Although they once seemed like part of a far-off future, autonomous cars will likely appear in showrooms in the next several years. These self-driving vehicles have raised many questions about driving safety, liability and now, insurance coverage.
At the recent Young Insurance Professionals of Toronto Second Annual Speaker Panel Series, several speakers addressed insurance-related questions and concerns with the audience. They agreed that autonomous vehicles will clearly have a large impact on the auto insurance industry. Because the vehicles are designed to be incredibly safe, they will likely result in fewer and less severe accidents, and therefore reduced insurance claims. Although insurance experts at the conference don’t think the vehicles will end the need for insurance, they will result in major changes and potential regulatory shifts.
Even though safety is expected to improve, it will likely take time before this happens. As autonomous vehicles begin to share the road with human drivers, there will be an adjustment period. Google noted that during their testing process, human drivers became quickly at ease with the new technology, but that it actually caused them to drive less safely in some instances. The problems were so severe that Google removed human drivers from the test group.
Other questions raised by the panel included how the vehicles, which share large amounts of information about drivers with other vehicles, will be protected from cyber hacking. They foresaw a variety of difficulties in terms of cyber security.
On the plus side, experts think automated vehicles will reduce insurance fraud as the claims management process will become more transparent and systematized.
To find out more about insurance experts’ predictions, click here to read the full article.
Even as technology advances, accidents will still occur and there will be a need for insurance. As laws, regulations and technologies change, you may need a lawyer to advise you of protocols in the case of a future accident. If you are in need of legal advice after any accident, it’s important to contact a personal injury lawyer as soon as possible to understand your rights and build a winning case.
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