Automotive Insurance also known as Vehicle insurance covers cars, trucks, motorbikes, and other types of road vehicles. It is often referred to as auto insurance, motor insurance, or car insurance. Its main purpose is to offer financial security against property loss or personal injury brought on by auto accidents, as well as against liability that can emerge from related events. Car insurance may also provide financial security against vehicle theft, damage from incidents other than collisions with moving traffic, weather-related or natural disaster-related occurrences, and damage from collisions with stationary objects. The specifics of auto insurance differ depending on local legal requirements.
Highlights from Automotive Insurance Market Study
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The key Players profiled in the report are Clements Worldwide (United States), USAA (United States), The Hanover (United States), Erie (United States), Amica (United States), NJM (United States), State Farm (United States), GEICO (United States), NFU Mutual (United Kingdom) and Allstate Insurance Company (United States). Additionally, other players that are part of this comprehensive study are RAC (United Kingdom), Progressive Casualty Insurance Company (United States), AmFAm (United States), Symetra (United States) and The Travelers Company (United States).
Geographic Breakdown and Segment Analysis
The Global Automotive Insurance market presents a comprehensive analysis of the Automotive Insurance market by product type (Private Car Insurance, Two-wheeler Insurance, Third-Party Liability Insurance and Commercial Vehicle Insurance), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Automotive Insurance industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the holds majority of market share of the Automotive Insurance market
Analyst at AMA have segmented the market study of Global Automotive Insurance market by Type, Application and Region.
Influencing Trend:Technological Innovation and penetration in Insurance Services
Market Growth Drivers:Increasing Awareness about Vehicle Road Accidents and personal Injury and Rising Concern about Vehicle Damage and Financial Security related Vehicle Theft
Challenges:Lack of Knowledge about Automotive Insurances Among Individuals and Complex and Confusing Insurance Process
Restraints:Time Consuming and Expensive Insurance Service and Coverage Failures Issues Associated with Automotive Insurance
Opportunities:Continuous Growth in Fintech infrastructure, Growth in Insurance and Financial Advising Firms and Rising Growth in Automotive Vehicle Sales Across the World
Market Developments Activities:On 2 June 2021, Allstate has agreed to acquire Ohio-based SafeAuto, which offers car insurance that meets the minimum legal requirements in 28 states. The acquisition will be through Allstate subsidiary National General and SafeAuto will be integrated into National General’s direct-to-consumer non-standard auto insurance operations.
On 15 February 2022, State Farm and Ford are excited to announce the launch of Drive Safe & Save Connected Car for customers with eligible connected Ford or Lincoln vehicles, to benefit from usage-based insurance (UBI). State Farm customers with eligible connected vehicles can opt into the State Farm UBI program, Drive Safe & Save, which adjusts premiums to an individual vehicle’s mileage and customer driving behavior.
Regulatory Insights:FIO has the authority to monitor all aspects of the insurance sector, monitor the extent to which traditionally underserved communities and consumers have access to affordable non-health insurance products, and to represent the United States on prudential aspects of international insurance matters, including at the International Association of Insurance Supervisors. In addition, FIO serves as an advisory member of the Financial Stability Oversight Council, assists the Secretary with administration of the Terrorism Risk Insurance Program, and advises the Secretary on important national and international insurance matters.
The market for Automotive Insurance is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as insurance innovation and using various marketing strategies to gain a higher market share.
Key Target AudienceAutomotive Insurance Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others