The motor insurance coverage covers all varieties of motorized vehicles on the road, including automobiles, trucks, motorbikes, and others. If a car sustains damage or has body components hurt due to a collision with another vehicle in heavy traffic or for any other reason, the insurance covers the financial consequences. The market is projected to expand due to the increased demand for motorbike insurance in emerging nations. Due to the anticipated increase in new car sales, there are several nations throughout the world where auto insurance is required. These elements are anticipated to accelerate market expansion in these areas, particularly 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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