According to the Insurance Regulatory and Development Authority (IRDA) of India have drawn up guidelines that are to be adhering to at all times. It is also mandatory for all the vehicle owners to have a motor insurance policy .As per the Motor Vehicles Act, it is mandatory for vehicle owners to at least have a third-party liability cover. No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period. As per current norms in India, it ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases to a maximum of 50%. As per Rule 141 of Central Motor Vehicle Rules 1989, a certificate of Insurance is to be issued only in Form 51. It is only in Motor Vehicle Insurance, apart from the policy, that a separate certificate of insurance is required to be issued by insurers. This document should always be carried in the vehicle.

According to the report, Increasing urbanization and rising disposable income among the middle-income population are expected to provide stable growth for the automobile industry. Also, the rising focus of the automobile companies towards offering end-to-end coverage to their customers is increasing the necessity of getting into partnership with the insurance companies so as to offer suitable insurance policies to the consumers is the key market trend for the vehicle insurance market. is one of the primary growth factors for the market. With the rapid growth of urbanization and an increase in disposable incomes all around it is expected that there would be growth in the automobile industry. With the increase in demand for automobiles all across the globe, there will be a growth in the vehicle insurance market. Also with the increase in the sales of new vehicles will drive this market. is also expected to contribute significantly to the Vehicle Insurance market growth. Overall, Liability Coverage applications of Vehicle Insurance, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Policy Type, such as Third-Party Insurance, is boosting the Vehicle Insurance market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

AMA’s Analyst on the Global Vehicle Insurance market identified that the demand is rising in many different parts of the world as "Growing Need of Getting Vehicles Insured as a Mandatory Requirement by the Government in Many Countries".

The report provides an in-depth analysis and forecast about the industry covering the following key features:
o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies
o Analyses the Global Vehicle Insurance market according to Type, Application, and regions
o Analyzes the top 10 players in terms of market reach, business strategy, and business focus
o Provides stakeholders’ insights and key drivers & trends of the market

**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2018 currency rates.

Market Size Estimation
In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Vehicle Insurance market and other related sub-markets covered in the study.

o Key & emerging players in the market have been observed through secondary research.
o The industry’s supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes.
o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Have a look at complete Table of Content: Global Vehicle Insurance Market Study

Data Triangulation
The overall Vehicle Insurance market size is calculated using market estimation process, the Vehicle Insurance market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Vehicle Insurance market size has been validated using both top-down and bottom-up approaches.