Driverless Cars - Thoughts?
- Thread starter 161
- Start date
- Thread starter
- #3
Oh, I agree with that. It's the timeline that I'm not so sure about.
In the next 10 years? No way. 10 years is right around the corner. In 10 years there may be automated cars. But there will be way more cars that are operated by humans. And those human operated vehicles will hit the automated vehicles. And those automated vehicles are going to be complex, which means they will be expensive to fix. See where I'm going with this?
- 1,481
Think of the cars on the road today as a fleet of cars that needs to be turned over, over time. 10 yrs is too fast. (Not to suggest the tech won't be in full swing by then.)
But the fleet of cars needs time to turn over.
But the fleet of cars needs time to turn over.
This.... it takes about 20 years for great turnover. I see the Insurance industry consolidating in waves over the next 5,10,20 years.
IF auto premiums are driven down, will premiums in other sectors go up? If an autonomous gasoline tanker is hacked and sent at 60 mph into an elementary school, who is going to be sued? It won't just be the driver and owner, but probably also everyone who had anything to do with the software, equipment, etc.
It's been said that 70% of the cost of a ladder pays for product liability insurance. How much will an autonomous car cost and who can afford one? If it's substantial, will no one own their own auto and just order a ride via phone app?
Will an individual autonomous vehicle be able to operate under all conditions or is a centralized system-wide (think air traffic control) network needed?
It's been said that 70% of the cost of a ladder pays for product liability insurance. How much will an autonomous car cost and who can afford one? If it's substantial, will no one own their own auto and just order a ride via phone app?
Will an individual autonomous vehicle be able to operate under all conditions or is a centralized system-wide (think air traffic control) network needed?
- 15,041
I saw yesterday, the average age of a car on the road is over 11 years, I believe it say 11.79 to be precise. The average age has only been increasing as well, with increased reliability and increasing purchase prices. If we are 5 years out from sales of driverless cars, then we are roughly 20 years out from half the vehicles on the road being driverless.
While InsCommentary is right, premiums may come up elsewhere, that does not necessarily mean more premium for your typical agent. Just because GM now needs to sink billions more into product liability insurance (or their captive more likely), that does not mean a thing for the average IA or captive agent.
The good news is, if consumers do realize a savings, they will spend it in some manner, which may result in more premium for agents.
VolAgent, it means you need to get to work quoting the GM account! It might be hard to live off those commission for the next decade or more, but when autonomous cars become a widescale reality, you could be in for quite the commission boost.
Similar threads
