And The Biggest Winner From The Switch To Autonomous Cars Will Be…Insurance Companies?!

Autonomous Car

Looks like they’ll survive just fine.

Self-driving cars are poised to put a lot of people out of business. In fact, tallying up the number of industries that are poised to take a hit from the robot takeover shows us not only how much we rely on cars and drivers to get around, but how much we rely on automobiles and their human counterparts to make the economy tick. Aside from the obvious toll that the change will have on the bus, truck, and taxi industry, the automobile insurance industry also stands to suffer.

A recent study found that by 2040, the auto insurance industry will shrink by 60%. However, a newer report conducted by Moody’s shows that before the industry crash, auto insurance companies stand to win big during the transition. Before cars go fully autonomous, there will be an intermediary period where insurance premiums stay at their current prices because auto insurance companies will wait to see how much insuring self-driving cars costs them. During that point in time, insurance companies are likely to reap all of the profits of having the same amount of money coming in and less cash going out to cover crashes. This may just buy the insurance industry time to figure out how to move forward into a future where it’s services are less needed.

You Might Also Like
The Lexus RC F Is A Used Bargain With A Throaty V8
The Lexus RC F Is A Used Bargain With A Throaty V8
Supercars Named After Famous Car Guys
Supercars Named After Famous Car Guys
Fake Lamborghini Murcielago SV Reverse-Engineered By Iran

The Chinese couldn’t have done it better.

Hennessey Trackhawk Is World's Quickest SUV

That's what a thousand horsepower will do for ya.

5 Things You Need To Know About The 2019 BMW X5

After driving the car for the first time, here are our key takeaways.

Watch The BMW M2 Competition Lap The Ring In 7:52

That was supercar territory not long ago.

Kim Jong-un Gets Classy With New Ride

So much for sanctions.

Drifting A 1,000-HP Corvette On Mountain Roads Takes Some Serious Skill

Thought drifting the entire Nurburgring was challenging? Try it in a 1,000-hp Corvette on a mountain road with no safety rails.

Hennessey Heritage Edition Ford Truck Makes More Power Than Anything You’ve Got

This crazy beast is even more powerful than the Ford GT.

Ford Imagines A Future With No Traffic Lights

Stopping at junctions could be a thing of the past in the future.

What's Hot