A new J.D. Power survey took a look at the effect automated vehicles will have on traffic accidents, liability and consumer purchase patterns.
Auto Insurance premiums represent the majority of the property and casualty (P&C) insurance industry’s revenues, says J.D. Power, and the growing presence of automated vehicle technologies has left many observers wondering how this change in mobility will impact the nation’s largest P&C carriers.
The J.D. Power Pulse Study on Automated Vehicles and Insurance asked 1,024 U.S. consumers how automated vehicles may change their insurance behaviors. Key highlights from the survey include:
* 22% of consumers are likely to consider a “highly automated” vehicle for next purchase: “We are well past the point of automated vehicles being a fad,” J.D. Power reports. “With several production cars around the world already coming from the factory with partial automation features, manufacturers, ride sharing companies, and rental car companies are in an all-out race to lead innovation in automated vehicle technology.“
* 40% of consumers are willing to switch insurance carriers for “autonomous discounts”: While full autonomy is still several years away, semi-autonomous features are becoming increasing standard among new vehicles. As a result, nearly 70% of consumers are expecting insurance carriers to respond with discounts for vehicles that provide these enhanced safety features, and more importantly, 40% are willing to switch their auto insurance to carriers that do.
* The top three factors in purchasing an automated vehicle are:
1. 26% fewer accidents.
2. 24% less driving stress.
3. 15% lower insurance premiums.
* Personal liability – who is at fault in an automated vehicle crash? Consumers are holding themselves to a high standard, J.D. Power reports. Nearly 40% say that drivers have some responsibility when an accident does occur in an automated vehicle, compared to just 22% who say the OEMs or the manufacturers of the autonomous sensor technology are to blame.
For more information, see the J.D. Power Pulse Survey.