Usage-Based Insurance Market Is Driven by Increasing Number of People who are Using Their Vehicles For Business Purposes | Liberty Mutual Insurance , MAPFRE Insurance , Nationwide

The Usage-Based Insurance Market was nearly USD 25.0 Billion in 2022 and it is anticipated to grow over USD 118.7 Billion by 2032, at a CAGR of over 15.7% during the forecast period.

Download Free Sample of Report - https://www.globalinsightservices.com/request-sample/GIS20159

Usage-based insurance is insurance that is priced based on how much the insured uses the insured vehicle. The insurance company uses data from a telematics device, installed in the insured vehicle, to track how far and how often the vehicle is driven. The insurance company then prices the insurance based on this usage data.

This type of insurance is typically used by people who don't drive their vehicles very often, such as people who live in urban areas and use public transportation or people who only use their vehicles for leisurely activities on the weekends. By pricing insurance based on usage, insurance companies can offer lower rates to these low-risk drivers.

Key Trends

There are a few key trends in Usage-Based Insurance (UBI) technology. The first is the use of telematics to track driving behavior. This allows insurers to get a more accurate picture of how risky a driver is and to price their policies accordingly. The second trend is the use of data from connected devices to help identify risks. This data can be used to help predict accidents and to tailor policies to the individual driver. Finally, insurers are starting to use UBI to offer discounts to safe drivers. This encourages good driving behavior and helps to lower the overall cost of insurance.

Report Overview- https://www.globalinsightservices.com/reports/usage-based-insurance-market/

Key Drivers

There are a few key drivers of the usage-based insurance market.

The first is the increasing price of insurance. As the cost of insurance rises, more people are looking for ways to save money on their premiums. One way to do this is to purchase a policy that is based on how much you actually use your vehicle.

Another driver of the usage-based insurance market is the increasing number of people who are using their vehicles for business purposes. When you use your vehicle for business, you are more likely to have an accident. As a result, your insurance rates will be higher. By purchasing a policy that is based on how much you use your vehicle, you can save money on your premiums.

Finally, the usage-based insurance market is being driven by the increasing number of people who are driving for ride-sharing companies such as Uber and Lyft. These companies require their drivers to have insurance, but they do not always offer the best rates. By purchasing a usage-based insurance policy, you can get a policy that is specifically designed for ride-sharing drivers and that can save you money on your premiums.

Get A Customized to Match Your Need Ask an Expert - https://www.globalinsightservices.com/request-customization/GIS20159

Restraints & Challenges

The key restraints and challenges in usage-based insurance market are:

Lack of awareness about usage-based insurance: There is lack of awareness about usage-based insurance among consumers which is restraining the growth of this market.

High cost of installation and subscription: The high cost of installation and subscription is another challenge in usage-based insurance market.

Market Segments

The Usage-Based Insurance Market has been segmented into Package Type, Technology, Vehicle Type, Vehicle Age, and Region. On the basis of Package Type, it is segmented into Pay-as-you-drive (PAYD), Pay-how-you-drive (PHYD), Manage-how-you-drive (MHYD). Based on Technology, the market is bifurcated into OBD-II-based UBI Programs, Smartphone-based UBI Programs, Hybrid-based UBI Programs, Black-box-based UBI Programs. On the basis of Vehicle Type, it is bifurcated into Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV). Based on Vehicle Age, the market is bifurcated into New Vehicles and Used Vehicles. Region-wise, it is studied across North America, Europe, Asia-Pacific, and Rest of the World.

Buy Now - https://www.globalinsightservices.com/checkout/single_user/GIS20159

Key Players

Some of the key players of Usage-Based Insurance Market are ACKO General Insurance Limited (India), Allianz SE (Germany), Allstate Insurance Company (US), Aviva Canada (Canada), insurethebox (Aioi Nissay Dowa Insurance UK Ltd.) (UK), Liberty Mutual Insurance (US), MAPFRE Insurance (US), Nationwide (US), Progressive Casualty Insurance Company (US), and Universal Sompo General Insurance Co.Ltd (India).

  With Global Insight Services, you receive:

10-year forecast to help you make strategic decisions
In-depth segmentation which can be customized as per your requirements
Free consultation with lead analyst of the report
Excel data pack included with all report purchases
Robust and transparent research methodology

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

This release was published on openPR.