Usage-Based Insurance Market to Expand with Significant CAGR During 2021-2031 | Allstate, Progressive, GEICO, State Farm

New York, According to a new market research report published by Global Insight Services Usage-Based Insurance Market is expected to grow by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Usage-based insurance is insurance that is priced based on how much the insured uses the insured vehicle. The insurance company uses data from a telematics device, installed in the insured vehicle, to track how far and how often the vehicle is driven. The insurance company then prices the insurance based on this usage data.

This type of insurance is typically used by people who don't drive their vehicles very often, such as people who live in urban areas and use public transportation or people who only use their vehicles for leisurely activities on the weekends. By pricing insurance based on usage, insurance companies can offer lower rates to these low-risk drivers.

Key Trends

There are a few key trends in Usage-Based Insurance (UBI) technology. The first is the use of telematics to track driving behavior. This allows insurers to get a more accurate picture of how risky a driver is and to price their policies accordingly. The second trend is the use of data from connected devices to help identify risks. This data can be used to help predict accidents and to tailor policies to the individual driver. Finally, insurers are starting to use UBI to offer discounts to safe drivers. This encourages good driving behavior and helps to lower the overall cost of insurance.

Key Drivers

There are a few key drivers of the usage-based insurance market.

The first is the increasing price of insurance. As the cost of insurance rises, more people are looking for ways to save money on their premiums. One way to do this is to purchase a policy that is based on how much you actually use your vehicle.

Another driver of the usage-based insurance market is the increasing number of people who are using their vehicles for business purposes. When you use your vehicle for business, you are more likely to have an accident. As a result, your insurance rates will be higher. By purchasing a policy that is based on how much you use your vehicle, you can save money on your premiums.

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Market Segments

The Usage-Based Insurance Market has been segmented into Package, Vehicle Type, and Region. Based on the Package, the Usage-Based Insurance Market is bifurcated into PHYD and PAYD. Based on Vehicle Type, the market is divided into Passenger Vehicle and Commercial Vehicle. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and the Rest of the World.

Key Players

Some major key players of Usage-Based Insurance Market are Allstate (US), Progressive (US), GEICO (US), State Farm (US), Liberty Mutual (US), Nationwide (UK), Farmers (US), Travelers (US), Chubb (US), and Allianz SE (Germany).

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Reasons to buy Usage-Based Insurance Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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