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Caffery, Oubre, Campbell & Garrison, L.L.P.
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A car’s safety features won’t necessarily lower insurance

Technology has gone a long way toward making cars, trucks and other motor vehicles safer. Today’s high-teach features means that drivers are safer than ever on the roads.

As automobile manufacturers develop better, more advanced safety features, many consumers are wondering whether their insurance premiums will decrease. After all, many safety features do reduce the likelihood of accidents. But there are several reasons why insurers do not necessarily lower their pricing because a vehicle has better safety technology.

New tech is expensive to fix

Many technological advancements now used in cars are indeed proven to reduce the frequency of accidents. Crash-avoidance systems, for example, could prevent more than 2.7 million crashes every year if installed on all vehicles. But high-tech equipment is often very expensive to repair or replace. Insurance companies stand to spend a lot of money reimbursing customers for damaged safety technology.

Drivers may become careless

Safety technology can lull drivers into a false sense of security. When drivers believe that their vehicle is equipped with more safety features, they can become careless on the road. They feel that they do not have to pay as much attention, since their car’s features will protect them. This could lead to more crashes, which may in fact raise a policyholder’s rate.

Although advanced safety technology can lower the rate of accidents, this does not offset the significant cost of repairs, or the increase in drivers’ negligence. In addition, insurance companies state that there is currently not enough data to determine whether safety systems merit reduced rates. Without a doubt, as technology advances, drivers and insurers alike will to face numerous issues regarding auto insurance.

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