If your company uses a self-driving car and an accident occurs, who becomes liable for the damages? At first glance, you may say the company’s commercial auto insurance should cover the costs, but this is not the case.
Manufacturers like Google, Volvo, Uber and Mercedes-Benz have accepted liability when their self-driving cars were found to be at fault for an accident. Tesla even offers an insurance program to owners to protect them in case of accidents.
This is likely to change in the future, but for now manufactures are accepting liability.
Data shows that preventable human errors cause 94 percent of all accidents. With more self-driving cars on the road, accidents should become more rare. As a result, insurance premiums should also decrease.
Insurance companies are almost more likely to struggle as drivers reduce coverages as a result of fewer accidents.
The self-driving car industry is still in its early stages and it will be interesting to see how the insurance market adapts to upcoming changes.