India Car Insurance Market By Vehicle Type (New Car & Used Car), By Type (Third Party Insurance & Comprehensive Insurance), By Source (Insurance Broker/Agency & Online), By Premium Type (Personal Insurance Premium & Commercial Insurance Premium), Competition, Forecast & Opportunities, 2025

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 due to low cost. But, it does not cover any damage done to one’s own vehicle. Comprehensive insurance goes beyond liability coverage. It covers the damage done to other vehicles and to one’s own vehicle from traffic accidents & natural disasters.

Some of the companies operating in India car insurance market are Bajaj Allianz General Insurance Co. Ltd., ICICI Lombard GIC Ltd., TATA AIG GIC Ltd., Bharti AXA General Insurance, The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd., HDFC ERGO General Insurance Co. Ltd, United India Insurance Co. Ltd., National Insurance Company, Future Generali India Insurance, among others. Insurers are now concentrating on offering various add on insurance based on requirement and ensuring hassle-free claims so as to increase their market share.

Years considered for this report:

Historical Years: 2015-2018

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2021–2025

Objective of the Study:

• To analyze and forecast the market size of India car insurance market.
• To classify and forecast India car insurance market based on vehicle type, type, source, premium type and regional distribution.
• To identify drivers and challenges for India car insurance market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India car insurance market.
• To identify and analyze the profile of leading players operating in India car insurance market.

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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, distribution channels and presence of all major service providers across the country.

TechSci Research calculated the market size of India car insurance market by using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

• Car insurance companies and other stakeholders
• Research organizations and consulting companies
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to car insurance market   

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India car insurance market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• India Car Insurance Market, By Vehicle Type:
• New Car
• Used Car
• India Car Insurance Market, By Type:
• Third party Insurance
• Comprehensive Insurance
• India Car Insurance Market, By Source:
• Insurance Broker/Agency
• Online
• India Car Insurance Market, By Premium Type:
• Personal Insurance Premium
• Commercial Insurance Premium
• India Car Insurance Market, By Region:
• North
• South
• East
• West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India car insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

India Car Insurance is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]