Recreational Vehicle Insurance Market Scope
The sales of recreational vehicles in Canada is booming, registered retail sales of 8.88 billion Canadian Dollars (USD 6.73 Billion) in the 2019 fiscal year. Thereby, the demand for RV insurance is also surging with increased accidents and injuries. RV insurance offers coverage such as bodily injury and property damage liability, uninsured motorist, personal injury protection, limited property damage, property protection, comprehensive, and collision to recreational vehicles. During the upcoming years, the market is expected to flourish at a rapid pace. There are several international players are operating within the market.
The Recreational Vehicle Insurance market study is segmented by Type (Financed RVs and Rental RVs), by Application (Towable RVs and Loan-Free RVs) and major geographies with country level break-up.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Canada Recreational Vehicle Insurance market throughout the predicted period.
Intact Insurance (Canada), Western Financial Group (Canada), Aviva plc (United Kingdom), Farmers Insurance (United States), USAA (United States), GEICO (United States), MetLife (United States), Liberty Mutual (United States), State Farm (United States) and Shelter Insurance (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Allstate (United States) and Nationwide (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Canada Recreational Vehicle Insurance market by Type, Application and Region.
On the basis of geography, the market of Recreational Vehicle Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On March 28 2019, Outdoorsy, the world's fastest-growing RV rental and outdoor experiences marketplace, announced its new partnership with Liberty Mutual. This partnership includes three levels of industry-first RV rental insurance allowing both owners and renters to safely travel throughout the U.S. and Canada in motorhomes, campervans, caravans, travel trailers and adventure vehicles. Since going live with the partnership on March 1, Outdoorsy has seen a 250 percent increase in online bookings when including Liberty Insurance.
- A Trend towards Online Policy Purchase
- Increase in the number of Recreational Vehicle sales across the Canada
- Mandatory requirement of insurance Fueling the Demand
- Owing To Urbanization and High Disposable Income People Are Buying Recreational Vehicles
- Growing RV Sales Expected to Open Lucrative Opportunities for the Market
- High Cost Associated with the Recreational Vehicle Insurance
Key Target AudienceRecreational Vehicle Insurance Companies, Industry Associations, Recreational Vehicle Companies, Upstream & Downstream Vendors, Regulatory & Government Bodies, End Users and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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