Driverless Cars Will Cut The Cost Of Auto Insurance By More Than 60% And That's A Total Game-Changer | Exploring Markets

Driverless Cars Will Cut The Cost Of Auto Insurance By More Than 60% And That's A Total Game-Changer

There is an article out in the Chicago Tribune about driverless cars today. The focus is the impact they will have on auto insurance. It's quite shocking, and it alone is probably the single most important economic statistic that would encourage society to embrace driverless cars. This anecdote will serve as a timeless piece of information for years to come:
Innovations could lead to decreases in car insurance premiums by more than 60 percent in the 2020s from current levels, said Donald Light, director of Americas Property/Casualty Insurance Practice at financial technology consulting firm Celent. The advances include the increasingly prevalent driver-monitoring devices, collision avoidance systems and automated traffic-law enforcement, such as speed and red-light cameras, as well as robotic cars.
Then:
The technology is being embraced at a rapid pace. In fact, Ford Motor Co. said it expects vehicles to have "fully autonomous navigation and parking" after 2025.
And:
Vehicles able to drive themselves will account for about 9 percent of global auto sales in about two decades, according to a forecast published last month by auto industry consultant IHS Automotive.
- Driverless cars could hurt insurers' bottom lines


The vision of a driverless car: