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A vehicle insurance policy is a legally required document provided by an insurance provider as a means of limiting public responsibility and safeguarding members of the public from potential road accidents.
Every driver who owns a car is required by law to obtain a single automobile insurance coverage. In the event that ones car sustains physical damage, or someone is injured, motor insurance offers financial aid and protects them from third-party liability.
It covers a wide range of situations involving their car. When the occupants of the policyholder’s own car are hurt in an accident, motor vehicle accident insurance offers coverage.
Motor vehicle insurance can also include telematics plans. With this feature, a telematics company will capture information on the customer’s driving habits.
The Europe 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.
Although the revision of the Europe Motor Insurance Directive was completed, two issues still need to be addressed.
These are the technical details of the standardized claims-history statement, which insurers are required to provide to policyholders upon request, as well as the protection provided in the event that a driver’s insurer goes bankrupt, particularly in cross-border cases.
Regarding the first, insolvency agreements are now being written by the Council of Bureaux and will thereafter be presented to the European Commission.
Regarding the latter, Insurance Europe is eager to work with EU policymakers to make sure that the future claims-history statement is a useful instrument that offers genuine benefits to consumers while not unduly burdening insurers.
New technologies have the potential to develop innovative consumer services and improve the efficiency, safety, and cleanliness of the road transportation industry.
In fact, telematics, intelligent transportation systems, and linked and automated vehicles are already altering the way we travel.
All service providers in the automotive value chain must have access to the abundance of data created by these new technologies in order to promote consumer choice and fair competition.
Insurance Europe requests that Europe legislators enact legislation to guarantee that drivers retain control over their vehicle’s data.
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