The world with self-driving cars and its impact on Insurance.

It would be a few years until self-driving cars become available to Canadian consumers. The Ontario government has given manufacturers the permission to begin testing the vehicles on public roads. The Insurance industry is learning how to adapt to this new change in economy. The two biggest points of debate are surrounded around Liability and Safety. Who would be responsible if there is a collision and if automated vehicles smart enough to prevent any damage. The costs associated with around disputes will increase and be reflected in the premiums. Currently, collisions are caused due to human error, however, as vehicles become automated, they will be caused by technology malfunction. This will result in longer claim disputes between car Insurance companies and vehicle manufacturers. I have attached IBC’s view on self-driving vehicles and its effects on customers and Insurance companies. Link is attached here – IBC’s full report

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