Driverless vehicles are on the way. Seriously. And people are starting to consider how the driverless revolution will impact the economy.
My favorite financial blogger Mish Shedlock has a post today about how self-driving trucks will impact the truck driver profession. But it’s not just truck drivers who will be affected:
At $40,000 a year, the incentive to replace truck drivers with software is massive. And it will happen. Not only that, but insurance costs will drop. Most truck accidents are caused by user error: Driving too fast, driving while tired, driving intoxicated, etc. Robots don’t drink, don’t get tired, won’t drive unsafe to get to a destination faster, etc.…People keep emailing me about insurance. Many believe the cost of insurance will skyrocket. I believe accident rates will plunge, and insurance costs with it. So what happens to a lot of insurance salesmen? Claims investigators?