The global Usage-based Insurance For Automotive Market size is expected to be worth around US$ 99.2 billion by 2028, according to a new report by Vision Research Reports.
The global Usage-based Insurance For Automotive market size was valued at US$ 28.01 billion in 2020 and is anticipated to grow at a CAGR of 21.4% during forecast period 2021 to 2028.
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Growth Factors
Usage-based insurance offers several advantages to insurers and consumers. The telematics-based insurance allows the insurer to closely monitor the individual vehicle or fleet performance resulting in inaccurate pricing of the insurance premiums. Also, the data collected by the telematics device can improve fraud monitoring by augmenting crash monitoring data with fraud data models to recreate scenarios and detection of false claims. Furthermore, the adoption of usage-based insurance gives consumers the ability to control their cost of the premium by encouraging them to reduce the miles driven and to adopt safer driving habits. Thus, fewer miles and safer driving also assist in reducing accidents, vehicle emissions, and congestion.
The market is characterized by intense competition by the major players operating in the market. These players are focusing on entering into mergers and acquisitions as part of their growth strategy to hold a competitive position in the market. Moreover, the long-term benefits of the automotive...
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