The Vehicle Insurance market was valued at USD XX million and it is expected to USD XX million by the end of forecast period. Experts predict growth with a CAGR of XX% in the industry during the forecast period. Vehicle insurance is the insurance policy for vehicles that covers any financial risk caused due to accidents during driving the vehicle. The main objective is to provide financial protection against damages caused due to road mishaps, medical payments and injury protection for insured and uninsured drivers. An insurance company covers the losses in case of any damages or thefts.
Vehicle insurance market value is growing and there are various factors effecting the same. The growing per capita income and the compulsion to buy vehicle insurance being the main factors. Key market players provide several add-on’s with the insurance packages to make it more lucrative for the buyers. Another factor is the high costs involved in vehicle repairing due to number of increased road accidents across the globe. The demand for vehicles has increased considerably due to growing earning capabilities and ease of repayment of loans.
However, the ease of getting vehicles on rent, market fragmentation and availability of autonomous vehicles are impacting the overall growth of vehicle insurance market value.
Vehicle insurance market size is segmented on the basis of type of insurance, distribution channel, and geography. On the basis of insurance type, vehicle insurance market is divided into commercial insurance premium and personal insurance premium. With respect to distribution channel, the market is divided into insurance agency/insurance broker and online insurance providers. Geographically, the vehicle insurance market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Vehicle insurance market in India is one of the leading contributors in the global market and is estimated to grow at a CAGR rate of XX %. The vehicles act of 1988, which made it compulsory for buyers to buy insurance is the main reason for the growth.
The top contributors in the vehicle insurance market size include AXA, Allianz SE, AssicurazioniGenerali S.p.A., The Allstate Corporation, Berkshire Hathaway Homestate Companies, China Life Insurance Group, American International Group, Inc., Prudential plc., and Zurich Insurance Group Ltd and many more. The Vehicle insurance market in India is dominated by Bajaj Allianz General Company Insurance, followed by Bharti Axa Motor Insurance, Future Generali India insurance and many more.
Companies in the business of vehicle insurance are aware and in tune with the growing competitive market. Hence they are continuously changing their systems and process to give the best offers to users. New technologies and processes are always being created to recognize false claims.
Vehicle Insurance is very useful in the events of fatal accidents or any other type of damage done to your vehicle. Furthermore, vehicle insurance policies also cover the losses in case of any damage caused to any other vehicle by you.
The Vehicle Insurance market was valued at USD XX million and it is expected to USD XX million by the end of forecast period. Experts predict growth with a CAGR of XX% in the industry during the forecast period. Vehicle insurance is the insurance policy for vehicles that covers any financial risk caused due to accidents during driving the vehicle. The main objective is to provide financial protection against damages caused due to road mishaps, medical payments and injury protection for insured and uninsured drivers. An insurance company covers the losses in case of any damages or thefts.
Vehicle insurance market value is growing and there are various factors affecting the same. The growing per capita income and the compulsion to buy vehicle insurance being the main factors. Key market players provide several add-on’s with the insurance packages to make it more lucrative for the buyers. Another factor is the high costs involved in vehicle repairing due to number of increased road accidents across the globe. The demand for vehicles has increased considerably due to growing earning capabilities and ease of repayment of loans.
However, the ease of getting vehicles on rent, market fragmentation and availability of autonomous vehicles are impacting the overall growth of vehicle insurance market value.