What is Electric Vehicle Insurance Market?
Electric vehicle insurance offers financial protection to vehicles against liabilities like accidental damage, fire, natural calamities, riots, theft of the insured vehicle, and third-party injuries or damages to their property. It helps to avoid law-mandated penalties, and avoid expensive repairing bills. Choosing the right insurance policy for electric vehicles can help to avoid out-of-pocket expenses.
The market study is being classified and major geographies with country level break-up.
Erie Insurance (United States), TATA AIG (India), USAA (United States), State Farm (United States), Allianz SE (Germany), Acko General Insurance (India), Auto-Owners Insurance (United States), Deloitte (United Kingdom), Girnar Insurance Brokers Private Limited (India) and GEICO (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Carrot Insurance (United Kingdom), Progressive Corporation (United States), Liberty Mutual (United States) and Nationwide Mutual Insurance Company (United States).
Global Electric Vehicle Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Electric Vehicle Insurance market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Electric Vehicle Insurance market by Type, Application and Region.
On the basis of geography, the market of Electric Vehicle Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Road Accidents Incidences due to High Traffic
- High Offerings From Insurance Companies
- Lack of Policy for the Protection of Electric Vehicles
- Need for Electric Vehicles Insurance owing to Safety Measures
- High Cost Associated with the Electric Vehicles Insurance Policies
- Lack of Transparency
- The Demand for Electric Vehicles is Gathering Pace can create Opportunities for the Market Growth
- Regulatory Guidelines on the Electric Vehicle Insurance Providers
On 18th August 2021, Carrot Insurance has launched Pay-Per-Mile Insurance called Carrot EV Cover. The new launch was specially designed to protect electric mobility and the owners. Carrot Cover offers reasonably priced insurance policies that can be affordable for consumers.
According to the Insurance Regulatory and Development Authority (IRDA) Guidelines, "The general insurers offering vehicle insurance should adhere to at all times."
Key Target Audience
Electric Vehicle Insurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others