Not many things say “the future is here” like autonomous vehicles (AVs) do. These days, several companies are trying to develop self-driving cars. While this technology is quite promising (it could potentially transform the future of transportation), it also raises some legal issues.
If you’re considering investing in autonomous vehicles, but aren’t sure what to take into consideration when it comes to the legal side of things, then you’re in the right place.
We’ll be going over 5 legal considerations that you should keep in mind when investing in autonomous vehicles in this article.
Liability and Accident Responsibility
Perhaps it goes without saying that one of the most significant legal questions surrounding autonomous vehicles is liability. When a car accident happens, one or both (or several) of the drivers involved are usually responsible.
The question is: who is at fault if a self-driving car gets into an accident?
Some might say that it’s the car manufacturer, or even the person riding inside the car, but this type of situation is far from black and white. In the U.S., liability laws differ depending on what state you’re in.
Some states have proposed that software developers could be responsible if their autonomous vehicle causes an accident.
This could have certain implications for investors, since companies might have to deal with major legal costs if they’re found liable for car accidents. If your self-driving car causes an accident (or you’re involved in an accident with a self-driving car), let’s say in Tampa, Florida, consulting with Tampa car accident lawyers could be beneficial, as they really know the ins and outs of the local laws.
Safety Standards
Unlike traditional cars, AVs rely on complicated software and sensors to be able to navigate the roads. If a technical failure (like sensor malfunctions, for example) happens to come up, this could cause some serious safety issues.
For this reason, there are certain safety standards in place that manufacturers are required to meet before their AVs can be tested on public roads. Anyone who’s interested in investing in autonomous vehicles should be aware of these safety standards.
Insurance Issues
In most cases, traditional car insurance models don’t fit particularly well with autonomous vehicles. Self-driving cars obviously don’t have human drivers, so it’s not clear who would be responsible for damages in the case of a car accident. Insurance companies and lawmakers are working to address this issue by creating new policies.
If you decide to invest in autonomous vehicles, you’ll definitely want to have a strong understanding of the insurance framework. If an AV requires a new type of insurance, for example, the company that has invested in said AV might need to adjust its business model.
Changing Regulations
The concept of autonomous vehicles is still relatively new. This means that regulations surrounding autonomous vehicles are always changing.
As an investor, you’ll want to keep track of these changing regulations. When a new law or rule is put into place, it can affect the production and development of autonomous vehicles.
If your company’s technology doesn’t meet these new and constantly evolving rules and safety regulations, it may have to stop operations. Needless to say, this can be expensive.
So far, some countries (like the U.S., and Germany) have introduced laws to test AVs, but investors should be aware of how these laws might change over time.
Data Privacy
Autonomous vehicles need to gather information about things like traffic and road conditions in order to function properly. This means that they collect a lot of data (including information about their passengers).
If you want to invest in autonomous vehicles, you’ll need to understand the legal requirements surrounding data security. If your company fails to protect its data, you’ll likely have to deal with some serious legal repercussions.
Conclusion
The concept of autonomous vehicles is exciting, for sure, which is just one reason why a lot of companies might want to invest in them. Clearly, there are quite a few legal issues to take into consideration, though.
Companies that take the aforementioned legal issues into consideration will be more likely to succeed when investing in AVs. Hopefully, now that you’re aware of these legal considerations, you’ll be able to make more educated decisions when investing in autonomous vehicles.