Market Research Future Insights
All types of motorised vehicles on the road, including cars, trucks, motorcycles, and others, are covered by the motor insurance policy. The financial repercussions are covered by insurance if a car experiences damage or has body parts injured due to a collision with another vehicle in heavy traffic or for any other cause. The market is expected to grow as a result of the rising demand for motorbike insurance in developing countries. There are several countries throughout the world where vehicle insurance is compulsory due to the predicted rise in new automobile sales. These factors should hasten market expansion in various regions, especially in Asia.
According to MRFR analysis, the global Motorcycle Insurance market is expected to register a CAGR of ~4.50% from 2022 to 2030 and hold a value of over USD 92.78 Billion by 2030.
Regional Analysis
North America is anticipated to hold a significant percentage of the global motorcycle insurance market share. Due to the growth in the creation of the automotive sector in this area and the release of new models by the major key players of the market in these regions. The government's rule requiring insurance after bike purchase is anticipated to spur the expansion of the motorcycle insurance industry.
Market Segmentation
The Global Motorcycle Insurance market has been segmented into Policy Type and Application.
Based on the Policy Type, the market has been segmented into Liability Insurance, Comprehensive and Collision Insurance, Medical Payments Insurance, and Others.
Based on the Application, the market has been segmented into Personal, Commercial.
Key Players
Some of the key market players are GEICO, Farmers Insurance, Allstate, Aviva, Allianz, AXA, CPIC, PingAn, Assicurazioni Generali, and Cardinal Health.
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