I believe many of us thought that once we eventually moved over to self-driving cars that our insurance rates would decline.

Well according to insurance experts that is not exactly true, at least in the short term.

The Detroit News is reporting about this change that the insurance industry know is coming and they are attempting to figure out what it means for the industry.

Everyone thought that since autonomous vehicles are supposed to decrease vehicle accidents the cost of our auto insurance would go down.  That will not happen because the cost of repairing these technology-packed automobiles will be extremely costly.

The good news is the experts do believe when there are a substantial percentage of vehicles on our roads that are autonomous, the rates will go down.   

The bad news is according to the Insurance Institute for Highway Safety, mass-market adoption of vehicle safety features takes about 30 years.

Apparently there is even talk about the automotive industry actually insuring their vehicles itself. Since they would own the software that collects data on our vehicles behaviors, they would be in a better position to process our accident claims.


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