In the technological age of today, our economy and society are constantly being transformed with new products that often revolutionizing our everyday life. Many experts predict the autonomous car will be the next big thing to have a major impact on the world. Several companies have been developing technology for driverless cars for years, and it is expected that they will be available to the public in the next five to ten years.
I think the effects of this next automotive revolution is vast and endless in society and our economy, including the insurance sector. Consider just a handful of options (this list is not exhaustive):
- The responsibility for an accident might pass the owner of the car to the car manufacturer, which could lead to significant decrease in the number of liability insurance policies. However, it is too early to begin to predict how this scenario could play once autonomous vehicles become a fixture on the roads of our country. It is also very possible that the owners may decide to keep some form of full coverage or collision up to fully protect their own car.
- The dramatic decrease in the frequency of auto accidents due to the elimination of human error logically correlated with a sharp drop in car insurance premiums across the industry, especially the cost of these vehicles decreases over time. Imagine all the lives that could be saved through the complete elimination of drivers or speeding drunk!
- Families would need to have as many vehicles. For example, a single autonomous vehicle could take the kids to school and then back home to take the parents to work. This will probably save consumers money, but it will also likely impact not only on the insurance industry, but also automakers that fewer cars will be manufactured.
- autonomous vehicles could be optimized to operate at the most efficient speeds and settings at any time to avoid fuel wastage. This can also save homeowners a lot of money over time.
- As autonomous cars become the main form of transportation, traffic jams and congestion will likely become a thing of the past, even in the busiest of cities. This would save people a lot of time every day on the go. If you think about it, these cars would all be able to interact with each other like a well oiled machine using satellites rather than humans with variable driving skills, reaction time, and only one horn interact with.
- free "valet parking" wherever you go, as the vehicles could drop you, park, and you at the door when you're ready to go.
- youth, the elderly, and the disabled would all the freedom to take a car anywhere, regardless of their inability to drive the vehicle himself.
personal auto insurers will likely face a major change in their business models that autonomous cars are beginning to emerge on the roads of our nation, but the impact should be positive in most areas of the society. Have you considered other effects that autonomous cars could have? Are there other developing technologies you believe could also have this kind of generalized impact? Please post your ideas in the comments below.
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