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A motor insurance policy protects the insured vehicle from monetary losses brought on by accidents or those brought on by other problems.
Motor insurance is a type of insurance that protects the policyholder from monetary losses brought on by accidents or other damages to the insured vehicle.
A complete motor insurance coverage compensates for both individual losses and damages to third parties and third-party property.
The purpose of motor insurance is to shield vehicle owners from any financial losses that might result from damage to or theft of their vehicles.
One can buy a motor insurance policy whether they drive a two-wheeler, a private car, or a business vehicle.
The India 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.
India’s motor insurance market is one of the most competitive because consumers want to be protected in case of an accident or other misfortune and have a protective shield in place.
The India Motor Insurance Market is Segmented by Motor Insurance Type (Own Damage, Third Party), Application (Private Motor Insurance, Commercial Motor Insurance (Light Motor Vehicle, Heavy Motor Vehicle, Other Commercial Motors), Distribution Channel (Individual Agents, Brokers, Banks, Online, Others), and State (Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, Gujarat, Other States).
India had more than millions of registered vehicles. India has one of the largest automotive businesses. it produced the most two-wheelers than any other country in the world.
This market sector also dominated the domestic market. Over millions of two-wheelers were sold domestically in the nation of South Asia.
The number of two-wheeler sales has decreased. The vehicle is divided into four categories: 2-wheelers, 3-wheelers, passenger cars, and commercial cars.
The Indian motor insurance market has grown as a result of the rising trend in automotive sales.
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