Driverless Car Insurance
OK, technically you can’t buy a driverless car in the UK, and hence there are no insurance policies for this type of vehicle! However, if you can imagine maybe 3 decades into the future then the possibility of buying a new driverless car insurance policy comes into the realms of reality. You would imagine lower premiums for all vehicles and drivers as the potential for accidents and crashes is minimised, if not eradicated.

The thought of motoring along on the motorway at 70mph without touching the steering wheel or looking out of the windscreen is a big leap of faith. However the autonomous technology to enable us to sleep in the car on the way to work while the vehicle drives itself is virtually here already. It will be interesting to see which manufacturer builds the first car for mass prodcution.

You can expect some form of smart box technology built-in to your vehicle to help reduce premiums. Maybe not the type you can see on the market now though – as technically monitoring your driving habits will be irrelevant – as you won’t actually be driving!

In our opinion it will be very complicated for insurers to calculate the rates for driverless car insurance policies. If you can imagine as the first vehicles hit the roads, whilst they might be filled with technology to ensure safety, the rest of the vehicles on the roads will still be driven by human beings!

We think that there will still be both fully comprehensive and third party fire and theft cover available to buy. It might however be the case that more motorists will opt for just third party or the most basic type of protection as the car’s in built safety systems will (should) avoid many bumps, scrapes and accidents.

The market is likely to be led by the mainstream motor insurers and companies who can invest the resources into driverless vehicle insurance policy development. There will always be though room for smaller niche providers to emerge who concentrate solely on this sector.

As consumers you may find that new, innovative UK insurance companies will spring up. Traditionally your insurer has offered motor, home, pet and life insurance products. In the future we may find new personal lines insurers driven and led by technology i.e. focusing on cover for your driverless car, smart home, and wearable technology etc.