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How to Insure a Self Driving Vehicle

How to Insure a Self Driving Vehicle

The world is moving closer to autonomous vehicles, and here in Ontario, they’re already being tested on public roads. As a result, lots of preparation is underway regarding regulations, laws, and insurance. Read on to learn more about what you can expect when it comes to insuring a self-driving vehicle.

Self-Driving Cars in Canada

Ontario is in the midst of a 10-year pilot plan which began back in 2016. The main requirement during this testing stage is that a fully licensed driver must be in the driver’s seat while the vehicle is operating. Also, in order for any driver to be involved in this project, they are required to have liability coverage that is $5 million or more.

How Will They Be Insured?

There are still many questions to be answered as to how these autonomous vehicles will affect insurance. Liability and safety are the main concerns since it can be more challenging to determine who’s at fault during a collision and whether self-driving vehicles are equipped for certain scenarios like intense winter weather. Since most insurance policies for vehicles are based on human error, insurers are carefully evaluating and researching all of the potential new risks of machine-operated errors.

What the Insurance Bureau of Canada is Recommending

After conducting lots of research, the Insurance Bureau of Canada outlined the main points that insurance companies will need to focus on as they prepare for this new era in the auto industry. The main criterion is to include a new policy that covers negligence from the driver as well as any glitches or malfunctions of the actual vehicle and technology. The second is permitting data sharing with owners, manufacturers, and insurers to help determine whether the driver was at fault or the technology.

Self Driving Technology and New Federal Safety Standards

As the world continues to evolve and move towards a more tech-based world, so too will the necessary regulations and policies to ensure drivers and passengers are adequately covered in case of an accident. New federal safety standards and data sharing will play a key part in how insurance will change, but when they do, you can be sure that our team will be among the first to know.

If you want to learn more about this topic and how to insure self-driving vehicles once they become mainstream, contact us at Rowat Insurance.

Rowat Insurance

Insuring Ontario and Quebec since 1955. Trust Rowat Insurance Brokers to look after your home, auto, business and life insurance needs. We always guarantee fast, friendly service and highly competitive premiums. As brokers, we are entirely independent from Insurers and Financial Institutions; we will work with you to analyze and advise on risk, and customize the coverage that is right for you.