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Car Insurance For India – October 18, 2021 April 7, 2023 Sonia Nagpal 5056 views in india 2021, best car insurance companies in india 2021, best car insurance in india 2021, car insurance, car insurance in india, top 10 car insurance in india, top 10 car insurance in india 2021, top 5 car insurance in india, best car insurance in India
According to the Motor Vehicles Act 1988, you must have third party car insurance, but it is recommended that you have comprehensive car insurance for third party liability and damage to the car.
Car Insurance For India
It is very difficult to choose the best car insurance from all the car insurance companies available. There are 26+ car insurance companies in India. Some insurances have their own benefits and features.
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HDFC ERGO car insurance company has a huge customer base with more than 1 crore policyholders which shows that the company enjoys a lot of trust which shows why HDFC ERGO is the best insurance company.
Reliance General Insurance was established in 2000. It is part of the Reliance group, which has over 29,000 agents across India.
They offer affordable premiums, easy renewal and quick payment. ICICI Lombard Motor Insurance Company was established in 2001 and has gross written premium (GWP) of ₹ 135.92 billion in 2020 (FY2020).
It offers comprehensive and third party insurance and has a prominent name in the insurance industry.
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SBI General Insurance Company Limited is a joint venture between State Bank of India and Insurance Australia Group (IAG).
SBI General has also established its presence in 14,000+ branches of State Bank of India, which also strengthens its reach across India.
IFFCO Tokyo General Insurance Company. Ref. a joint venture between IFFCO (India Farmers’ Co-operative) and Tokio Marine and Nichido Fire Group.
It was established in the year 2000. The company has won the trust of the customer during the journey of 20 years by providing good and trouble-free services.
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The company is specially designed to provide complete protection and security for your vehicle against all accidents resulting in injuries.
It insures the owner of the vehicle against any legal liability, including death or bodily injury to a third party or damage to property associated with the insured vehicle.
This covers all third party insurance points as well as damages to the vehicle. If the car is damaged in any way and repaired, the policy pays for the repair costs.
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Sonia Nagpal is an insurance professional. He has over 25 years of experience in sales, marketing and corporate associations. Validation of all types of motor insurance (self-injury, third party); By Use (Commercial (Light Quad, Heavy Quad, Other Commercial Vehicle), Private Motor Vehicles), Through Distribution Channels (Individual Agents, Brokers, Banks, Other); by location (north, east, west and south)
SKU: UMBF212864 Categories: Banking, Financial Services & Insurance, Industry Reports Tags: India Motor Insurance Market 2024, India Motor Insurance Market Analysis, India Motor Insurance Market Growth, India Motor Insurance Market Share, India Motor Insurance Market Share, India Motor Insurance Market Trends
The Indian auto insurance market was valued at USD 15,000,000 in 2023 and is expected to grow at a strong CAGR of 6.31% during the forecast period (2024-2032). Due to the increasing growth of the Indian automobile sector.
Car insurance is a part of general insurance that provides owners of different types of vehicles with full protection in case of damage and theft. These insurance policies are offered by various public and private financial institutions and banks regulated by the Insurance Regulatory Development Authority of India (IRDAI). The insurance covers most unused and damaged items during the insurance period.
Car Insurance In India
The motor insurance market in India was valued at USD 15,000,000 in 2023 and is expected to grow at a robust CAGR of around 6.31% during the forecast period (2024-2032). One of the main factors behind the growth of the market is the increase in car sales in the country. Given the growth of the middle class population as well as the increase in disposable income in the country, the auto industry has benefited from significant sales growth in recent years.
This increase in sales has led to the need for first and third party insurance, which is mandatory, as well as road tax when buying a car. Moreover, the demand for car insurance will further increase in the coming years with various policy changes.
In addition, car insurance forms a significant part of the insurance and health market in India. According to IRDAI, the total auto insurance premium in India was INR 70,433.48 million in 2021-22, which increased to INR 81,280.04 in 2022-23. The public sector has the largest share of the car insurance market, accounting for 80% of the market.
This section discusses key market trends impacting various segments of the Indian motor insurance market as identified by our team of research experts.
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The electric car sector is growing due to consumers’ increasing focus on sustainability. Electric vehicles offer various advantages over conventional gasoline-powered vehicles, such as low long-term operating costs, no emissions, etc. As sales of electric vehicles in the two-wheeler and four-wheeler segment have been a big sell-off, the demand for car insurance will increase in the coming years. According to car sales data, 1.53 million electric cars were sold in 2023, a 50% jump from 2022.
Additionally, government schemes offering free toll in many states boosted sales of electric vehicles in the car, two-wheeler and e-rickshaw segments, which would contribute to the large number of car insurance markets in India.
Considering the growing number of vehicles in the electric car segment, the demand for car insurance for different segments will increase significantly in the coming years, i.e. in the years 2024-2032.
North India has a significant market share in car insurance. One of the factors driving the growth of the northern region of India is the high sales of cars over the years. This region includes states like Uttar Pradesh, New Delhi, Punjab, Haryana, Jammu and Kashmir, etc., which have a large population and have seen an increase in the number of cars in recent years. Uttar Pradesh, New Delhi and Haryana accounted for 10.04%, 5.94% and 6.60% of car sales in India in 2023, according to the Society of Indian Automobile Manufacturers (SIAM). Similar trends were observed in two-wheeler sales at 14.35%, 2.5% and 2.89% of sales during the same period.
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As the sales of cars in the North Indian region are high, the demand for car insurance is estimated to increase in the next year i.e. 2024-2032.
The Indian motor insurance market is competitive and fragmented with multiple regional and market players. Key players are adopting various growth strategies to increase their presence in the market, such as partnerships, agreements, partnerships, new product launches, geographical expansion, and mergers and acquisitions. Some of the major players operating in the market are ICICI Lombard General Insurance, Bajaj Allianz General Insurance, Tata AIG General Insurance, HDFC ERGO General Insurance, New India Assurance Co Ltd, United India Insurance Company Ltd, The Oriental Insurance Co. Ltd., Bharti AXA General Insurance, Reliance General Insurance and IFFCO Tokio General Insurance.
In 2022, IRDAI has allowed general insurance companies to introduce pay-as-you-go, pay-as-you-go and floating policies for single-owner vehicles like two-wheelers and cars as auto insurance add-ons.
In 2023, ICICI Lombard launched an AI-powered digital campaign, Ask for your offer. The campaign aims to capture the untapped markets of conventional insurance in India.
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Indian motor insurance market can be reorganized as per need or any market segment. In addition, UMI understands that you may have your own business needs; Therefore, you are welcome to contact us to get the report that best suits your needs.
Answer: The motor insurance market in India was valued at USD 15,000,000 in 2023 and is expected to exhibit a CAGR of 6.31% during the forecast period (2024-2032).
Ans: Growing demand for car insurance in the automotive sector is one of the major growth drivers.
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Analyzing the historical market, forecasting the current market, and predicting the future market for the Indian motor insurance market are three key steps to develop and analyze the Indian motor insurance adoption in major regions of India. To understand
