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Autonomous

Autonomous Driving Is Not The End For Insurance

Autonomous driving is becoming closer to a reality, which will change many different things.

If autonomous cars are so safe that accidents become rare, can the auto insurance industry survive?

Some car companies think they can eliminate road fatalities through autonomous driving and other safety features. “Our vision is that by 2020 no one should be killed or injured in a new Volvo car,” said the company’s president.

If that future becomes a reality, then why would we need liability insurance for our vehicles? (We’d still need insurance for theft or when someone else crashes into your parked car, for example.)

Automated driving is already here in several production cars, and dozens ofcompanies and university labs are working in the field. Tesla estimates that its Autopilot feature cuts accident rates in half, and that’s just in its current beta release. In Forbesalone, there have been at least four articles in the last four months about the possibledeath of auto insurance. So, the time seems right to take a closer look at the issues.

Why care?

The US auto insurance industry is significant: it generates $220 billion in annual revenue and supports 277,000 jobs, about the same number of mechanical engineeringjobs. Consultancy KPMG predicts that the market will shrink 60% by the year 2040.

If autonomous cars are so safe that accidents become rare, can the auto insurance industry survive?

Some car companies think they can eliminate road fatalities through autonomous driving and other safety features. “Our vision is that by 2020 no one should be killed or injured in a new Volvo car,” said the company’s president.

If that future becomes a reality, then why would we need liability insurance for our vehicles? (We’d still need insurance for theft or when someone else crashes into your parked car, for example.)

Automated driving is already here in several production cars, and dozens ofcompanies and university labs are working in the field. Tesla estimates that its Autopilot feature cuts accident rates in half, and that’s just in its current beta release. In Forbesalone, there have been at least four articles in the last four months about the possibledeath of auto insurance. So, the time seems right to take a closer look at the issues.

Why care?

The US auto insurance industry is significant: it generates $220 billion in annual revenue and supports 277,000 jobs, about the same number of mechanical engineeringjobs. Consultancy KPMG predicts that the market will shrink 60% by the year 2040.

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Young Drivers Prefer Driving Their Own Vehicles To Autonomous Driving

 

When autonomous driving finally becomes safe and is sold to the mass population, will you go by a new self-driving car? It’s largely considered a given that the latest as well as future generations of drivers don’t really care about driving. And it’s also believed that kids prefer to Snapchat rather than steer a car and as a result will embrace autonomous technology more than their elders.

But according to Nielsen’s recent Youth Viewpoint on Self-Driving Cars study, like most generalities, this generation-gap view of self-driving isn’t completely accurate. Conducted by Harris Poll among just over 1,000 respondents between the ages of 8 and 18, the survey revealed that although knowledge of self-driving vehicles is highest among older kids in grades 9 through 12, more than 60% of those surveyed said they would rather drive than let technology take the wheel.

Perhaps unsurprisingly, since they’re closer to having the freedom that comes with a set of car keys, the survey’s older respondents expressed the strongest desire to drive themselves. Almost three in four high-school students said they want to be in control, compared to just over half of elementary-age kids who feel the same way.

The survey also sheds light on one potential issue for established automakers regarding self-driving and brand loyalty: Whether nameplate will matter to future generations. And whether they would rather riding in one of Google’s egg-shaped autonomous pods or prefer a premium experience from a name-brand automaker, such as Mercedes-Benz’s exotic autonomous vision via its F 015 Luxury in Motion concept.

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Blandford, NS
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