A year later after what feels like an eternity of uncertainty and lockdowns, the global pandemic's repercussions are felt by all. One of the ways that our daily routine has been impacted is our commute - or lack thereof - that has resulted in a tremendous reduction in the amount of miles driven - at the start of the pandemic, parts of the US saw a 60% reduction in how much they drove.
Auto insurance companies did respond to the decrease in driving - which also had led to a lessening of accidents and insurance payouts. Auto insurance premiums were reduced an impressive 25% in the spring of 2020 in the form of insurance givebacks.
There is a new trend to consider in auto insurance - the rise of autonomous vehicles. Insurance companies will need to figure out how to properly insure these types of vehicles in the near future.
Take a deeper visual dive on how autonomous vehicles and givebacks will impact the auto insurance market in the infographic below:
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