Self driving cars receiving technology upgrade to reduce winter auto insurance claims

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The driverless vehicles are being designed to be able to make their way safely along snowy roads. While self driving cars may be the direction the industry will be taking in the future, winter storms and snowy roads continue to be as much of a threat of auto insurance claims for those cars as the ones driven by people. Driverless vehicles currently operate best in cities with clearly marked streets and lanes. Though self driving cars have been performing quite well in their testing phases, they have been developed for…

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Warren Buffet says the auto insurance industry will suffer from self-driving cars

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The Berkshire Hathaway CEO’s predictions are in direct opposition to previous thoughts on the subject. While most of the auto insurance industry predictions about self-driving cars have had to do with reduced rates, Warren Buffett has taken a different perspective. Instead, the Berkshire Hathaway CEO believes it should be considered a significant threat. The billionaire investor revealed that he feels the launch of the technology will negatively impact car insurers. The reasoning behind Buffett’s prediction is that if autonomous cars are actually safer than traditional vehicles, premiums will tumble. Charging…

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Auto insurance premiums in the U.S. may slide with driverless cars

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As autonomous vehicles roll out – and as that continues into the future – coverage rates will plummet. A new report from Aon Benfield addressed auto insurance premiums in a world of self driving cars. It examined the insurance rate trends that will occur with the expected increasing popularity of autonomous vehicles. The report suggested car owners will be paying a lot less for coverage when cars drive themselves. The predictions are that the “industry pure premiums” will fall a full 20 percent from last year through 2035. This forecast…

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Driverless vehicles may be a threat to the auto insurance industry

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Allstate predicts that autonomous cars will have an impact on the insurance industry Driverless vehicles may pose a potential threat to the auto insurance industry, according to Allstate. The company has filed its annual 2015 report, suggesting that autonomous cars could impact the industry in a significant manner. These vehicles are equipped with technology that take the human equation out of driving. Most car accidents are caused by human error, which makes the need for insurance coverage quite abundant. Allstate is concerned that autonomous vehicles will reduce the need for…

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Insurance news about self-driving cars will be hard to predict

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As Google’s driverless vehicles start to hit the spotlight, coverage for owners has become a major question. The next wave of insurance news over a brand new industry that will need coverage that is unlike anything else that the world has ever seen, is now attracting some serious attention as Google’s self-driving cars are becoming increasingly “real”. Auto insurers are now starting to take these driverless vehicles much more seriously, as they’re on their way. According to an insurance news statement made by PricewaterhouseCoopers in a report that was published…

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Driverless cars could be a risk for the auto insurance sector

Insurers suggest that self-driving cars could disrupt the insurance market in the future Driverless vehicles have reached a major milestone. Three auto insurance suppliers and an auto parts manufacturer have included driverless cars in their annual reports concerning securities. In these reports, the companies noted that self-driving vehicles are a risk, which could eventually disrupt their business. The reports highlighted the technology behind these vehicles, which could become a major force in the auto insurance space. Companies are noting that driverless vehicles represent a significant risk in the future, but…

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Auto insurance may experience a paradigm shift because of driverless cars

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Driverless cars could have a major impact on auto insurance coverage and how companies protect drivers and their vehicles Driverless cars may soon be quite common on the roads, and this could have a major impact on auto insurance coverage. According to Allstate CEO Tom Wilson, there will be an ongoing debate over insurance coverage for driverless vehicles for years to come. Currently, there are precious few driverless vehicles on the roads, with Google being one of the only companies in the world to apply such a vehicle in a…

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Auto insurance fraud may be put to rest by driverless vehicles

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Driverless cars could be a powerful weapon against auto insurance fraud Auto insurance remains a problematic issue throughout the U.S. Fraud is quite common in this sector, especially in states like New York and Florida, and modern efforts to combat fraud on a legislative level have proven fruitless. The prevalence of fraud is causing auto insurance costs to skyrocket throughout the country, putting more pressure on lawmakers to find a way to crack down on fraud before costs begin to spiral out of control. The solution may be as simple…

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Driverless Cars Bring Uncertainty to the Car Insurance Industry

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Most of the time, we don’t need need to think about car insurance. Every now and again accidents occur, forcing drivers to break out those little-used plastic cards for an information swap. It’s how we hold each other accountable on the road. But what if drivers didn’t control their cars’ actions? Talk of futuristic “driverless” cars has insurance companies scratching their heads. Expected to reduce accidents and increase accessibility, driverless cars are one of the latest technologies being developed, according to Mercury News. These motorized cars are already being tested on the…

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Auto insurance industry may face the advent of driverless cars

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Report shows the rise in popularity of self-driving vehicles amongst automakers Self-driving cars may have a powerful impact on the auto industry, according to a new report from the Center for Automotive Research (CAR). The report shows that the auto industry is on the verge of commercializing self-driving vehicles, suggesting that the first of these could be seen en masse beginning in 2019. While self-driving vehicles may be the wave of the future for the auto industry, the y could have serious implications for the auto insurance industry, especially if…

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