Automotive Insurance Market Size, Share, Trends, Growth And Future Scope Analysis by 2024



    The global Automotive insurance market is expected to witness ~4.4% CAGR during the forecast period, 2019–2024.

    Press Release

    Amazon Music Disney Promo

    Technology plays a remarkable role in the automotive insurance sector. The automotive insurance companies are always in need of huge volumes of data. They require it to create upgraded products and tailoring them as per their customer’s needs. The extensive reliance on data and analysis often makes it difficult for the service provider to keep track of things. Every day more than hundreds and thousands of accidents and thefts are taking place throughout the world, which means dealing with hundreds and thousands of license plates, dates, and financial figures.

    Augmenting Demand For Vehicles

    The global automobile sector has been witnessing a continuous growth over the past few decades. The expanding population of the world is one of the key factors responsible for the surging growth of the sector. Along with the increasing population, the supply and demand of goods is also rising which in turn is affecting the purchasing power of people in a positive way. The improved hospitality and travel services encourage people to go for weekend getaways very often. Additionally, people’s preference for a comfortable lifestyle has always played a predominant role in driving the global automobile sector. However, with the increase in number of vehicles hitting the road every year, the chances of accidents intensify substantially. Accidents are unfortunate. It’s not within the control of a person to prevent an accident, which is why it is termed as accident. It is sudden and destructive. No matter how much an individual tries to stay cautious on road, there are people driving or walking on the same road who pay least attention to safety. Despite the ‘don’t drink and drive’ messages being circulated worldwide, there is always a certain percentage of people who are found behind the bars for breaking the rule. Besides, the expensive auto parts have a separate black market where illegal transactions of stolen auto parts are carried on. So, having a vehicle these days is no less than a headache.

    Collision reimburses you for damage to your car that occurs as a result of a collision with another vehicle or other object—e.g., a tree or guardrail—when you’re at fault. While collision coverage will not reimburse you for mechanical failure or normal wear-and-tear on your car, it will cover damage from potholes or from rolling your car.

    Comprehensive provides coverage against theft and damage caused by an incident other than a collision, such as fire, flood, vandalism, hail, falling rocks or trees and other hazards—even getting hit by an asteroid!

    Glass Coverage provides coverage from windshield damage, which is common. Some auto policies include no-deductible glass coverage, which also includes side windows, rear windows and glass sunroofs. Or you can buy supplemental glass coverage.