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Self-driving cars are no longer a futuristic idea. Companies like Ford, Volvo, and Tesla have already released, or are soon to release, self-driving features that give the car some ability to drive itself.
Tech companies are also trying to pioneer the self-driving car. Google has been testing its prototype of a driverless car on roads. Uber is currently launching a self-driving vehicle pilot program in Pittsburgh.
While this new technology is exciting and scary, one predicted positive outcome for consumers is that the use of driverless vehicles could lead to a reduction in auto insurance costs.
Expectations are that “industry pure premiums” will drop 20 percent under their 2015 levels by 2035, even if the technology is adopted at just a moderate pace, according to the Insurance Journal. Assuming the same moderate trajectory, those premiums could plunge by more than 40 percent if full adoption of autonomous vehicles takes place, as expected, by 2050.
In addition, accident liability is expected to shift from the vehicle driver to “the future operator of the autonomous vehicle fleet.”
Driverless cars are everything that comes to mind when you think about “the future”, and they’re on their way to completely revolutionizing the way we get around.
All content provided in this blog is for informational purposes only. Topics discussed on this blog relate to insurance products and issues in a general application, and are not an offer of insurance, a guarantee of coverage, or applicable to specific and individual circumstances. Contact LG Insurance Agency for questions and information specific to your insurance needs.
