The future of auto insurance may not be so bleak

As California motorists transition into using driverless cars, it may not necessarily mean the end of the auto insurance industry. Instead, the industry will likely develop new products and otherwise adapt to new driving and vehicle ownership trends. While one survey speculated that car insurance companies could lose up to 80 percent of their business by 2040, recent autonomous technology accidents have shown that there will still likely be a need for coverage.

This is because people are more likely to transition to driverless cars as opposed to adopt them suddenly. For now, autonomous tech may only be used on highways or to park properly. This means that individual policies remain necessary for every other moment the human driver is operating. Even if minor accidents occur, they could be more expensive because the car’s sophisticated components are more expensive to repair.

It is believed that the car manufacturers will eventually be the ones who pay the insurance premiums as opposed to the individual drivers. In other words, car insurance companies can adapt by shifting their business elsewhere.

An individual who has been injured in a car, truck or bus accident could be entitled to compensation for their injuries. This compensation could help to pay medical bills or lost wages. If the victim cannot go back to work, they could be entitled to lost future earnings as well. An attorney may help a client pursue legal action against those who caused an accident leading to injuries. Other parties may also be liable for damages including a driver’s employer if the vehicle was being driven for business purposes at the time of the accident.