The rideshare insurance market has experienced rapid growth, increasing from $2.14 billion in 2023 to $2.38 billion in 2024, at a CAGR of 11%. This growth is driven by macroeconomic development, introduction of personalized insurance products, benefits for drivers, growing awareness of ridesharing insurance, and an increase in accidents. The market is expected to reach $3.63 billion by 2028, growing at a CAGR of 11.2%. This projected growth is supported by rising demand from SMEs, increased need for ridesharing insurance coverage, greater demand for UBI products, and government focus on rideshare insurance regulations. Major trends include the growth of digital and mobile platforms, rise of insurtech, integration of telematics data, advanced technologies, and incorporation of AI technologies.
Major Driver In The Rideshare Insurance Market
The rideshare insurance market is expected to expand due to the rising number of road accidents. Human errors, inadequate road infrastructure, and vehicle maintenance issues contribute to road accidents, highlighting the need for rideshare insurance. This insurance addresses coverage gaps by including liability during app use, pre-ride periods, and protection for vehicle damage and injuries while driving for hire. The National Highway Traffic Safety Administration reported that 42,915 people died in motor vehicle traffic accidents in 2021, a 10.5% increase from 38,824 fatalities in 2020. The growing number of road accidents is driving the rideshare insurance market.
Request A Free Sample Of The Rideshare Insurance Market Report
Rideshare Insurance Market Competitive Landscape
Allianz SE, AXA Group, State Farm Mutual Automobile Insurance Company, Metropolitan Life Insurance Company, Nationwide Mutual Insurance Company, Allstate Insurance Company, Progressive Casualty Insurance Company, United Services Automobile Association (USAA), Uber Technologies Inc., Government Employees Insurance Company (GEICO), MAPFRE USA Corp., Farmers Insurance Exchange, American Family Insurance Group, DoorDash Inc., Mercury Insurance Group, Sentry Insurance Group, Lyft Inc., New Jersey Manufacturers Insurance Group, Erie Indemnity Company, CC Services Inc. (COUNTRY Financial), Safeco Insurance Company of America, Infinity Property and Casualty Corporation, Esurance Insurance Company, PEMCO Mutual Insurance Company
Key Rideshare Insurance Market Trend
Leading companies in the rideshare insurance market are innovating with comprehensive insurance policies tailored specifically for rideshare drivers. For example, in December 2021, Ride Protect Pty Limited, an Australian car insurance provider, introduced a tech-driven rideshare insurance policy. This comprehensive coverage encompasses ridesharing, food delivery, and private use, removing the need for separate policies. The application process is fully digital, allowing users to bind coverage within two minutes. Additionally, the policy integrates with 365 Roadside Assist and Mercurien's driver feedback app, promoting safer driving behaviors and minimizing claims. This solution was developed in collaboration with Mercurien, a notable Australian commercial motor insurance provider.
Purchase The Global Rideshare Insurance Market Report Directly And Get A Swift Delivery
Rideshare Insurance Market Segmentation
The rideshare insurance market covered in this report is segmented –
1) By Type: Peer-To-Peer Ridesharing, Real-Time Ridesharing, Other Types
2) By Coverage: Liability, Collision, Comprehensive
3) By Pricing Model: Pay-As-You-Go, Subscription-Based
4) By Application: Commercial, Personal, Other Applications
By Geography:The regions covered in the rideshare insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the rideshare insurance market in 2023.
The Rideshare Insurance Global Market Report 2024 furnishes information about the global rideshare insurance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
