Insurance is evolving

Intact Insurance

Automobile Design

Automobile technology is advancing at a rapid rate. Features such as collision avoidance systems, warnings for lane changing and departures, external cameras and park assistance are becoming more common in vehicles. As Canadians purchase new automobiles, they are looking for these latest features. The Automotive Industries Association (AIA) of Canada’s latest outlook study shows that the new vehicle market in Canada set all-time sales records in 2013 with 1.74 million light vehicles and again in 2014, with the sale of 1.85 million vehicles. New sales are projected to continue to go up and exceed 1.8 million units sold by 2016.

Car Safety

Telematics (also known as usage-based insurance) devices installed in your automobile can measure driving habits such as: how quickly you accelerate, how hard you brake, the time of day you drive, and more. Monitoring these driving factors can have a positive impact to driving behavior. In addition to potential insurance savings, being aware of your driving habits can help reduce risk of collision and incident. In 2012, IBC conducted a survey in Ontario that found that the majority of those polled would be in favour of telematics.

Driverless cars are currently being tested and a new report from IHS Automotive, by 2035 the US can expect 11.8 million driverless cars on the road. Until then, discussions around legislation, safety, liability will be paramount as the technology and the infrastructure to support it is developed1.

1. Source: Insurance Business May 20, 2015

Automobile Design

Insurance Fact

Did you know? There are over 50 federal motor vehicle safety standards which all new vehicles sold in Canada must comply with.