Tag: autonomous vehicle insurance

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

Logan B.
Louisiana car insurance rates auto

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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