The announcement by autonomous car developer Waymo that they plan to introduce a taxi fleet of self-driving taxis in the US soon was initially beset by one major problem: what would the company do about insurance for the self-driving taxis ferrying customers around? Naturally, getting the correct taxi insurance is just as key whether there is a human driver or not!
This question was not only relevant to what Waymo plans to do now but also for the future of the whole driverless taxi industry if it were to take off elsewhere. Without clear and legally binding taxi insurance, the idea of people being transported without the need for a human driver would be dead in the water.
Waymo has found an answer
Recent news however has seemingly seen Waymo find an answer to this question. It has been reported that they plan to team up with insurance tech start-up Trov to get the necessary insurance in place for their taxis. The tech being developed by Trov will give passengers the protection they need and also help place responsibility if an accident does occur, as a normal insurance policy would.
How does it all work?
Although full information has not yet been released, it would seem that the software being developed would work automatically to provide the insurance cover needed for the taxis to operate. There would be no extra charge to the taxi customer for it and it would offer fairly comprehensive coverage in the case of an accident or injury.
Big risk for insurance underwriter
Of course, the major risk being taken here is by the people underwriting Trov, Munich Re. They will be at the mercy of any teething problems with insuring taxis in this way. If an accident occurs but the software fails to make it clear who was at fault, it would make things very interesting for them indeed. Many will feel that testing this out in a specific trade niche is actually the best thing to do. If driverless cars become the norm both privately and in the trade, robust insurance will be needed to provide adequate cover.
For now, if you drive a taxi for a living this will make no difference to your insurance needs. Visit our site today to find the best taxi fleet insurance policies out there.