The motorcycle insurance market size was valued at USD 68.9 billion in 2023 and is expected to reach a market size of USD 108.6 billion by 2032 at a CAGR of 5.2%.
FORT COLLINS, Colo., April 21, 2024 (GLOBE NEWSWIRE) —
Increasing popularity of car insurance and disposable income to attract market growth.
The motorcycle insurance market is experiencing a surge in demand driven by the growing popularity of two-wheelers globally. This increased preference for motorcycles, especially in urban settings due to accessibility and maneuverability, directly impacts the need for motorcycle insurance coverage. Additionally, rising disposable incomes and changes in consumer lifestyles are contributing to the growing adoption of motorcycles, subsequently driving the expansion of the motorcycle insurance market.
Governments around the world have introduced strict regulations mandating the possession of valid motorcycle insurance cover. For example, according to the National Association of Insurance Commissioners (NAIC), most states in the US require motorcycle owners to have at least liability insurance that provides coverage for damages to others in the event of an accident. This regulatory framework plays a crucial role in promoting the uptake of motorcycle insurance policies, ensuring rider safety and mitigating the financial risks associated with accidents or theft.
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Segmentation overview:
The motorcycle insurance market is segmented by insurance type, vehicle type, vehicle age, distribution channel, and region.
Public liability insurance registers huge growth in 2023
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On the basis of insurance type, the market is segmented into liability insurance, comprehensive insurance, anti-theft insurance, and others. Liability insurance occupies a significant share of the insurance segment of the motorcycle insurance market. This type of insurance is mandatory in many countries and covers the policyholder's legal liability for injury or damage caused to a third party in an accident involving the insured motorcycle. Its widespread legal requirement and availability contribute to its market dominance.
The share of insurance agents/brokers will grow high in the coming years.
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Market segmentation based on distribution channel includes insurance agents/brokers, banks, etc. Insurance agents/brokers hold a significant share of the distribution channel in the motorcycle insurance market. This segment has traditionally dominated the channel as insurance agents and brokers have direct access to customers, providing personalized service and guidance on choosing the right motorcycle insurance plans.
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Highlights of the Motorcycle Insurance Market Report:
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Some prominent players in the Motorcycle Insurance market report include Progressive Corporation, Geico Employees Insurance Company, Allstate, State Farm Insurance, Nationwide Mutual Insurance Company, Dairyland Insurance, Markel, Foremost Insurance, Safeco Insurance, Liberty Mutual Insurance Company, USAA and Zurich Insurance Group.
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