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Motor insurance covers cars, trucks, motorbikes, and other types of road vehicles. It is often referred to as auto insurance, vehicle insurance, or car insurance.
Its main purpose is to offer financial security against property loss or personal injury brought on by auto accidents, as well as against liability that can emerge from related events.
motor insurance may also provide financial security against vehicle theft, damage from incidents other than collisions with moving traffic, weather-related or natural disaster-related occurrences, and damage from collisions with stationary objects.
The specifics of motor insurance differ depending on local legal requirements. A Third-Party Cover must be purchased. Without it, one would be operating his vehicle in violation of the law, which could result in a fine or other punishment.
This insurance provides coverage for any legal liability that his car or other vehicle may have caused to a third party. Simply put, third-party insurance covers damage to a property as well as injury or death to a third party caused by their car.
The France Motor 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.
Theft of the car, damage to the vehicle from incidents other than traffic crashes, such as keying, weather-related, or natural disasters, and damage from colliding with stationary objects, may all be covered financially by French motor insurance.
The rise of the France Motor Insurance Market is primarily driven by an increase in accidents as a result of France’s growing population, the introduction of strict government regulations requiring the purchase of auto insurance, and a surge in car sales nationwide.
France saw a comeback in premiums for motor insurance products, as consumers rekindled their interest in motor insurance contracts with guaranteed rates of return.
This came after several years of premiums for these products decreasing. However, the coronavirus pandemic had a severe negative impact on the French motor insurance industry due to the country’s lockdown, decline in the number of business vehicles and traffic accidents, and consequently, a sharp decline in claims and total revenues.
