Abri Insurance
  • Home
  • About
  • Services
    • Products
    • Request a Quote
    • File a Claim
    • Submit Payment
  • Abri News
  • Contact

Abri News &
Insurance Education

Self-Driving Cars: What You Need to Know

7/1/2018

0 Comments

 
Early this year, California lawmakers gave the go-ahead for 50 companies to test autonomous cars in the state without a person in the driver’s seat. The movement for fully-autonomous vehicles is evolving, increasing safety and benefits for drivers and pedestrians. Read along to learn more about the path to self-driving cars and what this means for you.

Self-Driving Cars: On the Road to Safety
In 2015, a shocking 35,092 people died in motor vehicle-related accidents in the U.S. alone. Ninety-four percent of serious crashes are due to human error, according to the National Highway Traffic Safety Administration(NHTSA). A study performed by the NHTSA in 2010 revealed motor vehicle crashes cost $242 billion in economic activity. Clearly, the cost of human-error vehicle crashes is high.
Several experts forecast self-driving cars will be on the road as soon as 2025, with fully-autonomous cars taking over by 2030. While much research is still needed, and the pros and cons of driverless cars is still debated, this is a growing trend that will have a major impact on personal vehicle insurance.
Picture
An Uber self-driving vehicle in Pittsburgh, PA.  Image source: Flickr.com
Self-Driving Cars and Vehicle Insurance
What does the future of autonomous vehicles hold, and how does that impact the everyday consumer? Harvard Business Review (HBR) predicts driverless vehicles won’t be owned by individuals but by auto manufactures, creating fleets that provide ride-sharing services. “Unlike individual car owners – whose vehicles typically sit idle most of the time — fleet owners can send autonomous vehicles out on multiple trips on a 24-hour basis, amortizing the cost of ownership,” according to HBR.
If this trend occurs, this could mean lower premiums for individual vehicle insurance carriers. The decrease in human error and the number of policies means insurance companies will require less each month. A study conducted by the Insurance Information Institute (III) found that 50% of consumers believe the autonomous car’s manufacturer should bear responsibility in case of an accident. Will the change to driverless cars shift the liability of driving from individuals to manufacturers?
Harvard Business Review believes the future for insurance companies in the future of driverless cars lies in three main areas: cyber security, product liability, and infrastructure insurance.
A main concern, protecting against technology failures and cyber security risks will be a major focus for autonomous vehicles. The probability and impact of hacking, hardware and software defects, and other risks is huge. HBR estimates insuring against these risks could generate as much as $12 billion in annual premiums.​
 A Ride in the Google Self Driving Car from Google self-driving car project on Youtube.

​The Future of Autonomous Vehicles
When it comes to the automotive industry, we are approaching a brave new world. The advancements in technology and changing trends means changes for everyone – from consumers, to manufacturers, to insurance companies. Preparing now will help us in the inevitable future of autonomous vehicles.
​
0 Comments



Leave a Reply.

    We are Abri

    We've created this blog to keep our customers and others in the know. When it comes to insurance and keeping people safe, no knowledge should be off limits.

    Archives

    November 2020
    October 2020
    September 2020
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    September 2017
    August 2017
    July 2017

    Categories

    All
    Abri Insurance
    Abri Insurance North Charleston
    Adding To Your Insurance Policy
    Additional Living Expenses
    ALE Coverage
    Buying Flood Insurance
    Captive Insurance Agent
    Car Insurance
    Charleston Insurance
    Charleston South Carolina
    Claim
    Claim Adjustment
    Class A Vehicles
    Class B Vehicles
    Class C Vehicles
    Covering Pre-exisiting Conditions
    Customer Service
    Direct Insurance Company
    Disaster Relief
    Evaucation Plans
    FAQ Flood Insurance
    FEMA
    Flood Damage
    Flood Emergency
    Flood Insurance
    Flood Insurance And Homeowners
    Flood Insurance And Renters
    Flood Insurance Facts
    Flood Insurance Information
    Flood Insurance Myths
    Full Time RV Users
    Gofvernment Assistance
    Healthcare
    Health Insurance
    Home Insurance
    Homeowners Insurance
    Hurricane Improvements
    Hurricane Insurance
    Hurricane Season
    Indeoendent Insurance Agent
    Independent Insurance Agent
    Insurance
    Insurance Claim
    Insurance Company In Charleston
    Insurance North Charleston
    Insurance Open Enrollment
    Inventory
    Motor Home
    Motor Home Insurance
    NOAA
    North Charleston
    Open Enrollment
    Open Enrollment Begins November 1
    Open Enrollment Ends December 15th
    Out Of Pocket Expenses
    Part Ime RV Users
    Recreational Insurance
    Recreational Vehicles
    Research Your Insurance Policies
    RV Accidents
    RV Insurance
    Saving Money With Travel Insurance
    SC
    Staying In Network
    Storm Season
    Summerville
    The Myths And Facts Of Travel Insurance
    The Truth About Travel Insurance
    Travel
    Travel 2020
    Traveling 2020
    Traveling Abroad
    Travel Insurance
    Travel Insurance Is Not Expensive
    Vacation Insurance
    Why Travel Insurance Is Important
    Why You Need To Buy Travel Insurance

    RSS Feed

Picture
(843) 628-5588
info@abriinsurance.com
Abri Insurance, Insurance, North Charleston, SC

​​5107 N Rhett Ave, Ste 100
North Charleston, SC 29405
Site managed by Creative Consulting
​Site powered by MadeSimply
  • Home
  • About
  • Services
    • Products
    • Request a Quote
    • File a Claim
    • Submit Payment
  • Abri News
  • Contact