insurance

5 quirky ways to save money on auto insurance

Be patient for futuristic discounts
Be patient for futuristic discounts © Petr Kopka/Shutterstock.com

Though you want to save on auto insurance right now, the road to the future holds the promise of cheaper coverage through the adoption of driverless car technology.

"Autonomous vehicles could significantly reduce traffic fatalities and crashes by reducing or eliminating driver error, which is a contributing factor in over 90 percent of all crashes," Rep. Tom Petri, R-Wis., said during a 2013 congressional hearing on driverless cars.

In response, Robert Hartwig, president of the Insurance Information Institute, noted, "If self-driving cars become more of a reality on our roads, it is going to have a major impact on auto insurance."

It's not clear when the era of driverless cars will arrive. The extent of the auto insurance discounts that will be available through the use of the technology isn't known either, says Michael Barry, an Insurance Information Institute spokesman.

"Because driverless cars currently have no track record, the biggest initial challenge for auto insurance companies will be measuring risk and pricing policies accordingly," he says. "Will the age and previous driving experience of the car's owner, coupled with the location and annual mileage of the vehicle, be correlated with loss, or even relevant at all?"

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