Global Automotive Usage Based Insurance Market report from Global Insight Services is the single authoritative source of intelligence on Automotive Usage Based Insurance Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restBlockchain Marketraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Automotive Usage Based Insurance (UBI) is a type of insurance that charges customers based on how much they use their vehicles. This usage can be tracked through devices installed in the vehicles, such as telematics devices. Insurance companies use the data collected from these devices to price insurance premiums. UBI is becoming increasingly popular as it allows insurance companies to price insurance more accurately, based on an individual’s actual driving habits. This can lead to lower premiums for safe drivers and higher premiums for risky drivers.
Key Trends
There are a few key trends in automotive usage-based insurance technology.
The first is the increasing use of telematics. This is a technology that uses sensors and GPS tracking to collect data about a vehicle’s usage. This data can be used to help insurers better understand a driver’s risk profile and offer more personalized pricing.
Another trend is the use of mobile apps to track driving behavior. This can be helpful for both insurers and drivers. Insurers can use the data to better understand driving habits and offer more targeted pricing.
Finally, there is the trend of insurance companies partnering with automakers to offer usage-based insurance programs. This is often done through the use of telematics, but it can also involve other data sources such as odometer readings.
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Key Drivers
There are a number of key drivers of the automotive usage-based insurance market.
One of the most important drivers is the increasing adoption of telematics-based insurance policies by automotive insurers.
Another important driver of the automotive usage-based insurance market is the increasing availability of telematics devices and services.
Finally, another key driver of the automotive usage-based insurance market is the increasing awareness of the benefits of usage-based insurance among consumers.
Market Segments
The automotive usage based insurance market is segmented by package, vehicle type, technology, and region. By technology, the market is classified into smartphone, black-box, embedded telematics, and others.
Based on package, it is bifurcated into PHYD, and PAYD. On the basis of vehicle type, it is divided into passenger vehicle, and commercial vehicle. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
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Key Players
The global automotive usage based insurance market includes players such as Allianz SE, Allstate Corporation, Aviva, Axa, Insurethebox , Liberty Mutual Insurance, Mapfre S.A., Nationwide Mutual Insurance Company, Progressive Corporation , Unipolsai Assicurazioni S.P.A, and others.
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