Autonomous Vehicles Will Cause OEMs to Pay Motor Insurance Premiums

Standard

The widespread assimilation of autonomous vehicles will greatly impact the future automotive insurance industry, according to new analysis from consulting firm Frost & Sullivan.Read more: Driverless and Talking Cars: New Technology Transforms the Way We TravelCurrently, automotive insurance providers calculate insurance premiums based on a bevy of factors, such as a motorist’s driving history, age, gender, and even the color of the vehicle they drive. However, Frost & Sullivan’s report “Impact of Automated Vehicles of Motor Insurance Market,” suggests more attention will be devoted to the vehicle itself and less to the driver, once autonomous automobiles are brought into the fold.”Along with higher product liability, the responsibility of insuring the vehicle will shift from vehicle owners to manufacturers,” said Frost & Sullivan Automotive and Transportation Senior Research Analyst Kamalesh Mohanarangam. “Further, all excesses currently covered by the insured will be shared among several stakeholders, such as road-operators and local transport authorities.”

Source: Autonomous Vehicles Will Cause OEMs to Pay Motor Insurance Premiums

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s