We are at the dawn of the advent of self-driving cars which, in addition to ultimately having the goal of reducing accidents, will allow Quebecers to travel comfortably and peacefully.
What impact will the empowerment of these smart devices have on the cost of your car insurance? This is the question we want to answer here.
Would you like to get a quote in one application for your next auto insurance? Fill out the online request form on this page for free and get answers quickly.
Knowing that almost 90% of vehicle accidents are the result of human error, it is normal to wonder what will happen to the price of auto insurance when people no longer need to drive their own cars.
Indeed, if the amount of insurance premiums of any kind is based only on one factor, compensation to their clients is a risk that insurers face. If the principal risk factor is eliminated, the insurance price should go down, right?
The equation may seem simple but not for insurers who must weigh several other factors to determine the nature of the next insurance for autonomous vehicles.
With that in mind, know that some experts have estimated that by 2030, the price of car insurance should decrease by nearly 35%. Other analysts have even forecast that the value of insurance should fall by 60% within 40 years.
If human error ceases to be the cause of most car accidents, what would then be the cause? This is the question that insurance companies are asking themselves.
In order to develop the right coverage for autonomous vehicles and to be able to effectively compensate their customers, insurers will need to understand the source of the risks associated with smart cars.
It’s a question of responsibility. Who will pay for the compensation? How will financial institutions, for example, determine if this is an error on the part of the manufacturer or the software developer?
To remedy the problem, autonomous vehicles, just like airplanes, could be equipped with a log compiling the data related to their operation. Thus, it would become easier to identify the cause of an accident and to know what is behind it.
To determine the nature and price of auto insurance in the future, insurers will also have to answer these questions:
To find the auto insurance that will meet your needs and at the price that suits you, there is only one solution: ask for a free quote.
By doing so, you will not only be able to analyze the proposal made to you according to the type of coverage you want but also according to the premium cost that is available to you.
Would you like to get your auto insurance quote in one application? Fill out without delay the online request form located on this page. One of our partners, insurance brokers and insurers, will work with you to provide the solution that best suits you.
Just fill in the form and one of our partner insurers will find you the best solution.