How Insurance Works

Driverless Cars Could Hurt Insurance Profits

it seems that with every new
technological their medical development powerful industries stand to lose money
and then start lobbying against these
changes or developments in this is actually been significantly damaging to to actual progress in the United States
and around the world for a long time faster trains well the airline industry
the automobile industry the fossil fuel industry they don’t like that they’re
gonna push against it and now we have some of the slowest
rains in the world for countries at our level of development cancer cure Yahoo well there are
countless companies that make money with very expensive ongoing treatments and
would lose a lot if cancer were to be quote cured that’s something we’ve talked about as
well driverless cars they could drastically reduce accidents but then what about insurance companies
would they make as much money there’s an article in The Chicago
Tribune which says no I thanks to breakthroughs in technology
it writes motorist could see a gradual but
substantial drop in the number and seriousness have accidents over the long
term as well as much cheaper car insurance
Carol sanda whose Innovation Team director is say at
State Farm says automated vehicle technologies appear to
have the potential to significantly reduce the number of automobile crashes up
driverless cars Louis are developing very very quickly ford says it expects
to have a fully autonomous navigation and parking vehicle by 2025 innovations could decrease insurance
premiums by more than 60 percent from current levels combine this with red light cameras in all of these other
things and you really have a situation here
work car insurance could become a significantly less profitable industry this seems like it would simply be a
good thing people are paying less there’s not as many car accidents less
people are dying it’s just a good all-around but that may not be the case we may see
significant resistance to this from the insurance lobby which is a
lobby that if I’m honest Louis does not have the
best reputation right I and I’m curious to see what
happens with this it seems that date you have BR not without influence
their so you know things could work out in
their favor on but I’m also curious to see what
happens with accountability for the manufacturer when the car itself is
driving oo dad is gonna be a whole other legal area which is going to be well if the
car crashes on its own does the driver have any liability and if not we could
actually see not really a decrease in liability on the just kind of two sides if there are
less accidents the the a body shop liability right the
mechanical liability is probably going to go down less cars will need to be
repaired however if you look at the comprehensive side
which is well you hurt someone else or if there’s injury or who is responsible. it could simply be shifted from the
individual to the manufacture how would that work
who really is in charge of the car if the car is autonomous that’s going to
be an interesting legal area that also will need to be hashed out yeah per share that’s going to be that’s
going to be a mess that’s just going to be a disaster

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