Say Good-Bye to Car Insurance.
By: Jameson McShea
Well not exactly- but, by 2050 self-driving cars may be infiltrated into each major city in the country. In a 2016 study, 70% of people approached agreed they would like to try and potentially switch from a human operated automobile to a self-drving car. And with a multi-million dollar project with uber underway in Pittsburg, there is no doubt self driving cars are being invested in. Self-driving cars are the future.
"But what does that mean for me and my insurance premium?" Well, an idea floating around is that insurance premiums will be dropped if not completely vanished in the eyes of the car owner- and rightfully so. If humans are taken out of the drivers seat why should they take the financial hit if the computer causes the accident? With car manufactures being the only entities liable in a car accident- auto makers may be seeing an inevitable increase in their business insurance premiums. But thats only if these cars are soley operated by the system created by that manufacturer.
Think about this: What if people start driving these cars manually... A minor car accient with no insurance turns into a money hemorrhage out of the at-fault parties pockets.
The bottom line is, auto insurance is going to see a major change in the next 20-30 years and it may be great for the car owner; but- thats still to be determined because we don't know what that means for the price of cars themselves. Yikes. What we do know is that insurers better get ready to restructure thier rating systems, because the cars of today are soon to be extinct.