Streetsmart insurance Blog
The way people travel would probably change by modern vehicle technology, like a self-driving car. Along with it are lawyers who’ll pay attention to personal injuries because there will be no driver behind the wheel. In this latest technology, no one would be liable for passenger injuries in case of accidents.
That’s why, as predictions in auto insurance policies, it will change as soon as these self-driving cars get implemented.
Safer Roads for Drivers
Tesla CEO Elon Musk, announced that, by the end of the year 2020, the driverless technology would be complete. This self-driving vehicle has an autopilot feature that is available as an additional option on Tesla vehicles. As forecasted, the road will be much safer, and auto insurance risk assessment would probably transform.
The autonomous driving technology could help eliminate vehicle accidents such as using a cellphone, fatigue, speeding, and other driving distractions. It would be detected by the radar, lidar, and cameras to avoid collision like how human ability foresee.
Technical Fault Determination in Accidents
Before, insurers personally assess the statements and actions of the driver to identify faults. Today, insurance providers will check data from vehicle cameras and sensors involved in the accident to determine the real cause of the collision. However, repairs will cost more due to the enhanced features of the vehicle.
Manufacturers Will Get Policy Offers Instead of Drivers
As the future of vehicles predicted, insurance providers are also formulating their policies. Insurers will soon offer plans to manufacturers instead of motorists.
Accident claims would be the same as the product liability claims wherein vehicles purchased from manufacturers includes auto insurance. It also comes with arbitration clauses and mandatory mediation in purchase agreements like those in Uber contracts.
Governments Should Address Shifts in Stakeholders’ Responsibility
When transportation shifts as a service, the government also needs to deal with community infrastructure. There should also be sensors along the roadways and new signals and rules to support autonomous technology.
Summing Things Up
The future of vehicles affects the future of auto insurance. Developments have a significant impact on how insurance providers create policies and claims for auto insurance. It would cost more, but drivers’ safety on the road is more important.
At StreetSmart Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (732) 462-8343. Get your free quote today by CLICKING HERE.