Home > > Global Usage-Based Insurance For Automotive Market Report
The Usage-Based Insurance For Automotive market was valued at $928.2 Million in 2020, and is projected to reach $1,305.8 Million by 2029 growing at a CAGR of 3.91% from 2021 to 2029. Usage-based insurance (UBI) for automotive is a type of insurance that uses data from vehicles to determine the risk profile of a driver and customize the insurance premium accordingly. This data can include information such as the number of miles driven, the time of day a vehicle is used, and the driving habits of the driver, such as braking and acceleration patterns. One major trend in the UBI for automotive market is the increasing adoption of telematics technology. Telematics is the use of electronic devices to transmit data from vehicles to a central location, and it is an important component of UBI. With the proliferation of connected vehicles and the growth of the internet of things (IoT), there is a trend towards the use of telematics to collect data on driving habits and other factors that can impact risk. This trend is being driven by the benefits of telematics, such as improved safety and efficiency. Another trend in the UBI for automotive market is the increasing focus on personalized and dynamic pricing. With the use of data from telematics, insurance companies are able to tailor insurance premiums to the specific risk profile of each driver. This allows for more personalized and accurate pricing and can result in significant cost savings for low-risk drivers. There are also a number of regulatory and policy changes that are affecting the UBI for automotive market. For example, governments around the world are implementing measures to protect consumer privacy and ensure the security of telematics data. These regulations can have a significant impact on the way UBI for automotive is developed and used. As for the top companies in the UBI for automotive market, some of the major players include Allstate, Progressive, and Metromile. These companies have been focusing on the development of advanced UBI for automotive solutions and technologies, as well as the expansion of their product offerings and the use of artificial intelligence and machine learning to improve the user experience. Allstate has been investing in the development of its Drivewise telematics program, while Progressive has been focusing on the development of its Snapshot program. Metromile has been investing in the development of its pay-per-mile insurance program.