Tag: automaker liability

GEICO, Manufacturers, and the Legal Tug-of-War Over Driverless Liability

Nordstrom
GEICO Autonomous Vehicle Insurance

The Future of Insurance Is Autonomous Insurance is changing, and fast. Thanks to self-driving cars, the world of traditional auto insurance is facing a major makeover. Think about it–if there’s no driver behind the wheel, who’s responsible for an accident? That’s the big question. Insurers are shifting gears, focusing less on drivers and more on the tech that powers those autonomous vehicles. Welcome to the era of product liability and errors & omissions (E&O) insurance. GEICO, one of the giants in the insurance world, is already prepping for this shift.…

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Car insurance market will be 70 percent smaller in 2050, study

Marc
Car insurance market

A new KPMG report showed that autonomous vehicle technology will have a tremendous impact on this sector. The car insurance market will wither by up to 60 percent by the year 2040 and by 70 percent of its current size by 2050, according to a recent KPMG study. Autonomous vehicle technology will drive the decreasing size of the marketplace, said the report. According to the KPMG research, the reason the car insurance market will fall by about $137 billion by 2050 is because of driverless vehicle tech and ride-share transportation.…

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