Vehicle insurance is designed to cover threat of financial liability. Moreover, vehicle insurance is drafted to cover loss of an automobile that the vehicle’s owner may face after his or her vehicle is involved in an accident or a collision resulting in physical damages. Most of the countries in North America require automobile owner to carry some minimal level of liability insurance. It is compulsory for all motor vehicles to get an insurance policy against third party liability before the vehicle come on road. For the reason of insurance, automobiles are tabulated into three main categories which includes private cars, motor scooters and motor cycles, and commercial vehicles which further includes goods carrying vehicles and passenger carrying vehicles such as taxis, buses and motorized rickshaws. The insurance premium that an automobile owner pays is generally determined by several factors including gender and age of driver, type of vehicle, vehicle owners driving history and the location where the automobile will be primarily driven. Further down, in some states of United States, it is illegal to drive a motor vehicle not having a liability insurance coverage. Liability insurance or may be known as Casualty insurance is provided for property damage (PD) or bodily injury (BI) for which the driver having an insurance is deemed responsible. The total amount of coverage offered varies from area to area. The liability coverage is either available as a split limit policy or as a combined single limit policy. The split limit liability policy coverage splits the coverages into bodily injury coverage and property damage coverage. Further down, the combined single limit merges bodily injury coverage and property damage liability coverage under one single combined limit. The rising number of motor vehicles in North America region, is also expected to augment the growth of vehicle insurance market in the North America region during the forecast period of 2017-2025.
Rising number of automobile sales in countries present in North America, has primarily led to the growth of vehicle insurance market. Moreover, stringent government rule to buy insurance policy while buying a new vehicle, creates a huge opportunity for North America vehicle insurance market. Additionally, huge number of insurance provider present in this region and their ability to provide right operations and strategies to their customers at the right time makes the market more demanding. Large number of vehicle insurance vendors present in the North America market also forces them to provide competitive pricing to their customers. Moreover, it is also being expected that tech giant such as google is on a verge to enter the vehicle insurance market shortly, which will therefore boost the vehicle insurance market growth over the next eight years.
The North-America vehicle insurance market in report is segmented by premiums which includes commercial insurance premiums and personal insurance premiums. The North America vehicle insurance market has been moreover segmented by country wise which includes the U.S., Canada and Mexico.
In addition to this, growing disposable income of people also shows a promising growth rate of automobiles which in result will also propel the growth of vehicle insurance market. Further down, advertisement and hoardings presented by the leading auto insurance industries about the pricing and benefits of insurance further makes the market demanding during the projection period.
Some of the major players in the North America vehicle insurance market include American International Group, All State Insurance, Berkshire Hathaway Home state and few others.
Latin America Vehicle Insurance Market: By Premiums
Latin America Vehicle Insurance Market: By Vehicle
North America Vehicle Insurance Market: By Country