Driverless cars have been in the news for quite some time. Last September, I speculated in PC 360, an insurance trade magazine, that insurance premiums for autos could decrease by as much as 40% over the next five years as autonomous cars made travel much safer. I increased my estimate to a 75% decrease in insurance premiums by extending the timeline to 15 years. When I wrote those two articles, I remember thinking how much of a personal paradigm shift was needed to accept a driverless car as safe. Now, it appears that driverless buses are in the near future as well.
FMCSA seeking comments on revising financial responsibility levels
An April 2014 Report to Congress found that while catastrophic motor carrier crashes are rare, the costs for resulting severe and critical injuries can exceed $1 million; current insurance limits do not adequately cover these costs, which are primarily due to increases in medical expenses and other crash-related costs.