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How Will Self Driving Lorries Effect Policy Prices?

How Will Self Driving Lorries Effect Policy Prices?

Autonomous vehicles are no longer a drawing board dream but a real future arriving now. In fact it is believed that 10% of on road vehicles will be self drive by 2040. Changing the entire landscape of what has been an owner driver utopia for the past seventy years. The death of personal car and motor trade insurance in relation to self driving policies is nearly as frequently shouted as loud as it was about the demise of Brexit. If upgrading to electric HGVs from diesel trucks won't be the death knell for vehicle insurance, self driving could be.

The market will change in the long term due to vehicles no longer being mass privately owned. If you consider that Uber and Lyft are partnering with Volvo and GM to roll out self drive vehicles that would enable a hire time option - a vehicle would be left where you need it. In turn subscription to insurance premiums to cover payout would be dramatically less. The main aspect within this is with no human driver, 90% of driver errors attributed today would be erased overnight for that growing section of autonomous activity.

How Insurance Policies Will Change With Self Driving Lorry Growth

The motor trade will definitely be at the forefront of the electric and self drive revolution. While these vehicles will not be cheap, eradicating high insurance premiums and costs of employing humans as drivers and using vehicle trains on motorways to transport goods will be too much of a good thing to ignore. Motor trade businesses will be seeking to lower costs and pass on lower service prices to their customers in a bid to compete.

Not all insurance particulars will disappear, of course. An insurance house would still need to calculate for humans on the street and other vehicles that are not yet autonomous. We have information and assistance to provide all the facts to let you know how whats the cheapest solution available. Goods in transit cover would still be required, windscreen insurance, breakdown recovery, parts replacement and depending on the cost of those parts and availability insurance premiums may not be so low cost after all. Certainly no claims bonus would be an ancient discount.

Self Driving Lorries Insurance Policy Prices Still Needed

The most significant fact about autonomous vehicles will be the network and software. To learn exactly how the software will alter insurance prices click here. While there will probably be several different systems in play by different manufacturers the possibility for many vehicles being affected by a temporary shutdown or malfunction is high. In this instance a lot of vehicles could halt, do something wrong, lose goods that are perishable due to timed delivery or individual parts may need replacing across a great many electric HGVs. To get a greater insight  to new vehicles you can visit a trade show .This cost would be enormous should it occur and any insurer would need to cover for that eventuality.

Heavy goods Vehicles  are currently maxed out at 44t onne for legal road use  A motor trade insurer will certainly have a plan for staged change how self driving lorries affect policy prices because fully autonomous vehicles as a majority on the road will not be inbound for at least thirty years. What we are seeing today is manufacturers slowly taking control of aspects of a vehicle's alertness away from a driver and swapping in computational devices. The processes seeing this are braking, cruise control, turning without hitting - car parks, and even requesting your car come to you at the touch of an app button.

This staged process means human control will be around for a while yet. Within the motor trade it seems human lead vehicle trains could be the most prevalent. With special lanes, fully autonomous trains and individual trucks could soon follow. Insurance premiums for these vehicles will no doubt fall. Indeed forecasts are that most insurance premiums should fall with human error eradicated at the driving seat. Tippers may be one of the first trucks to be self driving as they repeat the routes over and over. For a full  explanation or what tippers do see  our relevant page. Software, system and part failure adjustment and their values are yet to be taken into account though, as the information and historic statistics is not detailed enough. Whether low or high claims will figure in this respect is unknown.

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Running a fleet of HGV vehicles? Do you want to find a lower insurance premium? If you are running a fleet of HGV vehicles then it’s very important to look at all costs across the board. With recent HGV driver shortages, it is likely that you will be looking to get a newly passed HGV driver under 25 to drive for your company. Alternatively, you might take an older driver who would be either over 70 or maybe 80 years old. In these situations, you may also find inexperienced drivers, newly passed drivers or drivers with points on their licence. This can make getting affordable lorry insurance harder. READ MORE

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In the current haulage insurance market, it has become increasingly difficult to source good quality HGV drivers. A lot of the younger generation are veering away from the haulage industry to more modern careers. There are also significant costs for the individual driver to gain either a class 1 or 2 licence. Therefore, an advantage of employing older, more experienced drivers is that it can reduce your costs and reduce claims saving you money. If you are a new start haulage operator and a member of the Road Haulage Association you will have no doubt be informed of the Brexit changes. This may mean that more containers are moved on heavy goods vehicles, usually articulated tractor units, from the ports to the end destination. READ MORE

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