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Autonomous vehicles pose challenges to insurance industry

As self-driving cars come closer to everyday reality for the people of Massachusetts, industries that depend upon the current state of affairs in the automotive industry are concerned that the future of autonomous transportation may leave them out. For example, the automobile insurance industry is looking at the extraordinarily low rates of injury and property damage accompanying self-driving cars and considering that they may not be able to survive in their current form.In a world without the large payouts that insurance companies are regularly expected to make for cases of personal injury or wrongful death, there is no need for charging sizeable premiums. Although a world with vastly reduced rates of automobile injury would be a dream come true for nearly everyone, it remains a fact that more than 270,000 people work in the insurance industry or related occupations, and it is predicted that the market will shrink by 60 percent by the year 2040. Nonetheless, how adversely autonomous cars may affect the auto insurance industry is impossible to tell just yet. More research is required to learn just how much risk consumers undertake when using autonomous cars. One option for auto insurance companies would be to monitor the driving habits of their consumers in order to charge them with around-the-clock micro-premiums. While this could be a lucrative innovation, it brings up the question of ethics and privacy. As the debate continues, car accidents with autonomous cars still continue to happen.Anyone who has been hurt or lost property in a collision with an autonomous vehicle may wish to consult an attorney at law and determine their best course forward. The attorney might work to help them make a case that holds the manufacturer and operator responsible to the full extent of their liability.