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Last Updated: Apr 25, 2025 | Study Period: 2024-2030
Developing standalone, EV-specific insurance coverage is becoming a more popular trend among top insurers in the EV market.
This development is justifiable given the additional challenges posed by the charging infrastructure and the disparate technology backgrounds of the cars.
In spite of this, the traditional motor insurance market has been shifting recently, and the electrification of cars will further accelerate this process.
The adoption of EVs will be aided by declining EV pricing, longer battery lives, and adequate charging infrastructure, which will also help to expand the market for EV insurance.
Unprecedented change is taking place in the automotive sector, and the most urgent issue right now is the quick, worldwide adoption of EVs.
The Europe EV Insurance Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Tryg Norway is introducing customised EV insurance using AI-optimised premiums in the largest EV market in the world.
Insurtech, which uses AI for pricing insurance based on real-time analyses of drivers' accident probabilities, has now customized. Tryg Sidekick to include electric vehicles in partnership with Tryg A/S.
The insurance product responds to the rising demand for flexible, equitable, and transparent rates for drivers of electric cars since Norway is the world's largest market for EVs.
Offering from Tryg's insurance Young drivers between the ages of 18 and 30 are the target market for Sidekick. The service is built on Greater Than's AI technology, which enables unbiased and competitive pricing of vehicle insurance policies. The Sidekick service's ability to make it feasible is another important feature.
Mercedes-Benz has stated that batteries, cables, and home-charging hardware would all be covered by its comprehensive insurance. The insurance policy covers risks up to those resulting from theft, vandalism, "overvoltage damage," short circuits, and even animal and rodent attacks.
According to Mercedes-Benz, in addition to the car and battery, the charging cable and wall box are also protected from theft.
In order to make switching to and maintaining CO2-neutral mobility as simple as possible for consumers, the Mercedes-Benz Bank and its insurance partner HDI now provide full insurance coverage for [plug-in] hybrid and electric cars.
| Sl no | Topic |
| 1 | Market Segmentation |
| 2 | Scope of the report |
| 3 | Abbreviations |
| 4 | Research Methodology |
| 5 | Executive Summary |
| 6 | Introduction |
| 7 | Insights from Industry stakeholders |
| 8 | Cost breakdown of Product by sub-components and average profit margin |
| 9 | Disruptive innovation in the Industry |
| 10 | Technology trends in the Industry |
| 11 | Consumer trends in the industry |
| 12 | Recent Production Milestones |
| 13 | Component Manufacturing in US, EU and China |
| 14 | COVID-19 impact on overall market |
| 15 | COVID-19 impact on Production of components |
| 16 | COVID-19 impact on Point of sale |
| 17 | Market Segmentation, Dynamics and Forecast by Geography, 2024-2030 |
| 18 | Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030 |
| 19 | Market Segmentation, Dynamics and Forecast by Application, 2024-2030 |
| 20 | Market Segmentation, Dynamics and Forecast by End use, 2024-2030 |
| 21 | Product installation rate by OEM, 2023 |
| 22 | Incline/Decline in Average B-2-B selling price in past 5 years |
| 23 | Competition from substitute products |
| 24 | Gross margin and average profitability of suppliers |
| 25 | New product development in past 12 months |
| 26 | M&A in past 12 months |
| 27 | Growth strategy of leading players |
| 28 | Market share of vendors, 2023 |
| 29 | Company Profiles |
| 30 | Unmet needs and opportunity for new suppliers |
| 31 | Conclusion |
| 32 | Appendix |
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