How Vehicle Technology is Building a More Sustainable Future

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The race to create a sustainable car has been ongoing for decades – and it doesn’t look like it will be ending anytime soon. The desire to develop the subsequent functioning yet highly sustainable vehicle has increased right alongside the demand.

Lately, most auto manufacturers have put their attention towards electric vehicles. Given that electricity is a renewable energy source, this makes complete sense. Yet, it is not the only tactic that manufacturers are considering.

Electric Vehicles

Electric and vehicles, also known as EVs, are growing exponentially common these days. This is partially due to the government incentives available across the globe. Currently, the EV market is expected to grow at a CAGR exceeding twenty-one percent between 2019 and 2030. 

Despite the rising demand, a few problems are facing electric vehicles. For one thing, there is currently no standard among charging stations. While that may be a tolerable problem for smaller techs such as phones, it does not govern longevity for something as significant as a car. CharIN is one of several companies trying to encourage universal standards for charging, but it will take time.

Another focus for further developing EVs is the battery itself. This is the new heart of a car, where all of the power is stored. Currently, EVs depend on lithium-ion batteries, which means factors such as temperature and over-changing are legitimate concerns.

Battery Second Life

As mentioned above, finding greener solutions to deal with batteries is a must. One short-term solution, pushed by Analog Devices, is to repurpose spent batteries. Contrary to popular belief, batteries that have worn out from powering cars all day still have a bit of power in them. It isn’t enough to power a vehicle, but it is enough to provide a bit of electricity to those that don’t have it. Suddenly, that otherwise wasted energy can be used to provide cooking fuel to those that need it most. 

Green Tires

Believe it or not, greener tires are another consideration when it comes to making more sustainable cars. Rubber is not a sustainable product, so creating cars based entirely on this material is not practical or eco-friendly.

However, finding an alternative to rubber has become quite a challenge. Instead, companies are trying to find other ways to offset their carbon footprint. Time will tell which solution wins out.

 

Can the Latest Tech Lower Your Car Insurance Rates?

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With the rise of safe driving technology, one question on everyone’s mind is how will this affect insurance rates? Many are hopeful that better collision prevention will, in turn, reduce premiums. While others are concerned that the increase in tech costs will outweigh the potential benefits.

These days, people have high expectations for what technology can do for them. People also expect it to help them save money – and there are precedents to back this assumption up. Better technology has allowed for energy (and thus cost) saving alternatives, among other options. 

According to a study run by PwC, up to forty-one percent of consumers would walk away from an insurance company that failed to offer high-quality digital capabilities. In other words, if their insurance isn’t going to work with their tech, they’re not interested.

Making Drivers Safer

People today have access to technology that makes them safer. Motion and range sensors combine to create collision prevention technology, while cameras help drivers watch their blindspots.

It’s easy to assume that the tech designed to make us safer actually works. Studies have shown that while some technology has worked hard to make us safer – other forms provide too much distraction. In other words – the technology is only effective when those behind the wheel are also trying to be safe.

Additional Expenses

Unfortunately, there is no simple answer to this question. Yes, driver safety tech can help keep people safe – and thus, theoretically should reduce car insurance premiums. However, upon closer inspection, there’s one glaring problem with this premise.

The technology used to make drivers safer does not come cheaply, which means that when accidents do happen, the overall repair and replacement costs are higher. This means that most drivers are not likely to see a significant drop in their premiums.

Reducing Costs

Thankfully, there are a few alternatives for reducing insurance rates. For example, drivers can opt into customized insurance plans. In other words, a driver grants permission to have all of their driving data compiled and turned into one concise plan – no need to pay or unneeded insurance.

A study from the University of British Columbia found that people are not only willing to have insurance companies monitor their driving for customized plans – but they’re safer drivers because of it. It turns out that knowing somebody is watching your every move is all it takes to make a driver just a little bit more cautious. 

Blockchain Data and Car Insurance

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The insurance industry has been working hard to stay up to date with modern technology. Already the industry is making use of predictive analytics to help create customized plans.

This raises the question of how blockchain technology can help the industry. A blockchain is a way to securely store information. The highlight of this method would be the inability to change data once it has been established. In other words – hacking and malicious attempts at alterations will not work.

Smart Contracts

Smart contracts are but one of the ways that blockchain data and car insurance companies have found a perfect balance. Contracts are a part of daily life – especially for insurance companies. A smart contract is simply a more advanced version of the original. 

In this instance, they are digitally signed and stored through secure digital means (blockchain data). All parties involved in the contract, including the neutral third party, can access this data.

Due to the digital nature of smart contracts, it allows for a certain amount of automation. A computer can look at the contract, and if the terms have been met, activate the appropriate next step.

Advantages of Blockchain Data

Many advantages come from blockchain technology, including the information already mentioned in the section above. Digital contracts allow for ease of access – both for the insurers and the insured.

In turn, this helps erase confusion, increase communication, and, more importantly – ensure accurate information. For example, fraudulent claims will dwindle, as all relevant data will be stored in one location. To put it another way, it’ll be simpler than ever to catch fraudulent claims. 

The customer will also have higher levels of protection, as the data will be stored with a neutral third party. This will help ensure that the insurance companies hold up their end of the deal and leave avenues for when things do not happen according to plan.

Insurance companies can use this ready access to data to store client details, going beyond what is typical these days. Data such as driving habits, traffic records, and accidents can all be easily (and safely) stored in one location. 

While that may not sound like a significant advantage – it is. All of the data being in one place would further encourage customized plans, which would once again benefit both parties.