Self-Driving Cars May Flip Auto Insurance Industry on Its Head

Self-Driving Cars May Flip Auto Insurance Industry on Its Head

The migration to autonomous safety features, as well as to self-driving cars, ultimately will shift more of a car’s accident risk from the driver to the vehicle.

The Los Angeles Times reported that the driverless car industry could force the auto industry to undergo an upheaval in the next 25 years. The migration to autonomous safety features, as well as to self-driving cars, ultimately will shift more of a car’s accident risk from the driver to the vehicle.

The insurance industry, regulators and consumer advocates caution that many questions must be answered before it’s known exactly how driverless cars will be insured.

For example, although a driverless car may cut down the risk of accidents, it still would share the road with drivers behind the wheel. How will insurance for both types of vehicles be written, and what would it cost?

The article also mentions the possibility of automakers offering insurance themselves if it turns out that they end up shouldering most of the liability, or adding the insurance premium to the sticker price of new cars.

Click here to read the full story.

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