Car insurance is an essential part
of life today, and while I’m never willing to pay the bill every month, it is
something that I remember is valuable and necessary. However, with technology
improving, competition changing, and companies adapting new methods, I think
that means I pay the bill is in for a change! Here are seven ways that the
insurance industry may end up changing in the future.
How Do We Buy Insurance Will Change
How do you buy car insurance? Chances are it’s probably like us: you go into an authorized retailer and get it. But that age-old tradition is fading out to be replaced by online shopping. More and more drivers, especially younger ones or those who have few options in their hometown, are shopping for insurance online. They can use comparison websites to get the best deals and save a large deal of time and money. As a result, in the next twenty years, the job of the insurance agent may become obsolete.
Another way things might change is that there will be fewer insurance companies in the states, but each company will provide more variety. The small companies will go out of business which will drive premiums low and the leading companies that remain will have to be more flexible in order to satisfy customer demand and technological changes.
Robotic Police
I think of this and I think of the Jetsons, but we actually have robot police now after a fashion-speed cameras are found on many street lights and there are speed trackers on several main highways. All that would be added are more sophisticated ways to track performance and then to take that data into information that the insurance companies can use to provide more personalized rates for their customers.
Making it Easier to Avoid Collisions
When our neighbours knocked over our garbage can, we laughed because it’s something all drivers do at least once. But this right of passage could become a thing of the past as collision avoidance technology becomes even more common place. This would lower insurance premiums only because there would be no more hitting trash cans, fences and parked cars.
Telematics?
I’d never heard of telematics before either, and now that I have, I love it. Basically, it’s a black box for cars; it tracks the conduct of drivers vis-a-vis things like speed and acceleration during an accident. In this way, false claims are prevented, insurance claims would take less time and fraud would be stopped. All of this saves us money and saves a considerable deal of time and hassle. I think this is an excellent idea and all cars should have one.
You Only Pay For When You Drive
Right now, in Spain, there is a project underway that promises to track how people are driving: how often they use the brake, how far they drive, when they move and how safe they are (as specifically as possible). This information would be relayed to the insurance company, and you get a personal premium based on your skills. Another technique could be to pay an insurance cost per mile you drive rather than a lump fee. This will save the ‘weekend’ drivers a lot of money and develop more eco-friendly transportation such as transit, trains, and walking.
Finally, insurance companies could start giving discounts and best prices for not driving in unsafe conditions such as night, rush hour or during unpleasant weather. The combination of all of these factors would drive down insurance prices and promote safety. I think it’s downright, and we already have the technology to pull off most of it now.
No One’s at the Wheel!
I cannot wait for this one! Driverless cars have been in the works for the last few years, and a recent study in California showed that it could be done. The idea is to have a car that is controlled by a machine rather than by a person. This alone will possibly wipe out insurance together or reduce all of the rates to a minimum. Maybe insurance would be based on how new and correct the robot is! I don’t know, but I can’t wait to see it.
Will Insurance Eventually Become Obsolete?
Looking beyond twenty years, could we see the end of insurance altogether? With safety precautions up, driverless cars becoming the norm and possibly other forms of transportation coming about, we may see insurance companies going out of business altogether. I think it would be sad to see these companies go, but at the same time, the fact that it will no longer be a necessity would mean more lives are safe and more money is being saved.
Transportation technology and everything surrounding it is becoming a fascination subject of speculation. From driverless cars to robotic insurance claims to an end to cover altogether, the way, the next generation drives will be a far cry from the way we drive today. It’s worth following, and I can’t wait to see what’s coming up next!
Author-Bio -
Charlene Mattson is a passionate writer who has been writing by a lot of areas throughout her life including finance, investment, debt, nutrition, health to name a few. Currently she is associated with Autoinsuresavings.com, a place, which provides quality auto insurance information, and the best car insurance quotes from different companies all in one place.
How Do We Buy Insurance Will Change
How do you buy car insurance? Chances are it’s probably like us: you go into an authorized retailer and get it. But that age-old tradition is fading out to be replaced by online shopping. More and more drivers, especially younger ones or those who have few options in their hometown, are shopping for insurance online. They can use comparison websites to get the best deals and save a large deal of time and money. As a result, in the next twenty years, the job of the insurance agent may become obsolete.
Another way things might change is that there will be fewer insurance companies in the states, but each company will provide more variety. The small companies will go out of business which will drive premiums low and the leading companies that remain will have to be more flexible in order to satisfy customer demand and technological changes.
Robotic Police
I think of this and I think of the Jetsons, but we actually have robot police now after a fashion-speed cameras are found on many street lights and there are speed trackers on several main highways. All that would be added are more sophisticated ways to track performance and then to take that data into information that the insurance companies can use to provide more personalized rates for their customers.
Making it Easier to Avoid Collisions
When our neighbours knocked over our garbage can, we laughed because it’s something all drivers do at least once. But this right of passage could become a thing of the past as collision avoidance technology becomes even more common place. This would lower insurance premiums only because there would be no more hitting trash cans, fences and parked cars.
Telematics?
I’d never heard of telematics before either, and now that I have, I love it. Basically, it’s a black box for cars; it tracks the conduct of drivers vis-a-vis things like speed and acceleration during an accident. In this way, false claims are prevented, insurance claims would take less time and fraud would be stopped. All of this saves us money and saves a considerable deal of time and hassle. I think this is an excellent idea and all cars should have one.
You Only Pay For When You Drive
Right now, in Spain, there is a project underway that promises to track how people are driving: how often they use the brake, how far they drive, when they move and how safe they are (as specifically as possible). This information would be relayed to the insurance company, and you get a personal premium based on your skills. Another technique could be to pay an insurance cost per mile you drive rather than a lump fee. This will save the ‘weekend’ drivers a lot of money and develop more eco-friendly transportation such as transit, trains, and walking.
Finally, insurance companies could start giving discounts and best prices for not driving in unsafe conditions such as night, rush hour or during unpleasant weather. The combination of all of these factors would drive down insurance prices and promote safety. I think it’s downright, and we already have the technology to pull off most of it now.
No One’s at the Wheel!
I cannot wait for this one! Driverless cars have been in the works for the last few years, and a recent study in California showed that it could be done. The idea is to have a car that is controlled by a machine rather than by a person. This alone will possibly wipe out insurance together or reduce all of the rates to a minimum. Maybe insurance would be based on how new and correct the robot is! I don’t know, but I can’t wait to see it.
Will Insurance Eventually Become Obsolete?
Looking beyond twenty years, could we see the end of insurance altogether? With safety precautions up, driverless cars becoming the norm and possibly other forms of transportation coming about, we may see insurance companies going out of business altogether. I think it would be sad to see these companies go, but at the same time, the fact that it will no longer be a necessity would mean more lives are safe and more money is being saved.
Transportation technology and everything surrounding it is becoming a fascination subject of speculation. From driverless cars to robotic insurance claims to an end to cover altogether, the way, the next generation drives will be a far cry from the way we drive today. It’s worth following, and I can’t wait to see what’s coming up next!
Author-Bio -
Charlene Mattson is a passionate writer who has been writing by a lot of areas throughout her life including finance, investment, debt, nutrition, health to name a few. Currently she is associated with Autoinsuresavings.com, a place, which provides quality auto insurance information, and the best car insurance quotes from different companies all in one place.
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