What was once a dream, may soon be a reality. Several autonomous vehicles are already available to purchase, and much more are expected to be rolled out in the coming years. Self-driving cars will have a major impact on all of our lives, whether you live in Wheat Ridge, CO or New York City, and they will forever change the automobile insurance industry. 

Here are a few of the ways these vehicles will alter automobile insurance: 

• More automakers, fewer drivers will need insurance. When you’re involved in a car accident, one of the first things you’re told to do is to obtain the other driver’s insurance information. Today, drivers’ insurance policies pay for vehicle repairs and medical care for the occupants of both vehicles. In the future, this may not be the case. If the drivers aren’t driving, the accidents likely will be the result of a computer error. The car manufacturers, not the drivers, will need insurance. Drivers may reduce the amount of coverage they have, or they may opt out of the market altogether. 
•  The auto insurance industry may shrink. While it’s not certain that this will happen, auto insurance companies may struggle to stay afloat as traditional cars are replaced with autonomous vehicles. 
• Liability will be more difficult to determine. Many self-driving vehicles can be driven manually or autonomously. Determining whether a car, person or combination of the two is responsible for the accident won’t be easy. 

If you need automobile insurance near Wheat Ridge, CO, call CO Insurance Specialist at 720-638-0850. Don’t wait, contact an insurance company you can trust. Reach out to CO Insurance Specialist today!