Chinese vehicle manufacturer Chang’an has unveiled a motor insurance product which covers damage caused by its vehicles’ automated parking assistant (APA) system.
The policy, which has maximum coverage of RMB550,000 (US$80,000), will compensate damage caused when the APA is active, as long as the motorist follows instructions while parking, Technode reported.
As companies continue to develop self-driving cars, the need increases for insurance that covers the unique situations the technology brings about. Some experts feel that the insurance industry is not yet ready for the upheaval autonomous vehicles will bring.
The Chongqing-based automaker did not disclose the insurance company underwriting the policy, but it mentioned that its APA technology was developed by a top French automotive supplier – Valeo. The system includes 12 ultrasonic sensors located in the vehicles’ front and rear. According to Chang’an, it is able to precisely detect parking spaces and it “rarely makes mistakes.”
Chang’an claims to be the first firm to provide insurance cover for driverless vehicle technologies in China. Earlier this year, it partnered with tech giants Alibaba and Tencent for a connected vehicle project. In August 2018, it announced that it would stop producing non-connected vehicles by 2020.
