[ExI] The Future of Car Insurance

[BillK]

On Tue, Sep 9, 2014 at 8:12 PM, Kelly Anderson  wrote:
> I saw an advertisement yesterday that postulated that autonomous vehicles
> spell the end to the automobile insurance business as we know it. Sounds
> fairly plausible to me. Anyone have anything they would like to say on this
> subject? Are Allstate and Geico going the way of the wooden shoe makers?
>

Yes, big changes are on the way. But it will be gradual as the
changeover to robot cars progresses. So the insurance companies will
have years to react to the change.

Consider the situation when ALL vehicles are robot controlled. 15
years? 20 years?

There will be much fewer accidents, perhaps almost none. So insurance
will not be required. One suggestion is that manufacturers could
insure their robot cars by a small addition to the purchase cost.
In fact people may not buy cars at all by then. Just lease them (for
businesses) or call up a robot taxi when required.

This reduction in accidents will also have a big effect on the health
industry. Fewer casualties means much less work / profit for
hospitals.
Also repair shops - very little accident repair work.

It will be a different world.

BillK