Browse  market data Figures and Tables spread through  Pages and an in-depth TOC on the "India Car Insurance Market."

TechSci Research's report on the "India Car Insurance Market By Vehicle Type, By Type, By Source, By Premium Type, Competition, Forecast & Opportunities, 2024" forecasts a robust double-digit CAGR for the India car insurance market. This growth is attributed to the increasing automotive sales and the mandatory requirement of vehicle insurance as per the Motor Vehicles Act of 1988. Car insurance serves as a contract between vehicle owners and insurance companies, safeguarding vehicles against financial loss resulting from theft or accidents. Typically, car insurance policies are valid for one year and need to be renewed timely to maintain coverage. Failure to renew within 90 days may result in the loss of no claim bonus entitlement.

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The non-life insurance market in India ranks 15th globally, with motor insurance constituting 49% of the non-life insurance segment in 2018. The India car insurance market can be segmented based on vehicle type, insurance type, source, premium type, and region. Third-party insurance holds a significant market share due to its affordability compared to comprehensive insurance. However, the share of comprehensive insurance is expected to rise owing to increasing awareness of its benefits. Comprehensive insurance provides coverage for both third-party liabilities and damage to the owner's vehicle, driving growth in this segment.

Report Scope

In this report, India car insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• India Car Insurance Market, By Vehicle Type:

• New Car

• Used Car

• India Car Insurance Market, By Type:

• Third-party Insurance

• Comprehensive Insurance

• India Car Insurance Market, By Source:

• Insurance Broker/Agency

• Online

• India Car Insurance Market, By Premium Type:

• Personal Insurance Premium

• Commercial Insurance Premium

• India Car Insurance Market, By Region:

• North

• South

• East

• West

Key players in the India car insurance market include: 

• Bajaj Allianz General Insurance Co. Ltd.

• ICICI Lombard GIC Ltd.

• TATA AIG GIC Ltd.

• Bharti AXA General Insurance

• The New India Assurance Co. Ltd.

• The Oriental Insurance Co. Ltd.

• HDFC ERGO General Insurance Co. Ltd

• United India Insurance Co. Ltd.

• National Insurance Company

• Future Generali India Insurance

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Many of these companies are joint ventures or mergers aimed at serving customers in urban and rural areas effectively.

The market is expected to witness significant growth as insurance firms expand their online presence and leverage IoT and big data for offerings like Usage-Based Insurance (UBI), which tailors premiums based on driving patterns. These advancements are poised to drive growth in the market in the coming years.

The report "India Car Insurance Market By Vehicle Type, By Type, By Source, By Premium Type, Competition, Forecast & Opportunities, 2024" provides comprehensive insights into the market, including statistics, trends, and analysis. It equips stakeholders with valuable market intelligence to make informed investment decisions and addresses emerging trends, drivers, and challenges faced by the India car insurance market.

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