What is Bike Insurance Market Scope?
Bike insurance is included in two wheeler insurance policy that protects bike against any uncertainty and damages like road accidents, theft, natural disaster, vandalism, etc. There are two categories of bike insurance namely comprehensive insurance and third-party liability insurance. The coverage policy for bike insurance includes collision, medical payments, theft, etc, providing ease of recovering the expenses in different premium rates.
The Bike Insurance market study is being classified by Type (Comprehensive Insurance and Third-Party Liability Insurance) and major geographies with country level break-up.
Reliance General Insurance Company Limited (India), Bajaj Allianz General Insurance (Insurance), Acko General Insurance (India), Government Employees Insurance Company (United States), HDFC ERGO General Insurance Company (India), ICICI Bank Limited (India), Policybazaar (India), National Insurance Company Limited (India) and Axa S.A. (France) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Bike Insurance market by Type, Application and Region.
On the basis of geography, the market of Bike 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 Influencers and their development strategies
On 23rd July 2020, Amazon Pay, in collaboration with Acko General Insurance, is now offering insurance plans for two and four-wheeler vehicles in India. With this development, Amazon has marked its entry into the vehicle insurance space in the country. The company claims that with the Amazon car and bike insurance policy, customers can purchase an insurance plan in less than two minutes "with no paperwork.
On 20th October 2020, India's first and fastest-growing wholly digital general insurance provider, ACKO has partnered with Finserv MARKETS, a leading fintech aggregator, for offering two and four-wheeler insurance policies. Customers can now buy ACKO Insurance for their car or bike on the Finserv MARKETS platform by providing basic details. In partnership with Finserv MARKETS, ACKO has made the insurance buying experience transparent, intuitive, and effortless. ACKO offers value-added services like hassle-free claims, zero paperwork, one-hour pick-up, 3-day assured claim servicing, and 1-year repair warranty - in select cities.
Influencing Market Trend
- Introduction of New Policies for Bike Insurance with Different premium Option
- Rising Number of Two Wheeler Accidents
- Need for Getting Secured Against the Uncertainty and the Costly Expenses Associated with it
- Emerging Third Party Online Services for the Bike Insurance
- Increasing Number of Advertisement Activities for Promotion of Bike Insurance
- Stringent Regulatory Guidelines and Standards Regarding Bike Insurance
- Stiff Competition in the Bike Insurance Market Due to New Entrants
Key Target AudienceBike Insurance Service Providers, Bike Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
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