The motorcycle insurance market size was valued at $68.9 billion in 2023 and is expected to reach $108.6 billion by 2032, at a CAGR of 5.2%.
FORT COLLINS, Colo., April 21, 2024 (Globe Newswire) —
Rising popularity of auto insurance and disposable income attract market growth.
of motorcycle insurance market Demand is rapidly increasing due to the increasing popularity of two-wheeled vehicles around the world. Thus, the growing preference for motorcycles, especially in urban areas, due to affordability and ease of use, is directly impacting the need for motorcycle insurance coverage. Additionally, increasing disposable income and changing consumer lifestyles are contributing to the proliferation of motorcycles, thereby driving the expansion of the motorcycle insurance market.
Governments around the world have introduced strict regulations mandating having valid motorcycle insurance. For example, according to the National Association of Insurance Commissioners (NAIC), most U.S. states require motorcycle owners to carry at least liability insurance to cover damage to others in the event of an accident. This regulatory framework plays an important role in promoting the uptake of motorcycle insurance, ensuring rider safety, and reducing the economic risks associated with accidents and theft.
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Segmentation overview:
The motorcycle insurance market is segmented into insurance type, vehicle type, vehicle year, sales channel, and region.
Third-party liability insurance will record significant growth in 2023
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Based on insurance type, the market is segmented into third party liability insurance, comprehensive insurance, theft insurance, etc. Third party liability insurance accounts for a large share of the insurance type sector in the motorcycle insurance market. This type of insurance is compulsory in many countries and covers the policyholder’s legal liability for injury or damage caused to third parties due to an accident involving the insured motorcycle. Extensive legal requirements and affordable prices contribute to its market advantage.
The share of insurance agents/brokers will be high in the coming years.
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Segmentation of the market based on distribution channel includes insurance agents/brokers, banks, etc. Insurance agents/brokers account for a significant share of the motorcycle insurance market distribution channel. This segment has traditionally dominated the channel as insurance agents and brokers have direct access to customers and offer personalized service and guidance to choose the right motorcycle insurance plan.
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Highlights of the Motorcycle Insurance Market Report:
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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 Includes insurance. group.
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