Auto insurance will be unrecognizable as self-driving cars flood US roads

Self-driving cars - Vehicle in Tunnel

These automated vehicles will remove 90 percent of the risk associated with driving a car. Self-driving cars may still be at their very earliest uses in certain very specific locations, but the auto insurance industry is already bracing for them. After all, these vehicles will change the nature of the need for coverage. As it appears that a substantial amount of the risk from driving will shrink, insurers are bracing themselves. At the moment, the first wave of self-driving cars come with astronomical premiums. A recent Bloomberg report pointed to…

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Canadian insurance officials issue recommendations regarding self-driving cars

Technology - Self-Driving Cars

The Insurance Bureau of Canada is looking at the future of automated vehicles directly in the face. The Insurance Bureau of Canada (I.B.C.) has issued recommendations regarding self-driving cars and their impact on the industry. The I.B.C. recently released a position paper in which it addressed the issue of automated vehicles. The I.B.C.’s paper was titled, “Auto Insurance for Automated Vehicles: Preparing for the Future of Mobility.” This focus on self-driving cars was published during the bureau’s annual Regulatory Affairs Symposium. The paper looked into the auto insurance industry and…

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

winter driving self driving cars

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

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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Warren Buffett’s insurance industry forecast might surprise you

Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

According to the head of Berkshire Hathaway, insurers should worry about self-driving cars, not climate change. At the Berkshire Hathaway shareholder meeting last weekend, Warren Buffett shared his insurance industry forecast and brought up a number of trends and innovations that have been the topic of conversation among experts in this arena. The main point that has drawn the spotlight is that Buffett doesn’t feel climate change will harm the industry. According to the insurance industry forecast he shared, climate change shouldn’t be causing any pain to his business. This…

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