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Pay-How-You-Drive policy type is the leading the global automotive usage based insurance market by 2027
The "Automotive Usage Based Insurance Market to 2027- by Technology Fitted (Smartphones, Black Box, and Dongles); and Policy Type (Pay-As-You-Drive and Pay-How-You-Drive) - Global Analysis and Forecast". The scope of study involves understanding on the factors responsible for this growth of automotive usage based insurance market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant automotive usage based insurance players in the market and their key developments.
Automotive Usage Based Insurance Market to 2027 - Global Analysis and Forecast by Technology Fitted and Policy Type. In terms of revenue, the global automotive usage based insurance market accounted for US$ 15.62 Bn in 2018 and is expected to grow at a CAGR of 23.6% over the forecast period 2019-2027, to account for US$ 105.12 Bn in 2027.
UIB utilizes actual driver data for calculating the premiums, which are more discrete and precise than traditional methods. This results in potential savings to the customers. The two basic types of automotive UBI includes pay-as-you-drive and or pay-how-you-drive. Each of these types are analyze slightly different information to determine premium rates for customers'.
Pay-as-you-drive (PAYD) insurance is a method that calculate rates on a constant basis, generally monthly. These rates are based on the information gathered on how much you drive. Therefore, changes in driving patterns monthly is reflected on customers' premium. If a customer has driven long distances in a particular month then, higher rate is expected. This type of UBI is dynamic in nature and reflects changes in behavior quickly. One of the biggest restrain for PAYD market growth is the installation of GPS device in the vehicle. The installation of device results in sharing information with the insurance provider thus, several customers consider it as an invasion to their privacy. However, increasing trend for mobility-as-a-service is expected to drive the PAYD market growth.
Even though PAYD tariffs do not acknowledge the driving habits of the insured including speed, location, breaking behavior, time and thus lack the competence to evaluate the driver's risk completely, pricing based on distance can help in reducing total insurance as well as claims costs, traffic congestion, energy consumption, pollution emissions, or vehicle crashes as a positive environmental impact.
The global automotive usage based insurance market by geography is segmented into four regions including North America, Europe, Asia Pacific, and Rest of World. Market is currently dominated by North America followed by Europe however, the market in Asia Pacific is growing at a highest CAGR. Some of the key players operating in the automotive UBI market report includes Vodafone Automotive, Liberty Mutual insurance Company, Allianz Insurance, TomTom Telematics, Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service Ltd., AXA Insurance, UnipolSai Assicurazioni S.p.A., and MetaSystems among others. Several other companies are also functioning in the market which adds substantial revenues in the market year on year.
The report segments the Global Automotive usage based insurance Market as follows:
Global Automotive UBI Market - By Technology Fitted
Global Automotive UBI Market - By Policy Type
Global Automotive UBI Market - By Geography
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