Whether you’re new to driving or you’ve just bought another car, keeping things quiet is also one of your main responsibilities behind the wheel.
If your car is too noisy, you could even be reported for creating vehicle nuisance, which is something that the police take extremely seriously. Even if you’re not taking part in street racing or performing noisy tricks, unknown mechanical issues can make your car sound much louder to passersby and residents.
No matter the age or condition of your car, it’s always worth knowing how to keep the noise to a minimum while you’re getting from A to B.
Why is reducing traffic noise pollution in the UK so important?
Traffic noise pollution has a profoundly negative effect on natural environments and local communities. Along with the harm they cause to delicate ecosystems and the wildlife within them, traffic noise is unpleasant and burdensome for people living in polluted areas.
According to a recent study by the UK Health Security Agency, at least 40% of all adults in England have been exposed to long-term road traffic noise at levels exceeding 50 decibels on average. In addition to general annoyance and sleep disturbance, repeated exposure to road noise has been linked to an increased risk of health conditions like stroke, depression, and anxiety.
For the health of the public and the safety of those travelling in cars, we should all work towards lower noise pollution levels.
Five simple ways to reduce noise pollution
#1 - Choose quieter tyres
All tyres sold in the EU and UK are supplied with noise ratings. The UK government sets limits on the noise levels a set of tyres can produce, so all models must comply. Some tyres are still louder than others, though, so it’s a good idea to choose those that fit into a lower noise category.
All tyres normally make a gentle humming sound. Several factors can contribute to a louder experience though: these include aggressive driving styles, tyre damage, uneven tread wear, and unbalanced tread depths and patterns.
It’s still important to choose a tyre that suits your driving style and budget, though. If you’re looking for an all-rounder, Yokohama tyres suit any car and can be used through all four seasons, making them a solid mid-range contender.
#2 - Maintain your car
Looking after your car could help deliver a quieter driving experience. Excess dirt and debris can create noise at speed. Additionally, regular tyre checks naturally ensure that your tyre pressure and tread depth remain at safe and quiet levels for every drive.
#3 - Use soundproofing materials
Did you know that the way you furnish your car could lead to a quieter experience behind the wheel? If you’ve noticed that your car seems unexpectedly louder, it’s certainly worth identifying which interior and exterior materials are creating the noise.
You could upgrade the insulation and soft furnishings, opting for noise-absorbing materials and soundproofing options where possible. Modifications to the vehicle itself like quieter exhausts could help, but you need to make sure that any changes you make are safe and legal.
#4 - Drive as smoothly as possible
The way you drive your car will influence the noise levels and its environmental impact too. If you’re driving an older car with a typically noisy engine like a large, turbocharged diesel, it’s more likely to be noisier than other models to start with.
It’s worth getting familiar with the quietest cars on the market. If possible, choosing an electric vehicle will guarantee smoother, quieter driving inside and outside the cabin.
#5 - Plan your routes and travel times carefully
Lastly, getting organised before you drive could help you to reduce your noise pollution output. Try to avoid congested and typically busy routes, especially at peak periods or during the usual rush hour. And when you can, try to use public transport or commute on your bike instead!
FinTech companies see two main opportunities in the auto financing space. First, the financing experience is too arduous, with many brands requiring the would-be buyer to complete paperwork and submit copies of tax returns and pay stubs to the dealership itself. Yet consumers want a fully digital experience, one that allows them to secure financing first, and then select the car they want. The other is subscription services, which Tesla and BMW are pioneering. These brands have implemented services that allow for the activation of new features within a vehicle on a subscription basis. This paves the way for in-car purchasing, which savvy auto financing companies can leverage to build long-term relationships with people.
In-Vehicle Shopping Will Soon Be a Reality
Right now the only way to make any purchase of goods and services from within a vehicle is via a mobile phone, but Apple CarPlay and Android Auto will change that. CarPlay allows users to connect their iPhone with their vehicle’s display or dashboard screen so that it looks and works just like the app screen of the phone itself. There are some safety features built into CarPlay. For instance, it won’t allow drivers to send or receive text messages from the screen. All in all, it is setting the stage for a vehicle’s display screen to become so much more than just a control panel for the car’s entertainment system.
Imagine this scenario: a consumer applies for a loan from Honda Financial to purchase a car. At the same time, they apply for a line of credit or even a Honda-branded credit card. That card or line of credit can be used to pay for all in-car purchases, which can be made through the dashboard screen.
What are borrowers likely to purchase? First, they can purchase services from Honda itself (think: BMW letting drivers activate heated seats for $18/month). There are a whole host of in-car features that consumers may want to use occasionally, such as cruise control when embarking on a road trip. A services model allows the Hondas of the world to continue nurturing the customer relationship long after the car has left the lot.
Now imagine using that same line of credit or Honda-branded credit card for other purchases, such as gasoline, charging, or paying for drive-through meals. Imagine an app, selected from a Honda app store and accessible from the dashboard screen, that allows drivers to track miles and purchases for work, down to the client level, to streamline their expense reports or business tax filings. Imagine an app that tracks driving habits, which drivers can then send to their insurance companies in order to obtain better rates.
People tend to stick with the same brand of mobile phones when they upgrade because they like and are accustomed to apps they’ve installed. I can see the same phenomenon occurring with cars once there is a robust apps store for each brand (a development that seems inevitable to me).
In order for the Honda Financial organisations of the world to succeed, however, they must first perfect the experience of applying for loans, and ultimately credit cards. What makes for a great experience? First and foremost, it’s one that is 100% digital from start to finish. If Honda Financial needs to see my tax return or pay stub, fine, but allow me to take a photo with my phone and send it that way.
Next, adopt the Quicken Loans approach, where first I secure the financing and then I go shopping for a vehicle. Once I decide which car I want, the check is cut and sent to the appropriate dealer. This is far more relevant to the consumer than many in the industry may realise.
Or, even better, integrate the financing into the checkout process. Manufacturers can follow established processes in retail, including an option to open an account in order to apply for quick financing using a Buy Now Pay Later (BNPL) model. Consumers can choose their car, hold it with their down payment (or an acceptable portion of it), and then start applying for financing. I see opportunities here for targeting in-house financing to consumers or partnering with traditional financing institutions to give consumers a menu of finance sources, all integrated into the single checkout process
Who Will Own Finance Experience?
Auto brands are the natural owners of the finance experience, especially as they can tie in so tightly with the purchase process. However, banks are part of the new experience as well, particularly for those auto brands that either have established partnerships or plan to engage new partners to bring in necessary scale, buyers, or offerings. Going further, the combination of auto brand plus internal financing or partnering is what can ultimately activate the "Honda" card, points, or rewards, leading to payments loyalty.
To lead the market, however, auto brands need more than finance innovation. Experience is equally important, meaning it will be the combination of finance and experience that differentiates the brand and cements customer loyalty.
The services and app-based models are still in their infancy, which means there’s still time for auto manufacturers to lead the innovation (and benefit from the opportunity to cement long-term relationships with consumers).
In a few years’ time, I’ll be ready to purchase a new car. Whether the check for it comes from the lending arm of a manufacturer, or a FinTech company that moves into the space, will depend on the lender's appetite for innovation.
Eddie Chin brings his 15 years of financial services consulting experience to the intersection of experience design, solution development, and financial services. In his role at Rightpoint, he helps his clients use experience and design to innovate and solve strategic and technology challenges. Eddie joined Rightpoint as part of its acquisition of TandemSeven, where. He led engagements with clients in consumer banking, commercial banking, wealth management, and corporate banking.
So, you were involved in a car accident, and one of the vehicles was a rental. Unfortunately, the conditions when a car rental agency is a liable party are few and far between. Many steps throughout the rental process and paperwork are set up expressly for the purpose of shielding the agency from liability.
Protections for the Rental Agency
There are a lot of built-in protections for car rental agencies. Understanding these protections is crucial if you want to know what your options are.
The Rental Agreement
Most rental agreements between a car rental agency and renter are set up to limit the liability for the company. Whenever the driver of the vehicle is responsible for an accident, this holds the blame on them, protecting the company.
It is vital to read rental agreements before signing because some will even make the renter solely responsible for any type of damage to the vehicle. This is meant to protect the agency from the cost of a hit-and-run or damage while the driver is not in the car.
If your rental car has been damaged, check your rental agreement to make sure you do not have to pay for rental days while it is being repaired. This is included in some agreements.
Primary and Secondary Liability Insurance
In many states, drivers must have liability insurance to operate any motor vehicle. Likewise, many car rental agencies must have liability insurance. In an accident involving a rental car, the driver’s insurance is triggered first and becomes the primary liability insurance. If the driver’s coverage can not cover all of the damages, only then will the agency’s insurance help.
Most rental agreements between a car rental agency and renter are set up to limit the liability for the company.
Entrustment
A precedent has been set that car rental agencies are not liable for negligent entrustment. This means if they rent a car to someone with a bad driving record, they are not liable. Rental agencies do not need to perform any sort of criminal or driving-specific background check before renting someone a car. To make them do so would place a large burden on the company.
Car Rental Agency Liability
There are a few conditions where a car rental agency is exposed to liability for injuries to the renter. These conditions look at negligence or shady business practices. Learn more about what a lawyer must prove in order to establish liability before deciding if you should take your situation to court.
Preexisting Conditions
If a rental vehicle has a dangerous flaw or necessary repair and the rental agency knows about it, they must fix it before renting out the vehicle again. If an agency employee rents out a dangerous or risky vehicle, they could be liable for the resulting injuries.
This can be hard to prove since you need to show there was a warning from a mechanic or a recall issued by the car’s manufacturer.
Lack of Maintenance
Car rental agencies must maintain their vehicles. If you can prove the agency or branch you used does not have or follow guidelines for routine inspections and maintenance, they may have missed a dangerous condition with the vehicle. This can help you prove the agency is liable for damages due to their negligence.
[ymal]
State and Federal Laws
If the state or federal laws were broken in the rental agreement or during the rental process, this could show that the agency is liable. For example, if a car rental agency allows a driver without a current driver’s license to rent and operate their vehicle, they have engaged in illegal business practice. If the agency has put a potentially untrained or dangerous driver on the road like this, they could share liability for the actions of that driver.
Other unethical and illegal business practices can open the rental agency to liability, too. Using defective auto parts or unlicensed employees to service their vehicles is another way some rental companies break the rules.
Should You Sue?
Everyone’s situation is unique somehow, so to plan your next steps, speak to a professional with legal experience about injury damages or liability.
Author’s Bio - Michelle Eddy
Michelle Eddy is a staunch consumer advocate, fresh libertarian convert, a mother of three, and a part-time blogger. She covers topics from parenthood and child development to education and law. With a strong emphasis on consumer rights and helping the little guy stand up for their rights. Her favorite quote is “Sir, we are outnumbered 10 to 1." "Then, it is a fair fight!"
Prior, Bezos had been the richest person in the world since 2017. On Thursday, Tesla’s share price increased, pushing Musk above the mark. The occasion also marks the quickest rise to the wealthiest person list in history.
Musk addressed his bump to the richest person in the world on Twitter, saying, “How strange” and “Well, back to work.”
Tesla has had its share of ups and downs. Just a year and a half ago, Tesla made headlines because of its rapid cash burn. However, over the past year, Tesla’s share price has rocketed, increasing ninefold. In just one year, Musk gained more wealth than Bill Gates’ entire net worth.
Musk remains one of the few who profited greatly during the pandemic. According to the Institute for Policy Studies, Musk made more than $48 billion between March 18 and August 13, while other auto manufacturers struggled. By July, he became the seventh richest person in the world, passing Warren Buffet.
At the beginning of 2020, Musk was worth just $27 billion and hovered at the bottom of the top 50 rich list. In May last year, he admitted that he was so “cash poor” that he wanted to sell his possessions; he listed several of his mansions during this time.
Musk also became the richest person in the world without taking a salary for the majority of his career; he has historically refused his $56,000 minimum salary every year. Furthemore, in January 2018 the company announced it would prohibit Musk from receiving any bonuses, salary, or stock until Tesla reached its $100 billion market cap. To date, the market cap has reached $760 billion.
Although Musk wasn’t taking a salary, he had generous options as a part of his pay package, including the ability to purchase more than 33 million shares of Tesla, which reached $818 per share on Thursday (compared to its market price of $98 a year ago) and sits just over $860 today.
[ymal]
While Musk has his net worth tied up in several projects, there are many reasons why Tesla remains his most profitable venture. Dominating the electric car market, this sleek luxury sedan has plenty to offer, receiving nearly a perfect score from Consumer Reports and a five-star rating from Car & Driver. Some of its unique features include a biodefence mode (which renders the interior air quality of a vehicle “hospital grade”), a 5,000-pound towing grade, a central portrait touchscreen, front trunks, and more.
With so many features, protecting the vehicle from an investment standpoint is also important. For instance, many car owners opt to extend their manufacturer warranties to ensure their vehicle is covered for any damages beyond its expiration period. Owners of the Model S and Model X receive automatic extended coverage.
However, not all manufacturers are as generous with their policies. Other vehicle owners should work with warranties that align with their specific vehicle type, leveraging third-party companies for premium coverage. For example, a Volt owner might consider a Chevrolet extended warranty.
The Bloomberg Billionaire index noted that Bezos would have remained the richest person in the world if he hadn’t transferred a quarter of his Amazon stake to his ex-wife, who donated more than $4 billion to help Americans struggling during the pandemic.
Europe’s car industry has suffered its largest drop in sales since records began, stemming from the impact of the COVID-19 pandemic.
New data published on Tuesday by the European Automobile Manufacturers Association (ACAE) showed that new car registrations in the European Union fell by 23.7% in 2020, the sharpest annual decline ever seen by the industry body. 3 million fewer cars were produced than in 2019, and only 9.9 million new car registrations were recorded in the bloc.
According to the ACAE, the decline is owed to the COVID-19 pandemic and its disruption of car assembly lines and consumer demand.
“Containment measures – including full-scale lockdowns and other restrictions throughout the year – had an unprecedented impact on car sales across the European Union,” the organisation said.
Every one of the EU’s 27 member states saw double-digit sales falls during 2020, according to the ACEA’s figures. The greatest fall was in Spain, with a decline of 32.3%, followed by Italy at 27.9%. Sales in France and Germany also dropped by 25% and 19% respectively.
The worst Europe-wide slump was felt in March and April, when COVID-19 made its initial impact on Europe and the first lockdown restrictions were put in place. However, sales have remained weak since then.
New car registrations dropped by 76.3% across the EU in April as these first lockdowns were established.
[ymal]
New registrations also fell by 3.3% in December, marking the third monthly decline in a row, as new lockdowns have been imposed in European nations.
The car industry represents 7% of the EU’s GDP and employs almost 15 million people directly and indirectly, the ACEA said.
A deal to merge Fiat Chrysler Automobiles (FCA) and PSSA Group was completed on Saturday. The combined company, Stellantis, will be the fourth-largest car manufacturer in the world by production volume, behind only Toyota, Volkswagen and Renault-Nissan.
The new company will be headed by former PSA boss Carlos Tavares, with other managerial positions to be confirmed in the coming weeks. It will begin trading in Paris and Milan on Monday and New York on Tuesday.
“The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today,” the newly merged automakers said in a statement on Saturday.
The plan to merge the two was announced in October 2019, winning the approval of 99% of investors in both companies. FCA and PSA board members finalised the deal shortly afterwards.
According to new industry figures, Stellantis ranks as the world’s third-largest automaker by sales. At close of play on Friday, the company was valued at more than $51 billion.
FCA CEO Mike Manley, who will lead Stellantis’s key North American operations, has said that 40% of the company’s expected synergies would come from the convergence of platforms and powertrains and from optimising R&D investments. 35% will come from savings on purchases, and a further 7% will come from savings on general expenses and sales operations. Overall, Stellantis expecs to cut annual costs by over €5 billion without plant closures.
[ymal]
The deal will bring several high-profile brands together, with Peugeot’s Citroen and Vauxhall joining Fiat, Jeep and Chrysler under the Stellantis umbrella. PSA will also gain increased access to American markets while FCA will be able to utilise PSA’s latest vehicle platforms, including those specifically designed for EVs, which will help it to achieve new emissions targets.
Elon Musk’s Tesla on Monday will become the most highly valued company ever admitted to the S&P 500, with a market cap that will account for over 1% of the entire index.
Its 21 December listing is predicted to trigger a rush of stock trading on Friday as index-trading funds acquire shares so their portfolios will correctly reflect the S&P 500. $80 billion of the company’s stock is expected to change hands by the end of Friday’s session.
In addition to acquiring Tesla shares, funds mapping onto the index will simultaneously be forced to sell shares in other S&P 500 constituents worth the same amount.
Actively managed funds that use the S&P 500 as a benchmark for their performance, many of which have thus far shied away from investing in Tesla for fear that it has become , will have to decide whether they will risk buying its stock.
Shares in Tesla have risen by almost 700% in the past year, ranking it as the sixth most valuable publicly listed US company with a stock market value of over $600 billion. Stocks hit all-time highs on Thursday at $655.90 per share.
Tesla’s unprecedented stock surge in 2020 has pushed founder and CEO Elon Musk’s total net worth to more than $150 billion, cementing him as the world’s second-richest person ahead of former Microsoft CEO Bill Gates. Despite its current market value, Tesla has only turned a profit for five consecutive quarters, and recently completed a $5 billion equity sale to capitalise on its explosive growth.
[ymal]
A study by Invezz found that Tesla shares were the most popular stock to invest in for Europeans in 2020. The company was the most commonly searched-for stock in 26 of 31 European countries analysed.
Ride-hailing giant Uber has moved to sell its driverless car research division to self-driving startup Aurora, a significant shift in the company’s plans for future development.
The autonomous driving unit, known as Advanced Technologies Group (ATG), will be sold as part of a reported $4 billion deal which will see Uber investing $400 million in Aurora in return for a 26% stake in the company. The deal will also give Aurora access to Toyota, which has invested in ATG.
Uber CEO Dara Khosrowshahi will also be joining Aurora’s board, and the two companies expect to collaborate in bringing driverless cars to Uber in the coming years.
“Few technologies hold as much promise to improve people’s lives with safe, accessible, and environmentally friendly transportation as self-driving vehicles,” Khosrowshahi said in a statement. “For the last five years, our phenomenal team at ATG has been at the forefront of this effort – and in joining forces with Aurora, they are now in pole position to deliver on that promise even faster.”
Aurora is a Silicon Valley-based startup founded by former Tesla, Uber and Google executives and backed by Amazon and Sequoia Capital. The firm develops sensors and software for autonomous vehicles, with a focus on the commercial trucking sector over automated ride-hailing taxis. It currently employs over 1,200 workers.
The news follows a prediction from Volkswagen CEO Herbert Diess that autonomous vehicles will be ready for the consumer market between 2025 and 2030. In an interview with weekly German magazine Wirtschaftswoche, Diess said that autonomous driving technologies had progressed significantly, with advances in artificial intelligence continuing to accelerate.
[ymal]
Germany’s Ministry of Transport has already begun to draft legislation to allow driverless vehicles to operate on public roads. Trials of self-driving cars began in the UK in October as part of the government-backed research scheme “Project Endeavour”.
Well, the good news is that as the year draws to an end, there are plenty of great deals to be had for a variety of reasons. Anyone who wants to get a great deal when it comes to their new vehicle will find that this time of year is a great chance to get some fantastic 2020 car deals. In fact, 2020 car deals could be a golden opportunity in the US for those who want to purchase a new vehicle.
There are many reasons why you may be looking to get a new vehicle at this time of year. Some people are looking forward to starting the New Year off in a nice new car that is perfectly suited to their needs. Others want to upgrade their vehicle and benefit from the great deals at this time of year, while some may be investing in their first car. Whatever the situation, this could be a great chance for you to get the perfect car for your needs without breaking the bank.
Shopping Around for the Right Deals
It is, of course, important that you shop around to find the best deals on a new car, as they can vary from one dealership to another. Make sure you do not just snap up the first deal you come across, as there may be better ones out there, so you need to put in some research. By doing this, you can ensure you find the best vehicle at the best price, and that you get a great deal when it comes to things such as getting finance.
The good news is that you can do this with ease online, so finding the best deals is nowhere near as difficult and time-consuming as it once was. You can even email dealerships to see which of them can provide you with the best driveaway deal, as this is a very competitive market, and many will be willing to be flexible with regard to costs and terms. So, make sure you avoid rushing into any decisions, and be certain to put some time and effort into finding the very best deals.
One other thing you need to keep in mind is the running costs involved for the vehicle you purchase. While the initial price is important too, you need to make sure you look at how much you will need to pay when it comes to repairs, filling up the tank, and even finding the cheapest auto insurance. So, make sure you take all of this into consideration when you are looking for the ideal vehicle among the end of year bargains available.
While the initial price is important too, you need to make sure you look at how much you will need to pay when it comes to repairs,
Why Are Great Deals Available?
So, why are there so many great deals available on 2020 cars at this time of the year? Well, there are many reasons behind this, and a lot of people are eager to snap up vehicles at this time of the year because of these reasons. Some of the reasons there are great deals available include:
Great Financing Deals
One of the reasons why this is such as great time of year for new car purchases is that dealerships often provide access to very attractive finance deals, and this is to entice people to make purchases of 2020 cars as the year draws to an end. Of course, the fact that fewer people have been going to showrooms this year due to the global situation means that dealerships are under even more pressure than usual to try and make deals more appealing to drivers. So, this year you could be especially lucky when it comes to bargain vehicles.
Selling 2020 Stock
Another reason why this is a great time to get excellent deals on 2020 year cars is that dealerships are getting themselves ready for the next models for 2021. Naturally, in order to do this they need to shift as much of their 2020 stock as possible, and in order to do this they are prepared to offer some very attractive deals to motorists.
Achieving Sales Targets
Of course, every dealership salesperson has their sales goals and targets on their minds, but never more so than at this time of the year. This is often their last chance to boost their figures and get that bonus next year, so they will go out of their way to secure more sales. For drivers, this means being able to access some great deals and save a lot of money on the cost of buying a 2020 car.
[ymal]
A Time for Special Offers
This is the time of year that has become known for special deals on cars, so this is one of the reasons why it is a great time to purchase a 2020 vehicle. However, it is also a time of the year when people who bought cars previously on a three-year lease come to the end of the lease. Salespeople at dealerships want to make the most of this situation by offering tempting deals to those who may now be looking to buy a vehicle as their lease nears its end.
Ahead of the Sales Slump
As most people know, January and February can be very difficult months financially following the Christmas splurge. In addition, many people get the January blues and don’t want to start doing things like hunting for cars. Both of these situations can cause a slump in sales for the first couple of months of the year, which is obviously bad news for dealerships. Many try to counteract this by boosting sales before Christmas, and this is achieved by offering great deals.
As you can see, there are lots of reasons why this is a great time to get the best deal when it comes to buying a 2020 car.
Karoline Gore explores the current state of the EV market and the trends that have sparked its rise – and what this may portend for automated vehicles too.
The electric vehicle (EV) market is one that has an absolutely undeniable place in the future, but investment markets haven’t reflected that in value. According to experts providing comment in USA Today, Tesla saw a bear market in the early part of 2020, before striking upwards into their now sky-high value. A few key events have led to this surge, but they’ve now successfully started a trend. For a few key reasons, EVs have now established themselves as a bull market that will continue to rise – and big names are showing the way.
Big companies buy in
Tesla and their associated manufacturers are, of course, big names, but they lack a little bit of credibility as compared to the old-school big American auto houses. While EVs have an unassailable status as the future of the automotive market, it’s been a slow process to get these older manufacturers onboard. This has changed with the huge market intervention of GM, who have recently put $2 billion into EV production to up their share of the market. This has led to news outlets, including CNN, advocating an investment portfolio that looks into companies like GM – a sharp change from recent months; March saw their stock drop to a low not seen since before 2012. This type of disruption from the institutional auto manufacturers of the USA indicates the upwards trend and interest in the market; something which should only continue to become more relevant in a geopolitical sense.
Geopolitical movement
The Trump administration has been broadly opposed to green measures, whereas a Biden government has promised to become more climate-positive. Whatever the ultimate outcome of the election, there are indications that public opinion will keep moving forward in favour of green measures. According to the BBC, areas of industry and energy production have continued to grow where they favour green measures, and shrink in areas where they rely on fossil fuels and processes harmful to the environment. This points towards a future where society is dictating what products they want, and that’s a good one for EVs – especially when considering their logical, efficient endpoint.
[ymal]
The automated revolution
EVs will ultimately give way to automated vehicles. There are already plenty of models on the market that achieve 1 and 2 stage automation, meaning that the driver still has most control, with stage 3 being absolute control by the computer of the vehicle. This is the logical place where EVs will move to in the future, and offers huge benefits for business. Businesses as huge as Walmart have already invested heavily in the technology, given the benefits it can bring to the bottom line. As a result, automation can only grow, and putting money into the industry will only yield returns as the years go on.
For that reason, this form of investing favours a long-term view. That being said, it’s a good time to start getting involved – before huge gains are made by the big auto houses and the industry is swamped.
According to recent statistics, about 264 million vehicles hit the road annually in the US. Moreover, there are more than 210 million registered drivers, making the country’s roads some of the busiest. Despite introducing new and advanced safety features in cars, about six million car accidents take place on American roads each year.
Most of the victims file personal injury claims, and insurance carriers pay out billions of dollars annually. If you have been involved in an auto accident, you may want to know how much compensation you can get from your insurance firm.
Although there’s no specific amount payable after a car accident, understanding how insurance firms calculate settlements can help you estimate how much money you’re entitled to. Some companies use software for calculations. See more information about factors that could affect your settlement to make sure you are well-prepared before diving into a personal injury claim.
The Type of Insurance Policy
An insurance provider will determine the settlement based on the specific type of policy each driver holds, and their maximum limits. For example, in some jurisdictions, drivers must have minimum coverage that includes $5,000 for damages to other vehicles, and $15,000 for injuries or death of a person during an accident.
In some areas, you can choose between full tort and limited tort. On one hand, the latter offers policyholders the possibility to file claims for economic and non-economic damages, irrespective of the severity of the injuries. On the other hand, for limited tort, drivers can save money on their premiums.
Nevertheless, drivers must waive their rights to claim damages such as pain and suffering, unless their injuries are considered serious. The injured parties can still file claims against the other drivers, or they can file third-party claims against their insurance firm for monetary damages. There are limitations on non-economic damages as well, including whether the driver who caused the accident was impaired.
Your Current and Future Medical Expenses
If it’s clear that if liability is on the other driver’s part, their auto insurance firm is likely to offer a quick but small settlement before evaluating the full extent of the injuries you have incurred. Why should you be concerned about that? Well, no policyholder can tell how damaging the injuries will be or how much money they will spend on future treatment in the immediate aftermath of a car accident.
[ymal]
In some cases, other medical complications could develop from current injuries. Ideally, an insurance company should rely on experts who understand the injuries in order to determine the costs of any future treatments. For example, the settlement may include expenses such as medications and ambulance health care services.
Reimbursement for Out-of-Pocket Expenses
The recovery process includes a lot of expenses. Your settlement may include costs such as hiring a car while yours is being repaired, transportation costs to and from medical facilities, and hiring someone to perform household chores you may not be able to perform because of your injuries. In order to get compensation, you must keep copies of all the bills and explain why they’re important.
The Impact of the Accident on Your Life
The settlement may include non-economic damages if the victims have full tort coverage and/or limited tort coverage in some cases. This refers to compensation for damages that affect your well-being and ability to engage in various activities you used to participate in before the occurrence of the accident. It’s difficult to determine the fair value for such damages.
Non-economic damages include pain and suffering. Generally, an insurer is likely to ask you to prove that your pain and suffering are up to the degree that you claim. Unlike medical bills, proving pain and suffering may require more than just receipts. For example, you will need to have official statements from medical professionals showing the costs of the ongoing treatment and an estimated recovery period.
US automaker General Motors plans to hire 3,000 new employees to strengthen its engineering, design and IT divisions, the company announced on Monday.
The hiring is expected to take place from now through to the first quarter of 2021 and will be largely focused on software development. GM’s stated aim for the hiring drive is “to increase diversity and inclusion and contribute to GM’s EV and customer experience priorities.” The company also said that it plans to include more opportunities for remote work.
“As we evolve and grow our software expertise and services, it’s important that we continue to recruit and add diverse talent,” said GM President Mark Reuss in the release. "This will clearly show that we’re committed to further developing the software we need to lead in EVs, enhance the customer experience and become a software expertise-driven workforce."
Ken Morris, GM Vice President of Autonomous and Electric Vehicles Programs, said in a call with reporters on Monday that GM has accelerated the development of at least two upcoming electric vehicles following the debut of its GMC Hummer EV, which debuted in October.
“We’re moving as fast as we can in terms of developing vehicles virtually, more so than we ever have by far,” Morris said, adding: “We are doing things virtually, more effective than we ever have.”
Earlier this year, GM said that it planned to invest $20 billion in its new generation of electric and autonomous vehicles by 2025.
[ymal]
Shares in GM reached $39.72 ahead of the announcement on Monday, a 52-week high. The stock rose 5% in early Monday trading following investor optimism over a promising COVID-19 vaccine and President-elect Joe Biden’s supportive policies on electric vehicle development.
