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Driverless cars not to have grave impact on insurance

Louisiana residents may have heard of the dire predictions that are being made concerning driverless cars and the insurance industry. Back in 2016, a report from Morgan Stanley estimated that the industry would contract to about 20 percent of its current size by the year 2040. However, new research and the recent spate of accidents involving autonomous vehicles both suggest a more gradual and less drastic change.

A report from Bloomberg New Energy Finance states that insurers will face a shift in the type of insurance products it offers. While policies for the drivers of autonomous cars may not be necessary, they will be for manufacturers and technologies companies. Since the sensors, cameras and other autonomous tech is costly, accident costs will generally rise.

The opening up of revenue sources can be a boon for auto insurance companies that are quick to adapt. Insurers could, for instance, start offering cyber insurance to protect against vehicle hacking.

Before driverless cars ever become a reality, though, there will be a transitional stage where drivers use autonomous features part of the time, such as when parking or when stuck in traffic. Insurance companies can take advantage of that by covering both individuals and their vehicles.

In the meantime, drivers who use autonomous features are still responsible for keeping their car under control. Unfortunately, such features are known to make drivers complacent and prone to distraction. When car accident victims find out that the other driver was distracted or negligent in some way, they may want to consult with a lawyer who deals in personal injury law.

A lawyer may be able to evaluate the case, estimate a fair amount for a settlement and negotiate for it once the proof of negligence has been gathered by third-party experts. The lawyer might take the case to court as a last resort.

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The Law Offices of W.A. “Chip” Forstall, Jr.

The Law Offices of W.A. “Chip” Forstall, Jr.
320 North Carrollton Avenue
Suite 200
New Orleans, LA 70119

Phone: 504-434-5518
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