946]

Most Auto insurers are only looking for ways to not pay out after accidents trying to shift blame, the fact that Tesla has the tech to prove what happened in an accident leaves little to argue about, meaning paying out more will become the norm so Warren is right their profits will fall. How's the foot Sam?

[@seeratlasdtyria4584]

The thing about Buffet is that when he says something, you have to ALWAYS consider his motivation....i.e. trust Buffet's guidance with a grain of sand...

[@lucalla]

Exactly. If you watch the video with Buffett compliments the safety of Tesla you'll see one of his henchment shit all over it.

[@SupaChinido]

They dumped byd too

[@Indecisive7337]

And then there are those people like me who are disabled and our premiums are loaded from the off…they say it’s not but tsk tsk tsk. Some of can’t drive anyway and we’re stuck inside wishing we could go out without troubling the birds of people we need to work with us just to go out for run in the car! Me, Robotaxis cannot get here fast enough but I hope by the time they are here, I also have a Tesla Bot to give me a lift into the car. Rule No1, Never take anything for granted!

[@peteralflat281]

I remember when IBM's Deep Blue beat Gary Kasperov, the first time a computer had taken down a world champion. It was only a matter of time before they would progress to being better at other things, like driving. That's the way technology moves, always faster, more intelligent, more background data, constantly learning and improving. It's only a matter of time before FSD is the norm.

[@stevencole7331]

Autonomous driving when it is fully implemented will be a luxsuary item . Tesla at this time charges $100 a month for limited self driving but once that is adopted fully the price will double maybe more . Basically you are paying a virtual chauffeur to drive you around which is far cheaper than the human version . Thats where the robo taxi comes in if that cost is cheaper than owning a car . Now does that translate to problems for insurance companies having to reduce what they charge ? I dont think so . Car insurance is required by law . If rates remain the same and claims go diwn profits go up . Laws would have to change and alternatives to our insurance system today which is possible but they have a big lobby in governent

[@glike2]

C-V2X connected cars technology is another important quasi super power sensor, able to see through anything and around corners and that should be combined with FSD to end all accidents and injuries involving pedestrians, bikes, animals... It could be retrofited using cell phones or tags, or devices like the Comma ai open pilot device when adopted. The DOT needs to fast track it ASAP.

[@squashduos1258]

Berkshire has been divesting themselves from BYD over a year ago

[@yol5533]

I think you hit the nail on the head tbh

[@pierrec1590]

I think his comments were about insurance companies volumes. Obviously, Insurance companies would charge the same rates and double their profits.

[@wickham53]

I’m sure I’m just not seeing it, but I don’t understand why a reduction in accidents would be bad for the insurance companies. Assuming that premiums do not go down and claims do, it would seem that their profitability would be increased.

[@orbitaljellyfish808]

Say what u want but nothing can stop Big Altima Energy

[@vincentdeleonjr1039]

I agree more and more driving idiots on the road and they don't seem to care

[@johncahill3644]

Among many other benefits...no more road rage and to a great extent no more rush hour gridlock. No more traffic fines either, and cheaper car insurance (not to mention reduced maintenance costs and halving the cost of the car due to doubling service life of Teslas). People have no idea how big FSD is going to be (and how much they’re going to love it). Meanwhile, wait til the next shoe drops and people realize how much rooftop solar will save them over time...cause Solar City is just waiting for greater EV adoption to spring back to life.

[@dstr1]

They own one of the largest automobile insurance companies in the US. GIECO.

[@MH44444]

Once a lot of cars get FSD they will also communicate with each other further reducing the chance for an accident. Each car will know exactly what the other cars are doing making it even safer.

[@tonyprice1526]

Fsd cars may reduce individual ownership in favour of shared

[@MODELWI-tu2oi]

Once its fully baked, FSD will be good for the insurance industry because losses will be more predicable, the cost of insurance will lower over time and the insurance companies can be raking in excess profits all the way down. Then almost everyone will be able to afford insurance. I think a 50% reduction in accidents is an underestimate. If all cars had FSD, accidents would probably reduce by 80% or more.

[@drticktock4011]

BH owns Geico Insurance

[@robinspat]

👏👏👏👏👏👏

[@frequentlycynical642]

And no mention that B-H owns Geico Insurance, one of the largest here in the USA?

[@ricinro]

Bad for insurance co. is great for humanity. Insurance is not evil but best if not needed.

[@Alarix246]

Not sure how they meant it. Because if people had less accidents, and paid the insurance same, they'd have astronomical profits. If they adjusted the insurance amounts for less accidents, they would have a similar % but from smaller money pool. No big disaster imho, plus this is a process spread over many many years, as the FSD cannot be deployed in all cars immediately (the best case for non-Tesla is like 3 years, others might follow over the next decade. So, no insurance earthquake exactly.

[@Ask-a-Rocket-Scientist]

Insurance is a HUGE part of BRK.

[@3DThrills]

Elon should give Buffet a Model S with FSD

[@ExploringCabinsandMines]

Lawyers are the concern for full FSD.

[@adriannathaniel4015]

Traffic cops will also lose their jobs.

[@jimthain8777]

No, they'll just transfer to other police jobs.

[@Pl-qq4yl]

@@jimthain8777 what jobs if robot cops are deployed !!

[@jimthain8777]

@@Pl-qq4yl Someone's got to do the paper work.

[@GeoFry3]

There is a lot of truth in that. On the one hand, they will have almost not excuse to pull you over for traffic violations. A major reduction in revenue. The other part of that is criminal law enforcement. 75% of criminal arrests come from traffic stops. This is going to be a major change for police proceedures and methods, and departments are going to going to have to find new forms of revenue for budgets.

[@williamwoo866]

Tesla need to correct their safety score method. I have been using FSD for 5 days straight and my safety score dropped by 10%. To raise my score I take it off FSD and drive without it and on a short drive raise my score by 1%. What to do???

[@cg5648]

FSD that you have to carefully monitor at all times 😂 FSD does not exist.

[@mikeoberg1]

FSD driven miles should not lower your Safety Score unless you are forcing disconnects by not paying attention to the road.

[@user-jk3ht5hn3m]

Automobile insurance? You sure he wasn’t talking about property insurance? Can’t insure it if it’s burnt to the ground or under water!

[@nicholaspostlethwaite9554]

Hmm but why? If Car companies cover the insurance issues, from any FSD subscriptions or sales prices, then traditional Insurance companies will loose the entire car insurance market. With the bonus of lower calls on claims from stopping humans controlling lethal machines. It also gives the car makers an incentive to make the cars better and less costly to repair.

[@nas4apps]

Very understandable. Unlike the rest of the world, you can sue parties in the US for more than billed damages. Americans have high premiums and sue wildly, lawyers win and so do insurance companies: high payout are high revenue thus high profits. Less accidents is also less sueing so less legal cases thus less lawyer revenues too. Could also mean less car repair - but it can take a generation to replace existing vehicles .... let's see it start first.

[@2funny269]

Tesla are expensive to repair, this is always the leading cost of insurance premiums....

[@glengosling5636]

😊

[@paulschmidt6123]

You should post your source Sam. Not accusing you of lying here, but this is completely NOT what I heard Buffet say? Am I missing something?

[@Dhej-ig3xf]

Exactly!!!! This guy spins things and lie like this and his sheep follows him blindly. BH will never invest in Tesla.

[@NoWastedCalories]

I watched the buffet interview, that’s not what buffet said and that’s not what he’s saying. You need to quit relying on MSM for your data. The question to buffet was a hypothetical situation, and he said ultimately the insurance companies have a tough business and he’s not worried they will lose their position.

[@asante199x]

When you buy a Tesla and want to get FSD, but you also have a performance model and like to drive fast🤔😓😅

[@BMWHP2]

Research already found out, that the high accident rate in the USA is not due to a difference in drunk driving or red lights. The high rate is mainly coursed by the difference in size and weight of the cars. USA cars are on average 1 metric ton more heavy than the cars in the rest of the world. Large cars are not only costing more material and energy to produce and to drive, they are more dangerous and produce more accidents.

[@pasqualecirone9755]

Couldn’t I buy 5 Teslas, insure them, then have them Robotaxi people? So this can be a great opportunity for Uber and Lyft.

[@rockycata6078]

This is the guy who owns GEICO insurance. So, I think he knows a little about the business. Remember, I told you that after 2027 the banks will not finance ICE, and the OEMs will have to finance their own production/inventory/sales, and any ICE dealers left will be begging for a sale. Buffett knows about the 150ft drop off the cliff, but the 7X topsy-turvy flip-flop made sure everyone understands ...your life is much/much/much safer in a Tesla, and you can take that to the bank. 🧐🤔 I think the lady driver in that crash was actually smiling🙄😂

[@neildolan7177]

FSD will have no effect on UBER? In fact, the more cars you own, the more one person can run an Uber service.

[@mackan7086]

Probably, when and if FSD gets to that level. In a best case scenario I would guess 5 years away. A worst case scenario never

[@gocybertruck8189]

As we age, FSD will ever be more important thus allowing elders to be more mobile.

[@myronp243]

Really,he must own a lot of these insurance companies and selling his position..Isn't the goal is to make safer vehicles and stop the injuries, deaths..Buffet owns some BYD stock.

[@GolLeeMe]

Good grief.

[@abebegirmay3327]

Can you make review of the new Xpeng G6 car? You did video around 1 year ago and can you compare those specifications with what has been produced now?

[@billjohnson9221]

They are about $20B and 6M vehicles late to the party. They'd be far better off licensing from Tesla and maybe after a year or two and a few more billions, they will arrive at that conclusion too.

[@3DThrills]

If you want to start a $TSLA buying spree, convince Nancy Pelosi to buy some stock. Her dividends make Warren Buffet look like Jimmy Buffet.

[@rambo4war]

If FSD was mandated and implemented by the govt, there would be zero accidents. While not yet, I am confident that type of future will exist

[@Alan-xk9rk]

If we didn’t have accidents and people killed, just think of the amount of the population would be around the world We have tooo many people on this planet as it is !!!

[@stephenbrickwood1602]

Buffet is waiting to see how things pan out.

[@markb3426]

Very interesting. The sooner Tesla car insurance is available in Australia the better. Can’t wait to switch my policies over and get away from the greedy insurance companies here. Even if the price was the same or slightly dearer I’d still switch.

[@mrmawson2438]

NEW Inspiring Elon Musk interview. Farzad

[@archiefleming652]

If countries or cities authorise no driver taxis. If the vast majority of taxi users will get in them. How will they assist aged passengers into the car. How will it put walkers in the boot. What if the rider wants to change the destination if his phone goes flat, if rider doesnt speak the local language or is mute & has destination on a piece of paper or the rider has a bad stutter, or the rider collapses or dies. All thers things have happened to me in 30 years driving taxis. What if taxi or uber drivers put mannequins on the start of a crosswalk & the no driver cabs wont go past them. What if the phone network breaks down. What if the robo taxi develops a fault & goes rogue. If it starts to fun out af charge & traps the rider at a charge point for 45 minutes. We shouldn't think of mobs setting fire to them like Chinese New Year in SF. Will the doors open automatically open if ot catches fire or will the rider be trapped & burn to death. This isnt being funny as all these scenarios are, if not rhat common but quite possible

[@MichaelMartusevich]

What if you never wake up tomorrow? Once the human mind realized that it can die, it became clear that its both a blessing and a curse

[@ohger1]

FSD is bad for good drivers, and good for bad drivers. I will never use the FSD in my Tesla, but it should a mandatory requirement for anyone ever caught in a DUI to reacquire a license.

[@Secondwind2010]

Tesla FSD is not there. My Model 3 hit a curb. The cameras just cannot measure distances good enough. They need LiDar or better cameras. Maybe more cameras in the front of the car. I was very impressed with the system until it hit the curb! 😊

[@10secondsrule]

Elon said it must be cameras only and so it shall be. Elon knows the best!😂 Ps. Seriously dude, do you really trust your life to be in the hands of this ever cost cutting deluded manchild? Ps.2 I still like m3 but would never beta test FSD - at least for now.

[@Ask-a-Rocket-Scientist]

Mary Berri is bad for GM stock so best to dump it.

[@filippxx]

Buffet owns an insurance company, what are you saying about not investing in insurance. His view is the line of an owner who sees their margin being reduced, but overall the new tech is great for everyone else. 😎

[@jasjordan1]

I did a little digging because Buffet's views regarding Tesla are well known. It also seemed strange to me that he would co sider EVs a threat because that is not how insurance works. Anyway, here is the video where he talks about automomous driving, Tesla and the hypothetical effect of fewer but far more expensive accidents on insurance rates: kzbin.info/www/bejne/p2eTdmZojZefftEsi=QYrVt5km8CiPYh4h

[@cg5648]

Hertz can’t sell their Tesla’s at a discount price 😂 No one wants them.

[@Quickcat21MK]

Buffet is 1 thing…lucky. He essentially hit the lottery.

[@tigerlancer3165]

I think we should make AI out of Warren Buffett. 😂

[@mrmawson2438]

Morning mate

[@EdwardTilley]

Buffet is hardly a bell weather for a strong future. The investment that he is most proud of is Sugar Water. He has ridden high on top of a 40-year wave of reliable, steady economic collapse for most of his career. If he was actually clever, don't you think that with all of his resources he could be investing in companies and tech that built economic and human advance also?

[@serpserpserp]

It is bad initially, but in the long term it is GOOD for insurance companies. Why? Because everyone will still need insurance for their cars in most countries in the world. So payouts will be less for insurance companies but they'll still be taking in their yearly premiums. So they'll be making great margins. A good year for insurance companies is when they have less payouts. Less accidents = less payouts.

[@paulkieffer1189]

Nope robotaxis that take you everywhere for .20¢ for short trips. 2 hour trips $9 No one will own a car.

[@Johnthimble]

Am I the only one that has noticed this guy owns only one shirt? And doesn’t know how to button it? :)

[@jimthain8777]

No, he probably has 10, all the same. I've seen that before.

[@sammavitae114]

Tesla owners are always prepared to lose their shirts.

[@AWildBard]

Berkshire Hathaway will probably never invest in Tesla. Because Musk is not the kind of CEO they like. He's a smart person that has had amazing results. But he is unpredictable and takes huge risks that often don't pan out. He says things about his business because he wants them to be true. Those statements are aspirational and inspirational. But business people want to know the facts and concrete goals rather than inspirational goals. I can't believe anyone would think Buffet would ever consider investing in Tesla. He won't.

[@mlstrib]

Word

[@dogfacedponysoldier87]

Geico never gave me good quotes. They’re junk. Already knew it.

[@ryanreeves70]

The u.s driving is so bad cause laws are Not enforced..its a free for all.

[@ronnythompson9115]

Hurricanes, Tornadoes and other natural disasters will still destroy cars.

[@jamie-ck6js]

That said we have no idea when full self driving without requiring a human to supervise will be realised or the hardware that will be needed.

[@jonahbert111]

My problem with FSD is, all the data that goes into it is based on an oversight person being in control. What happens when there are a lot more FSD in an area and no people in control? We don't know.

[@breyrey7612]

On thing we do know. 94% of accidents are caused by human error. There is one death every 13 mins due to this and this is the proposed solution.

[@timothykeith1367]

FSD is too risky in 2024. Buffett just sold Apple stock.

[@Alarix246]

Warren Buffet is a great visionary, who comprehends that Elon Musk is perhaps even better visionary than himself.

[@zes7215]

not

[@i6power30]

He doesn't understand technology and fooled by Elon too

[@jlamm2223443]

If you look at the last 3 years, GM has gone from 41 to 45. Tesla (who this host worships and pushes) went from 235 to 179.

[@richardrhodes-gc2ko]

Buffett GUTS COMPANIES FOR PROFIT.Ask me how I Know.

[@alexanderdrechsel6858]

well, one of my friends used to work for an insurance company for a very long time. car insurance has never been lucrative for them. so i doubt that insurance companies go bancrupt because autonomous cars approach.

[@tysonfinn1470]

I farted

[@kpwong5040]

Fairly limited. I pack something. Chicken or pork and veg

[@tonyprice1526]

He may eventually be right but there will be a long period before all cars have FSD. The other point is that injection molding means cars will be written off in crashes faster than conventional builds due to scale of parts. Its a balance.

[@glennmartin6492]

A truly safe SFD technology is based on making roads like slot car sets.

[@CanisoGaming]

Eyyy, every sign is pointing to TSLA stock going to the moon over the next couple of years 👌

[@justinr9753]

Besides the quarterlies.

[@CanisoGaming]

@@justinr9753 we looking at the decadlies

[@philjklew]

I would think that if Tesla were smart, they would expand their Tesla insurance products to Tesla drivers of other countries. They have all the data on Tesla driver driving habits, so can risk stratify at a far more granular level than other insurance companies and offer cheaper premiums to safe drivers or those using their FSD.

[@teslanewstonight]

Tesla Insurance > Berkshire Hathaway... Eventually. $TSLA #TeslaNewsTonight 🤖🧡