What Is The Overview Of The Global Rideshare Insurance Market?
Rideshare insurance refers to a specialized type of auto insurance coverage designed for individuals who use their vehicles to transport passengers for compensation. It ensures that drivers are adequately covered in case of accidents or incidents while they are engaged in ridesharing activities.
Rideshare Insurance Global Market Report 2024 provides data on the global rideshare insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The rideshare insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Rideshare Insurance Market?
The rideshare insurance market has expanded rapidly, growing from $2.14 billion in 2023 to $2.38 billion in 2024 at a CAGR of 11%. This growth has been supported by macroeconomic factors, personalized insurance products, increased awareness about rideshare insurance benefits, and the rising number of accidents. The market is forecasted to grow to $3.63 billion in 2028 at a CAGR of 11.2%. Factors such as demand from SMEs, rising rideshare activities, and growing regulatory focus on rideshare insurance are expected to drive growth. Emerging trends include the rise of digital and mobile platforms, insurtech innovations, telematics data integration, and AI-driven advancements.
What Are The Core Factors Supporting Growth In The Rideshare Insurance Market?
The rising number of road accidents is projected to drive the rideshare insurance market. Road accidents, often caused by human errors such as speeding or distracted driving, along with inadequate infrastructure, are increasing in number. Rideshare insurance offers coverage that fills gaps in personal auto insurance, protecting against liability during app use and safeguarding vehicles from damage during ridesharing. In May 2022, the National Highway Traffic Safety Administration reported 42,915 fatalities from motor vehicle traffic accidents in 2021, marking a 10.5% increase from the previous year. This rise in accidents is driving the demand for rideshare insurance.
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What Is The Segmentation Of The Global Rideshare Insurance Market?
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
Which Trends Are Expected To Transform The Rideshare Insurance Market?
Leading companies in the rideshare insurance market are offering tailored solutions like comprehensive insurance policies to address rideshare drivers' specific needs. These policies provide broad protection against various risks. In December 2021, Australia-based Ride Protect Pty Limited introduced a tech-driven rideshare insurance policy covering ridesharing, food delivery, and private use under a single plan. With a seamless digital application process and integration with 365 Roadside Assist and Mercurien's driver feedback app, the policy promotes safer driving and streamlined coverage.
What Is The Fastest Growing Region In The Rideshare Insurance Market?
North America was the largest region in the rideshare insurance market in 2023. The regions covered in the rideshare insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
