The government and automobile manufacturing companies have been making an effort to reduce the number of car accidents.
In order to reduce car accidents, auto manufacturers are investing in safety features such as blind spot detection, automatic emergency braking systems, and lane departure warning systems. Car buyers have become more safety conscious and look for these advanced safety features in their cars along with luxury and comfort features. However, when it comes to car insurance, how do these safety features affect car insurance premiums?
The Response of Insurance Companies
There are two major auto insurance companies that are currently offering discounts on premiums for installing certain safety devices. Other insurance companies are hesitating to follow suit, claiming that they are waiting to assess the success of such safety technologies. Some insurance companies are studying the claims data before they offer discounts to insurance holders. Not all insurance companies are convinced that these safety measures will help to reduce car accidents.
The Insurance Institute for Highway Safety (IIHS) conducted a study on the effectiveness of the auto emergency braking system. They concluded that if all new vehicles are equipped with the auto emergency braking system, rear-end collisions could be reduced by 40 percent. This equals approximately 700,000 less crashes per year. However, there is not conclusive evidence about the effectiveness of other safety technology like blind spot detection systems and lane departure warning systems.
Many insurance companies are skeptical about the increased cost of repairing expensive auto parts if they become damaged in accidents. They also question the popularity of these systems considering only 21 percent of vehicles manufactured this year are equipped with emergency braking systems.
Automobile manufacturers have partnered with the U.S. government to get the majority of new cars equipped with automatic braking technology by the year 2022. They expect that as safety technologies in cars become more popular, there will be a gradual reduction in costs as well. Toyota announced that automated braking systems will become a standard in all new models by 2017.
Safety is an important concern for everyone –the public, the government, and automobile manufacturers. Safety technology results in safer roads for the public and a reduction in road accidents. Experts foresee that while insurance companies may hesitate to provide discounts on premiums for vehicles equipped with modern safety features, they will eventually make such discounts mainstream as the success of these technologies expand.
Chicago Car Wrecks Lawyers
If you have been injured by a reckless driver, talk to a Chicago car accident lawyer to learn about your legal rights. Call Willens Law Offices at (312) 957-4166 for a free consultation.`