The Objective of the “Auto Insurance Market” report is to depict the trends and upcoming for the Autonomous Ships industry over the forecast years. Autonomous Ships Market report data has been gathered from industry specialist/experts. Although the market size of the market is studied and predicted from 2016 to 2022 mulling over 2016 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.
Auto insurance is an insurance policy for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, medical payments, and personal injury protection.
The governments across the world make it mandatory to buy insurance policy while purchasing a new vehicle and this move has acted as a catalyst in the increased sale in the auto insurance market. Innovative and lucrative product launches are expected to boost market growth. The leading insurance players offer various add-on covers and it is expected to positively impact insurance sales.
The increased incidences of road accidents due to the rise in road traffic is among the major reasons for market growth. However, market fragmentation and rise in on-demand car services and the adoption of autonomous vehicles also reduces the need for auto insurance in the future, which is a major restraint for the auto insurance market.