Rideshare Insurance Market Report 2024

The rideshare insurance market size has grown rapidly in recent years. It will grow from $2.14 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The increase during the historical period can be credited to overall economic growth, the emergence of customized insurance products, a diverse range of driver benefits from coverage, increasing awareness regarding ridesharing insurance benefits, and a rise in the number of accidents.

The rideshare insurance market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. Anticipated growth in the forecast period stems from heightened demand among small and medium enterprises (SMEs), increased need for ridesharing insurance coverage, rising popularity of Usage-Based Insurance (UBI) products, and growing government emphasis on rideshare insurance regulations. Key trends expected in the forecast period include the expansion of digital and mobile platforms, the evolution of insurance technology (insurtech), integration of telematics data, adoption of advanced technologies, and incorporation of AI technologies.

The rising number of road accidents is expected to drive growth in the rideshare insurance market in the foreseeable future. These accidents are increasingly attributed to human errors such as speeding, distracted driving, and driving under the influence, compounded by inadequate road infrastructure and vehicle maintenance. Rideshare insurance addresses gaps in personal auto coverage by providing liability coverage during app use, pre-ride periods, and protection for vehicle damage and injuries incurred while driving for hire. For example, in May 2022, the National Highway Traffic Safety Administration reported a 10.5% increase in motor vehicle traffic fatalities, with 42,915 deaths in the previous year compared to 38,824 in 2020. Hence, the growing incidence of road accidents is a key driver for the rideshare insurance market.

Leading companies in the rideshare insurance sector are innovating with comprehensive insurance solutions tailored specifically for rideshare drivers. Comprehensive insurance policies offer extensive coverage against a wide range of risks and perils. For instance, in December 2021, Ride Protect Pty Limited, an Australia-based car insurance provider, launched a tech-driven rideshare insurance policy. This comprehensive policy covers ridesharing, food delivery, and personal use, consolidating various coverage needs into a single policy. The application process is streamlined and digital, allowing binding within two minutes. The policy also integrates with 365 Roadside Assist and Mercurien's driver feedback app to promote safer driving practices and reduce claims. Developed in collaboration with underwriter Mercurien, this solution enhances coverage flexibility and convenience for rideshare drivers.

In April 2023, Inshur Inc., a US-based insurance technology company, acquired American Business Insurance Services Inc. for an undisclosed sum. With this acquisition, INSHUR aims to leverage the established expertise and client base of American Business Insurance Services (ABIS) to expand its footprint and capabilities across the United States. American Business Insurance Services Inc. is a US-based company that offers insurance for taxicabs, limousines, and transportation network companies (TNC) providers.

Major companies operating in the rideshare insurance market are Allianz SE, AXA Group, State Farm Mutual Automobile Insurance Company, Metropolitan Life Insurance Company, Nationwide Mutual Insurance Company, Allstate Insurance Company, Progressive Casualty Insurance Company, United Services Automobile Association (USAA), Uber Technologies Inc., Government Employees Insurance Company (GEICO), MAPFRE USA Corp., Farmers Insurance Exchange, American Family Insurance Group, DoorDash Inc., Mercury Insurance Group, Sentry Insurance Group, Lyft Inc., New Jersey Manufacturers Insurance Group, Erie Indemnity Company, CC Services Inc. (COUNTRY Financial), Safeco Insurance Company of America, Infinity Property and Casualty Corporation, Esurance Insurance Company, PEMCO Mutual Insurance Company.

North America was the largest region in the rideshare insurance market in 2023. The regions covered in the rideshare insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the rideshare insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Rideshare insurance is a specialized form of auto insurance that caters to individuals who use their vehicles to transport passengers for payment. It ensures that drivers have sufficient coverage in case of accidents or other incidents during their ridesharing activities.

The primary types of rideshare insurance include peer-to-peer ridesharing and real-time ridesharing. Peer-to-peer ridesharing involves direct connections between riders and drivers, bypassing a central platform. Coverage options typically include liability, collision, and comprehensive, offered through pricing models such as pay-as-you-go or subscription-based. These options are applicable across commercial, personal, and other usage scenarios.

The rideshare insurance market research report is one of a series of new reports that provides rideshare insurance market statistics, including rideshare insurance industry global market size, regional shares, competitors with a rideshare insurance market share, detailed rideshare insurance market segments, market trends and opportunities, and any further data you may need to thrive in the rideshare insurance industry. This rideshare insurance market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The rideshare insurance market includes revenues earned by entities by providing services such as personal auto insurance endorsements, commercial auto insurance, contingent comprehensive and collision coverage, medical payments coverage, and liability coverage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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