You are almost guaranteed to see changes in the auto insurance industry each year. Most of the changes that impact your car insurance are a result of competition.
Advances in technology are changing cars. They are therefore changing the auto insurance industry. Many insurance companies are now have acess to real-time information about your driving. If you are a safe driver, advanced technology may help you reduce the cost of your car insurance.
The following are three technological changes that are impacting the auto insurance industry.
Telematic Devices Can Reduce the Cost of Your Car Insurance
Many insurance companies are offering drivers telematic devices. These wireless devices send data about your driving behaviors to your insurance provider. Telematic devices can report:
- How fast you are driving.
- What time of day you drive.
- How you use your brakes.
If you are a safe driver, allowing a telematic device to monitor your driving can help you save money. You can use the device to prove that you are a safe driver, and many companies give discounts to safe drivers.
Self-Driving Cars Improves Your Safety
Recently, Google introduced self-driving cars, also known as autonomous cars. If you buy a car that is fully autonomous, then you can sit in the passenger seat or the back seat with your children. You’ll never need to get behind the wheel of the car. You can drive your car by simply pushing a button. Other manufacturers like Tesla offer self-driving cars, but they aren’t completely autonomous.
Thousands of people die on the highway each year due to human error. Many believe self-driving cars can reduce the amount of fatal accidents. This is because autonomous cars can recognize road hazards.
Artificial Intelligence and Machine Learning Can Reduce Insurance Costs
Another shift in the insurance industry is the emergence of artificial intelligence and machine learning. Both aim to streamline the costs insurance companies incur by improving how they handle claims and how they rate their car insurance policies. If insurance companies can reduce overhead, the profits will help the business prosper.
When it comes to the car insurance, change is good. Advances in technology allows companies to price insurance products better. This could reduce the cost of your auto insurance.
Take advantage of technology. Check with Avanti Associates about your car insurance coverage today. We can get you a policy at the best prices. Go online today for a free quote or call us at (914) 273-8511 today.