The biggest change in the car insurance market is going to come when driverless cars hit the market, and that is why the government are one step ahead.
As we speak, the Department for Transport (DFT) are making legislative changes that means it will be easier for car insurance companies to offer quotes for these driverless vehicles or any car that features self driving technology
Not only that, but insider reports suggest that some people in the government are watching the driverless car industry very closely, just to make sure that everybody is playing fair and within the rules.
Driverless Car Technology
Many companies such as Google, Tesla, Apple, and Ford are all currently working on the technology, but it remains to be seen which one is the first to market with a car that the UK public actually want to buy.
Some people have even asked me if we will still need cheap car insurance quotes once everything has gone driverless, and to that I always respond…yes.
The good news is that cheap car insurance will be the norm once self driving technology becomes mainstream, because of course, driver error won’t occur as much, but there will still be incidents.
That is why you won’t ever see a time where car insurance is free or you just don’t need to insure your vehicle. It won’t happen.
What I find really interesting though is how companies like Ford are working on software that can be installed into these driverless vehicles, which at the command of your voice, can instantly find cheap car insurance companies without even having to go on the computer.
I imagine some kind of virtual reality situation where a representative of the insurance company or comparison website is able to ask you questions and even look at your car, all from the screen on your dashboard. Fascinating stuff for sure if you ask me.
You can even demand “very cheap car insurance” and refuse to leave the vehicle until you get it. At this point though I fully expect telematics to be installed in most cars, which means car insurance companies will know exactly how you drive, and then can offer the most accurate quotes possible
The Changes are Coming
Back to the DFT and what they are up to. If everything goes according to plan then any changes they make should be introduced into the Houses of Parliament later this year, and if accepted, will then become part of the Modern Transport Bill which is an important part of the car insurance industry.
It also came to my attention that many of the top car insurance companies are demanding more access to driverless car data. Obviously they want to be well prepared for when these cars become mainstream, so they can offer the most accurate quotes.
Good for them I say, because if there is one thing we all want to see it’s cheap car insurance for the UK public.