When Science Fiction and Car Insurance Clash in the Real World
Advanced technology continues to change the automotive and car insurance industries with each passing day. Go back in time 20 years and nobody would have imagined that ridesharing programs would become all the rage. But this is exactly what happened.
Now, think about this: what will the next 20 years bring?
In the early 1960’s, George Jetson was clowning around in a flying car. This was all in good fun at the time, but guess what? It appears that we are closer than ever to this becoming reality. Check out this article published by CNN last year. We won’t be seeing flying cars this year (or even in 2016), but don’t overlook what could happen over the next decade. Here is an excerpt from the CNN piece that will have you dreaming of the day when your car can do more than drive on pavement:
“Boston -based Terrafugia announced last May it had started working on the concept of TF-X, a four-seat, plug-in hybrid electric car that can do vertical take-offs and landings.”
Just the same as electric-only vehicles, there are skeptics who don’t believe cars will ever fly. And just the same as electric-only vehicles, these flying cars could one day be the “in thing.”
Impact on More than the Automotive Industry
When new concepts turn into the norm, the car insurance industry is one of many that is left to pick up the pieces. For example, there is more to ride-sharing programs than meets the eye. Here is what we had to say about this in a recently published article:
“There are risks associated with ridesharing programs, both for drivers and passengers. In fact, many believe the myth that drivers and/or passengers are automatically covered in the event of an accident.”
Car insurance companies are faced with the tall task of educating customers as to how they are covered in regards to ridesharing programs.
Now, answer these questions:
- How will car insurance companies approach flying vehicles?
- What will happen if automotive companies finally find a way to push driverless cars to market?
There is no simple answer. In fact, right now, there may not be any answer. Instead, car insurance companies are left waiting, wondering what will happen if what was once science fiction soon turns into reality.
Depending on your age, it may not happen in your lifetime. But if you are a millennial, for instance, don’t be surprised if you one day look over at a vehicle and realize there is no driver. Even crazier (but not farfetched), you could look to the sky and see a car fly on by.