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Auto insurance industry may be troubled by self-driving cars

The state of Texas requires that all vehicles in operation on the road must be insured in case of an accident. The automobile insurance industry has been around for decades, but now it faces a new world in which it will not be able to function and profit as it once had.

There are already self-driving cars on the road in Texas. As part of their thorough testing process, manufacturers have released thorough reports describing the incidents and accidents that have befallen their vehicles. As of yet, there have been no fatal accidents associated with self-driving cars whatsoever. The manufacturers of autonomous vehicles are confident that they can maintain this extraordinary safety record.

There is a real possibility that, as self-driving cars are found more and more on the road, that the rate of car accidents in America could plummet. Unfortunately, this fortuitous circumstance could devastate the automobile insurance industry. Their profits are maintained by regular payouts of enormous sums for medical bills and the replacement of property, and without these accidents, they will not be able to charge enough premiums to maintain their multibillion-dollar industry unless they adjust to the new wave of technological advancement.

Self driving cars are insured by their manufacturers. Any accident involving an autonomous car would be addressed by their manufacturer and restitution is made from the company directly. Any failure on the company's part to provide complete compensation may be met with legal action from the injured plaintiff. An attorney may be able to guide them through the process of creating their case and bringing it before the court.

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