Monthly Archives: May 2015

Auto Industry Innovation

Will Self Driving Vehicles End Auto Insurance?

 

Because we’re getting more technologically advanced, we’re getting to a point where autonomous, self-thinking cars are something of the present instead of the future. And because of that, we have to think of the implications of what this could do in our society. Even though it’s not going to be as extreme as some people suggestion (for instance, that it will be illegal to drive yourself), there are a few economic implications that could come into play here.

Recently, a topic that has come up is whether or not we’re going to actually need car insurance anymore when we use self-driving cars. For example, if your car is the one that is at fault for certain things, who is going to have to pay for it? What’s going to happen when you have an incident when something happens – remember the Dallas expungement case? Is car insurance going to totally disappear, or is it going to be something that has to adapt greatly when cars are driving themselves? These questions are important to ponder, which is why, in these early stages of self driving cars, we’re starting to think about it and the implications that it may have.

Could Other Industries Be Next?

self driving automobilesThis, of course, leads us to another question. Could self-driving cars end up affecting other economies as well? Some people mention how it can deal with public transportation costs and others talk about how services like taxis and Uber will totally go off of the map. It could also eliminate a number of other industries that are associated with the whole travel and transportation industry. The possibilities are endless.

Then, there’s the other side of the coin as well. People could end up finding more jobs in this industry as it grows. Or, others could get specializations in certain areas related to self-driving cars as well. A whole new world is going to open up, so it may make up for the things that we lose. That, of course, also depends on whether or not they catch on, as well, so you need to keep that in mind.

What do you think? Do you think that there are going to be a number of industries that are affected by the changes with automated vehicles? Or are there not going to be a lot of differences between the way things are now and the way things will be? Let us know your thoughts!

 

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