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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Self-driving cars expected to disrupt the auto insurance market
Autonomous vehicles predicted to have a severe impact on the cost of auto insurance Autonomous vehicles could have a major impact on auto insurance premiums in the future. While these vehicles are not yet readily available, insurers already see the potential disruption self-driving cars could have on the market. Self-driving vehicle take human error out of the equation, which is expected to significantly cut down on the number of accidents that are seen on the roads every year. This will lead to a dramatic decrease in auto insurance premiums in…
Read MoreSelf-driving cars could lead to lower auto insurance premiums
Insurance premiums could fall significantly due to automated vehicles Self-driving cars could help save motorists money on auto insurance coverage, according to insurance startup Metromile. The company has released a new report that suggests that drivers could save as much as $1,000 a year on coverage due to automated vehicles. These cars could cost as little as $250 a year to insure, and they may serve as a disruptive force for the auto insurance industry in the coming years. Self-driving cars are not subjected to human error in the same…
Read MoreSelf-driving cars could lead to the end of the auto insurance industry
Automated vehicles could be a significant risk for insurers, but not in the traditional sense Automated driving could place the auto insurance industry at risk, at least to some degree. Self-driving cars are already a reality, but such vehicles are currently only available for testing purposes. These vehicles are praised as being safer than their conventional counterparts, largely because they are not operated by humans. Human error is the leading cause of most car accidents, and removing people from the driving equation could have a major impact on the auto…
Read MoreInsurance news about self-driving cars will be hard to predict
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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