The new and changing aspects of mobility within the automotive industry will change how insurance agents offer policies. Even today, some of these changes can be seen with electric cars and autonomous vehicles. As the world shifts more towards new age vehicles insurance companies will need to shift how they deal with drivers.
Insuring electric vehicles
Electric car sales are on the rise, even through the COVID-19 pandemic. People in major cities are moving towards these cars and trucks to not only save on fuel costs, but to also lower the impact upon the environment. Insurance policies on these vehicles are substantially higher than ones that are not electric. This area of the insurance industry will continue to increase as the drivers continue to buy the plug-in version of manufactured cars and trucks.
What about self-driving cars?
Autonomous types have been introduced to the market and some people are worried that this will allow drivers to be less attentive. Since the cars are technologically advanced drivers do not need to concern themselves with the basic driving skills that we have all been taught. Because of this, and because computer systems do fail, insurance agents need to add specific clauses to cover the insurer and the insured. Overall, though, the future looks good for this technology, and insurance prices will start to come down in price.
Connected cars, which are the ones that relay and analyze information to send it to the driver, or a dedicated location such as company headquarters. This aids drivers while on the road because the system can not only warn of danger but can react if the driver does not. Braking to avoid a rear end collision is one example of this.
Smart cars will probably mean safer travel
Car insurance compare sites will be able to show drivers which companies have the best prices for the future. As technology shifts us all towards smart cars it will promote safe driving and will save the insurance companies money because they will be able to predict accidents. Even today there are companies that monitor how you drive and base the premiums upon that.
Safety has become one of the most important buying factors to consumers. As you well know, safety features lower insurance rates because less harm is done to the occupants, as well as the electronics and other components of the car.
People today, especially the newer generation of tech savvy adults, will push the future into more technologically advanced cars and trucks. Self-driving versions may soon be the normal way of getting around. Vehicles that process data and help you drive will take over the manufacturing market. This technology will also be used in autonomous vehicles to allow the driver access to drive manually in case of a computer malfunction.
As prices become lower, insurance agents that have not gotten ahead of the change may struggle, so be aware of the advances coming out before you choose an agent to work with. If they are not up with the times it will not only hurt them as an agent but will affect you as a driver.
Interesting related article: “What is an Autonomous Vehicle?“