Current manufacturing methods for the main car body involves welding or stamping together hundreds of different parts. This process is time consuming, requiring thousands of individual welds and is a very complex process.
‘Gigacasting’ or ‘megacasting’ involves the use of high-pressure die casting methods to produce single-piece parts such as the entire floor pan of a vehicle. This process eliminates the need for assembly from multiple smaller parts, resulting in stronger, more efficient, and cost-effective components. Electric vehicles can also take advantage of gigacasting to incorporate the battery cells into the vehicle chassis and dispense with the need for heavy battery cases to reduce weight.
However, weight savings and production efficiencies may come at a cost for vehicle owners and insurers. Following an accident, a vehicle chassis can no longer be repaired by stretching back to the original shape and would need to be replaced entirely. This is anticipated to increase accident repair costs and subsequent insurance costs.
Many modern cars and electric vehicles also contain driver monitoring systems which collect data such as acceleration or braking information. A recent case from the US involved a car manufacturer who on sold this data via a broker to an insurance company, which then used this information to set personalised insurance premiums. If drivers are made aware of this functionality and have the ability to ‘opt out’, this may not be an issue. Of concern though, is when data is being captured and shared without the consent or knowledge of the driver who then gets a nasty surprise with their insurance renewal.
As vehicle technology continues to evolve, it is clear thought will need to be given to how changes will impact on insurance terms and affordability.
Watch this space!