Why Aussie drivers can look forward to lower car insurance premiums

Aussie drivers pay thousands of dollars a year just to get around, however the good news is that advancements in technology, such as driverless cars may bring down car insurance premiums in the near future.

The average family forks out around $17,464 for transport costs annually, with around $22 per week going towards car insurance premiums, according to the latest Transport Affordability Index commissioned by the Australian Automobile Association.

Motoring enthusiasts may be pleased to hear that the Toyota Research Institute (TRI) is developing a data collection service using “blockchain” technology, which could potentially record what happens behind the wheel of driverless cars.

While the research is only focused on automated vehicles, TRI said that the information it’s gathering now may influence how car insurance premiums are set in the future.

Neha Narula, Director, Digital Currency Initiative at the MIT Media Lab added that she’s “excited Toyota is spearheading this initiative that uses blockchain technology to create an open platform where users can control their driving data.”

Toyota isn’t the only manufacturer attempting to disrupt the car insurance industry, as luxury brand Tesla is offering its Aussie customers insurance policies designed to match their smart ride, as an alternative to regular comprehensive car insurance.

And one car insurer in the US has even started discounting premiums by 25% for Tesla drivers who use Tesloop, the rideshare service, presumably because their luxury car poses less of a risk compared to other vehicles, reported Business Insider .

Before technology brings Aussies closer to an era of lower car insurance premiums, those in the market to purchase a new policy have the ability to shop around for discounts at Mozo’s comparison hub.