CAR INSURANCE KEYNOTE SPEAKER: DRIVING TOWARDS TOMORROW

Car insurance – can’t live without it, right? Of course, as we all know though, as technology continues its relentless march forward, so too is the future of car insurance continuing to change and evolve as well. But how does one insure an autonomous or self-driving car? Good Q – let’s consider some of the trends that are sure to remake the future of car insurance.

Numero uno: Usage-based insurance (UBI) is a concept that uses telematics technology to track a driver’s behavior, such as their speed, location, and braking patterns. Use of it allows insurance companies to offer more personalized insurance rates based on a driver’s actual behavior, rather than on statistical data.

As this technology continues to improve, we’ll wager that you can plan on seeing more insurance companies offering usage-based insurance plans. This could lead to more affordable insurance rates for safe drivers and could incentivize drivers to adopt safer driving habits.

Beyond this, connected car insurance uses technology that is built into a car to track a driver’s behavior and offer personalized insurance rates. Such solutions can also be used to provide real-time feedback to drivers about their driving habits, such as speeding or harsh braking.

Are connected car insurance plans the way forward? Almost certainly. This could lead to more personalized insurance rates and could encourage safer driving habits.

And, ah, yes: Autonomous vehicles are also going to reinvent the future of car insurance. These self-driving cars have the potential to significantly reduce the number of accidents on the road, as they eliminate the potential for human error.

This means that companies may offer policies that cover both the driver and the autonomous vehicle, even as the liability for accidents may shift from the driver to the vehicle manufacturer.

Oh, and PS – as cars become increasingly connected and reliant on technology, the risk of cyberattacks on vehicles increases. Cybersecurity insurance is a type of insurance that covers damages caused by digital hazards, such as theft of personal information or damage to the vehicle’s software.

As cybercrime proliferates throughout the automotive industry, vehicle-based cyber insurance could provide added protection for drivers and reduce the financial impact of cyberattacks on your favorite four-wheeled conveyance of choice.