Market Snapshot:
Auto commercial insurance, also known as road risk insurance, is a policy intended to cover any injury, loss, or damage to third parties caused by the vehicles involved in the business. This insurance is ideal to meet the business needs of people involved in the auto and motorcycle sectors, or dealing with buying and selling cars, servicing, managing a workshop, etc. It doesn't matter if that business is small or large, part-time or full-time. From the value of replacing tools and machinery to replacing the vehicle, everything is covered by the policy. If a private individual makes a profit with a business in the automotive trade, they can protect themselves with special insurance. Unlike auto insurance policies, which are for individual use only, auto dealership insurance can cover many scenarios unique to auto dealerships. This includes driving customer vehicles and liability issues when dealing with the public. Certain insurance related to vehicles and running a business is a legal requirement that a commercial auto policy must contain. In addition, other features and benefits can be beneficial to the owner of an auto dealership business. However, the coverage of this insurance depends on the trade involved and the level of risk.
Highlights from Motor Trade Insurance Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Players profiled in the report are Ardonagh Group (Swinton Insurance) (United Kingdom), Quote Me Today (United Kingdom), SBI General (India), TATA AIG General (India), One Call Insurance (United Kingdom), Tradex (United Kingdom), Gallagher (United Kingdom), Oriental Insurance (India), Magma HDI (India) and Sentry (United States). Additionally, other players that are part of this comprehensive study are AAA Auto Insurance (United States), USAA (United States), Hastings Direct (United Kingdom), Co-op (United Kingdom), Ageas (Belgium) and Allianz (Germani).
Geographic Breakdown and Segment Analysis
The Global Motor Trade Insurance market presents a comprehensive analysis of the Motor Trade Insurance market by end-user/application (Vehicle recovery agent, Valet, Mechanic, Trader and Other), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Motor Trade Insurance industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Motor Trade Insurance market
Analyst at AMA have segmented the market study of Global Motor Trade Insurance market by Type, Application and Region.
Influencing Trend:
Motor Trade Policies Based on the Location Which a Trader Trades is Trending the Market Growth.
Market Growth Drivers:
The Fluctuation Between Sales and Market Due to Pandemic Has Been Driving Traders to Opt for Motor Trade Policy.
Challenges:
Increased Inflation Has Led to Increase in Insurance Premium.
Restraints:
Global Semiconductor Shortage Has Driven Customers to Buy Used Vehicles Rather Than New Leading to Supply Chain Shortage Affecting Automobile Industry This Has Affected Motor Trade Insurance Market.
Opportunities:
Growing Uncertainty in Automobile Industry Due to Several Policy Changes and New Vehicles Rolling Out is going to Generate Many Opportunities for Motor Trade Insurance Market.
Market Developments Activities:
On March 8, 2022, Gallagher has launched a new business in the Dubai International Finance Centre (DIFC) to support clients across the Middle East and Africa with their specialty and facultative reinsurance solutions. The business will benefit from Gallagher and MIG Group’s strategic partnership in ACE Gallagher across the Middle East region. Gallagher has taken a majority share of 51% of ACE Re Ltd (DIFC) and MIG Group is retaining the remaining 49% of the shares. The ACE Re team and clients will move into the new business and trade as Gallagher going forward. The ACE Re clients will deal with the same existing brokers who know and understand their business with the added benefit of being able to access Gallagher’s global scale.
Launching on 1 February 2022 Gallagher has joined forces with insurer QBE to launch pay-as-you-go (PAYG) mileage-based motor fleet insurance for the coach market.
Regulatory Insights:
Non-secure registration scheme (UK), You need to complete form V55/4 and send it to DVLA Swansea, SA99 1BE with one of the following documents:, A valid ‘CoC’ (certificate of conformity), The correct vehicle type approval certificate, A Vehicle Certification Agency certificate of British National Type Approval (goods vehicles and mutual recognition), Send the documents along with:, The registration fee, The license fee, The appropriate customs form for an imported vehicle, A certificate of newness (if applicable), Approved identity documents confirming your name and address, A foreign registration document (for used, imported vehicles) and You can only apply to use the secure registration scheme after you’ve been using the non-secure scheme without irregularities or issues for 6 months.
The market has seen a good amount of fluctuations due to the Covid-19 pandemic which has had a major impact on the automobile industry resulted to grow motor trade insurance market also latest technological advancement in controlling carbon emission has resulted in market growth for automobiles again which kept motor trade insurance market steady whereas the market saw restraints due to global supply chain shortage of semiconductor which is keeping the market slow and steady rate. The existing players hold a sufficient market share to drive the market well and thus are also exploring mergers and acquisitions and investments also are launching new and better services.
Key Target Audience
Insurance companies, Automobile manufacturer, New Entrants and Investors, Legalized Cannabis Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others