Introduction
If you have been following the latest updates in the automobile sector, you would know that self-driving cars are going to be the greatest thing since sliced bread. Every major vehicle manufacturer is working on its version of self-driving cars. Even companies that are not traditionally in the automobile sector, such as Google and Uber, are working on self-driving cars. Indian firms are not untouched either, companies like Mahindra and Ola are working on automated and semi-automated vehicles. The day is not far when you can just sit in your car and instruct it to drive you to your destination.
What is a self-driving car?
A self-driving car or autonomous vehicle does not depend on a human driver to move around. However, as they are in the early stages of development, they are yet to be fully automated. A few early models launched in developed countries require some human intervention at times. Autonomous vehicles use various sensors to understand their surroundings and navigate through a control system. They can also read, comprehend, and follow road signages.
Autonomous vehicles are convenient and more reliable. As they do not depend on humans for navigation, there are fewer chances of accidents or traffic violations. They are programmed to follow traffic rules and prioritize the safety of passengers, other vehicles, and pedestrians.
What will happen to your car insurance?
Self-driving cars will disrupt the car insurance industry forever. Statistics indicate that most accidents are caused due to human error, after all, to err is human. Artificial intelligence systems in autonomous cars will mean fewer accidents and lower maintenance costs. With reduced accidents, your insurance provider would be able to offer you a better deal, since their liabilities will shrink. Things are not so simple though; self-driving cars raise complex questions for insurance providers.
The major problem is determining who is liable in case of an accident? The car owner will claim that they are not to blame as the navigation of the car is not in their control. Governments will likely mandate that the manufacturer be held legally liable. Then there is the question of the premium, if the manufacturer is liable, should car owners pay for car insurance? Hopefully, we will have these answers soon. Some governments have already started to make a policy on autonomous vehicles.
You must be wondering if these cars will be able to navigate on the chaotic Indian roads? Your guess is as good as mine.
Whether you own a self-driving car or not, car insurance is a must. You should always take good car insurance to protect yourself and your family against unknown risks. It is much easier now to get insurance cover for your precious car. You can just use a car insurance calculatorto get an instant quote and buy it in just a few clicks. If you don’t know where to begin, you can always check out multiple policy options for car insurance available at Finserv MARKETS, and choose a policy that suits your needs.