UK plans on removing a major hurdle facing self-driving vehicles

Britain’s transportation minister is set to make self-driving friendly insurance rules, a fact which could nurture the nascent industry which globally has been valued at $1.1 trillion by 2025.

In what is likely to be a major strategic shift to further bolster a nascent industry, Britain plans on introducing new insurance rules governing compensation paid to the victims of accidents involving self-driving cars, which will ensure that they are paid quickly and promptly.

This removal of a hurdle is significant for the future of tomorrow’s autonomous automated vehicle industry.

In several countries, the introduction of self-driving technology has largely been hampered by legal hurdles with both insurers and lawmakers trying to regulate the industry to decide who will be ultimately response in case of a mishap.

“We must ensure the public is protected in the event of an incident and this week we are introducing the framework to allow insurance for these new technologies,” Chris Grayling, Britain’s transportation minister.

Grayling has clarified that a single insurance policy will be adopted in the country whereby it will cover both the driver and the vehicle, regardless of how the vehicle is used, conventional or in autopilot mode.

The British government is keen to encourage the development and testing of self-driving technology, an industry which it reckons could be as much as $1.1 trillion worldwide by 2025.

Recent incidents involving Tesla’s Model S and Google self-driving car have drawn concerns from members of the public and with increased autonomous cars being tested on Britain’s street, the country’s transportation ministry is now taking due notice of it.

Later this month, Nissan is set to test its autonomous cars in London. Last year it conducted initial tests of its cars in Milton Keynes, a southern English town.

Britain is set to create infrastructure for new age cars, including charging points for electric vehicles, the fastest growing segment of new age cars, and is keen on improving the country’s environmental footprint to meet key UN objectives.

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Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy, Sustainability

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