Are you on the lookout for competitive car insurance in Toronto or auto insurance quotes for anywhere else in Canada for a self-driving car? Driverless vehicles may seem like a thing of the distant future, but they are inching ever closer to becoming a reality in the Great White North. Some companies like Volkswagen and EV giant Tesla have even begun to test self-driving cars on North American roads. These vehicles will soon be available for sale to the wider public market. Moreover, some autonomous vehicle companies have begun to partner with ride-share services to pick up and drop off customers without any need for human drivers. Of course, many questions about self-driving cars still remain. Particularly when it comes to car insurance and exactly how it will work Here is what you need to know about finding car insurance for self-driving vehicles.
Canadians looking for car insurance in Toronto and other parts of Canada need to be aware of the challenges involved in insuring autonomous vehicles before they go ahead and purchase one. Some of the primary challenges that insurers face include:
Liability insurance is a difficult concept for driverless vehicles. These cars don’t have human drivers that can be held liable for damages. Governments will need to adapt policies and regulations to align with new technologies and find solutions for self-driving car insurance that works well with emerging transportation innovations.
Another major hurdle for self-driving cars is their ability, or lack thereof, to identify objects around them and distinguish between objects like humans, trees and animals. Companies are continuously improving the technologies that help these vehicles to classify images and objects. AI is becoming increasingly adept at recognizing different forms. Experts predict that any image-classification issues that are present today will likely cease to be problematic in the near future.
Advanced computer systems prone to hacking power self-driving cars. The results of a security breach can be especially serious, but tech companies are creating autonomous vehicle systems alongside world cybersecurity leaders to minimize the risk of future breaches.
Insuring self-driving cars differs in many ways from classic car insurance in Ontario and Ottawa auto insurance quotes. These are a few of the factors that will set this form of insurance apart from standard vehicle insurance policies.
Car insurance Toronto based companies and those across the rest of Canada are still attempting to weigh up the risks and benefits of automated technologies to draw up effective policies and rates. Whether claims will rise or fall will largely depend on how automation can influence passenger safety. Insurers have found that vehicles equipped with ADAS technology show a 27% reduction in physical injury claim frequency and a 19% reduction in the frequency of property damage claims. Combinations of features on newer models of self-driving cars can influence these outcomes considerably. People who purchase vehicles with ADAS features also expect that their insurance premiums will get lowered.
Canadian insurers can look to ADAS variables and data on driving behaviours when underwriting policies and setting premium rates. These rates may get based on factors like whether ADAS is turned on or off, how it has been set up, whether or not passengers are wearing safety belts, and whether or not the vehicle’s headlights are on. According to the Highway Data Loss Institute, technological advancements can reduce insurance claims for both bodily injury and property damage. This was especially true when multiple features engage, and during the use of second-level automation features like lane departure warning, automatic emergency braking, and forward-collision warning.
Driverless cars are almost certainly going to play a major role in the future of transportation. When this will take place, and to what extent, will be significant considerations as collaboration and planning will be required to build appropriate urban infrastructure, AI advancements, regulations, and consumer trust. One study notes that 35% of participants said that they would be more likely to purchase a self- driving car if doing so lowered their insurance rates. If Canada prepares adequately for the rise of autonomous vehicles, lower rates could be one of the many benefits that drivers can expect to enjoy in the future.