Tesla recently started adding all of the hardware required for fully autonomous driving to their new cars. They have not delivered the software for this yet, but it will probably be available within a couple of years, regulations permitting. Other car makers won’t be far behind.
We’ve already noted what self driving cars will do to the Uber and Lyft drivers. Who else will be affected?
Insurance companies will clean up. Claims expenses will go down for property damage, medical costs and life insurance payouts but premiums won’t. In fact, the insurance companies will probably charge higher premiums for self driving cars because they are ‘risky’ and ‘unproven’. After a couple of years of record profits in the insurance industry, the state legislatures will get involved and maybe some of us will get a break on our rates. But don’t count on it.