The Virginia Tech Transportation Institute has released the results of a new study concerning car accidents and their contributing factors, as well as how these factors impact the auto insurance sector. The auto insurance sector, as well as others in the insurance industry, is constantly in a state of fluctuation. Insurers are persistently working to adapt to any changes that emerge in the market in order to provide comprehensive coverage priced at a competitive rate with coverage being offered by other organizations. As such, information concerning the driving habits of consumers is considered extremely value to the auto insurance sector.
20% of accidents caused by fatigue
According to the study, fatigue is the cause of 20% of car accidents throughout the country. Other studies that have been done in the past suggest that fatigue only contributed to 1-3% of vehicle accidents in any given year, but Virginia Tech researchers suggest that this information is not accurate. The study claims that fatigue-related accidents are most common in the 18-to-20 age group. This is largely due to the chaotic hours that younger consumers keep due to school, work, and other daily routines.
Fatigue may become a serious issue for the auto insurance sector
The findings of the study could have a major influence on auto insurance, as fatigue has been considered to be a minor issue that puts drivers at risk. With fatigue being a significant problem, however, insurers are likely to reform their approach on the matter in order to find ways to mitigate driver fatigue. In the past, the auto insurance industry has shown strong support for initiatives that kept drivers from using mobile devices while operating a vehicle. The industry is likely to find ways to keep drivers awake and alert while driving.
Study conducted in naturalistic method
The study is not likely to affect the price of auto insurance coverage in any significant way. Notably, the study accounts for only 100 drivers, but it is conducted in a naturalistic method. Naturalist research involves observing the behavior of particular subjects as they take place in a real world setting, free from interference by outside parties.