The temporary vehicle insurance provider GoShorty has shared their predictions for what may occur in the world of motoring across 2024.
First, the company suggested that sales of electric vehicles will continue to grow during and beyond the 12-month period.
Nevertheless, Matt Wood, Director of Data and Pricing at GoShorty, warned that vehicle insurers will need to keep premiums reasonably priced to encourage more drivers to get behind the wheel of an EV.
He explained: “With the shift to EVs, vehicle insurers will need to consider a huge variety of factors. The total value of the vehicle, details of the driver, plus other aspects such as the potential cost of repairs for the vehicle will all impact insurance premiums.
“Insurers will need to find the right balance between a fair price for comprehensive cover and not disincentivising consumers to choose an EV.”
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GoShorty also suggested that more motorists planning to buy a new car will be less inclined to visit a local dealership and simply order the model online.
With more than 90 percent of drivers admitting to doing most of their research on new cars online before they buy, many manufacturers now sell their range via their websites, helping to cut the amount of time and hassle needed to buy a car.
Whichever way motorists are planning to use when buying their next vehicle, however, the insurance company recommended that they always pay a visit to the model’s website to look at comparison tools and configurators that can allow users to visualise what they would like to order.
Chris Penfold, Director of Underwriting at GoShorty, also noted that the year could see some significant developments in autonomous vehicles, suggesting there is still a lot of progress to be made surrounding their insurance.
He said: “Advancements in the autonomous vehicle space have been incredible, but from an insurance perspective, there’s still a long way to go.
“It will be some time before self-driving cars are common on our roads, and insurance in the UK will be carefully planning the insurance implications that they bring whilst keeping a close eye on the global insurance market for such models. Aside from insurance, autonomous vehicles have a PR problem to overcome before they win the trust of the public.”
Nevertheless, technology that could be found in more vehicles during 2024 does not need to be controversial, with Phil Evans, Commercial Director of GoShorty, predicting a rise in car connectivity.
He continued: “Long gone are the days of scrabbling around the glovebox for your favourite CD – connected cars represent an utterly intuitive driving experience.
“Synching your tech with your car and no longer struggling for signal will soon be the norm, whether you’re particularly tech-savvy or not.”
