India Car Insurance Market By Vehicle Type, Industry Size, Share, Trends, Opportunity and Forecast 2025 - TechSci Research
India car insurance market is anticipated to grow at a double-digit CAGR during the forecast period on account of growing sales of car backed by growing disposable income and launch of several low-cost models in the country. Every car based on the motor vehicle act needs to be insured for at least third-party liability cover, thereby driving the car insurance market in the country. Another reason for the growing market of car insurance is surging incidents of road accidents due to rise in road traffic. India car insurance market can be segmented based on vehicle type, type, source, premium type and region. In terms of vehicle type, the market can be bifurcated into used car and new car. New car segment dominated the market in 2019; however, share of used car is anticipated to increase in the next 5 years on account of growing inclination of consumers towards used cars owing to their affordability and improved mileage. Based on the type, third party insurance is the dominant segment du...