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Motor insurance shields you, your car, and other drivers from financial responsibility in the event of an accident. It offers monetary compensation for any harm brought about to people or their property. It offers monetary compensation for any harm brought about to people or their property.
There are various types of insurance, including Liability protection: protects you if you harm people or their property, collision protection. protects your vehicle if you collide with a stationary object, a person, or another vehicle. encompassing protection. All registered vehicles in Australia are required to have Compulsory Third Party (CTP) insurance.
The Australia Motor Insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Insurtech Gateway Australia, a start-up incubator for the insurance industry, has revealed plans to launch a motor vehicle pay-as-you-drive solution.
The organisation, which is an extension of the London-based Insurtech Gateway, has made two investments since it first launched here a year ago. The investment in the automotive product is one of them. An effort to create a wildfire risk model is the focus of the other investment.
The motor product, which will have a test launch on January 1 of next year, is a first for Australia. It is marketed as Australia’s first “connected” vehicle insurance product, with premiums based on actual miles driven as tracked by an on-board diagnostics (OBD2) device.