There will be no need for car insurance: A groundbreaking move from BYD

BYD, the world 's largest -producing electric car brand , has now surpassed Tesla in global sales. The Chinese company, which will forge significant partnerships with Toyota in the coming years , has already impressed even many of its rivals .

AUTONOMOUS AND AUTOPILOT PARKING SYSTEMS

Along with the proliferation of electric cars , autonomous and autopilot parking systems have also begun to attract attention . Tesla cars, in particular, can drive autonomously in certain areas , while BYD recently announced a significant update to its automated parking system .

According to the news of technology media The Verge , the Chinese automobile giant, which updated its God's Eye system, provided great assurance to its users by announcing that it will cover all damages arising from the new generation self-parking ability .

THE COMPANY IS RESPONSIBLE FOR FINANCIAL LOSSES INCURRED DURING THE PARKING

BYD announced on Weibo , China's microblogging platform , that this system has reached Level 4 autonomy and will cover all security issues and financial losses that may occur while the vehicle is parked . This eliminates the need to deal with car insurance companies.

However, only a limited number of car manufacturers have this system. For example , Mercedes - Benz has a Level 4 parking system operating in the Stuttgart Airport parking garage. Parking assistance technologies offered by other companies still require driver intervention during driving or parking maneuvers within Level 2 autonomy .

TESLA HAS 2 AUTONOMOUS

Tesla 's " Autopilot " and "Full Self - Driving" packages currently offer Level 2 autonomy, which requires the driver to be ready to take control at all times . Tesla's "Car Park" feature has been criticized by some users for occasionally performing erroneous maneuvers, according to Fast Company .

BYD WILL ASSUME THE EXPENSES

BYD announced that vehicle owners who are damaged by the self-parking system can contact the company directly, without having to deal with their insurance company, and that BYD will cover the costs. The statement underscored the trust placed in its "God's Eye" technology .

Meanwhile, BYD offers its God's Eye system in three different trim levels. The most advanced version, called "God's Eye A," features three LiDAR sensors in luxury models . With this step, BYD aims to consolidate its performance, which already surpasses Tesla in annual sales, while also distinguishing itself in the driverless parking segment .