The Report Cube which is one of the leading market research company in UAE expects the India Car Insurance Market to grow at a CAGR of around 8.61% through 2032, as highlighted in their latest research report. The study provides an in-depth analysis of the emerging trends shaping the India Car Insurance Market and offers detailed forecasts for its potential growth during 2026–2032. The report also presents a comprehensive assessment of the competitive landscape, including profiles of leading players, their performance metrics, and recent strategic developments. Additionally, it explores the key market drivers, challenges, opportunities, and provides insights into historical and future revenue trends at the global, regional, and country levels.

India Car Insurance Market Overview:                                         

Market Size (2025): USD 14.21 Billion
Market Size (2032): USD 23.32 Billion
CAGR (2026–2032): 8.61%
Top Companies in India Car Insurance Market: ICICI Lombard, Bajaj Allianz, HDFC ERGO, New India Assurance, Oriental Insurance, United India Insurance, Tata AIG, SBI General Insurance, Reliance General Insurance, Future Generali.

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India Car Insurance Market Recent News and Developments:

2025:

ICICI Lombard launched an AI-powered instant claim settlement feature through its mobile app, decreasing claim processing time by around 70%.

Bajaj Allianz introduced a usage-based “Pay-As-You-Drive” car insurance policy, incentivizing low-mileage clients with premium discounts.

Key Growth Drivers of the India Car Insurance Market:

Driver: Increasing Motor Vehicle Ownership in Urban & Semi-Urban Areas to Enhance Market Share

The constant surge in motor vehicle ownership, specifically in tier-2 & tier-3 cities, is the prominent driver instigating the India Car Insurance Market growth. As per the Ministry of Road Transport and Highways data, India adds over 25 million new vehicles each year, with cars accounting for a significant share. Increasing income levels, easier financing options, and thrusting ownership trends have made car ownership more reasonable. Also, as the several vehicles on Indian roads rises, the demand for third-party & comprehensive motor insurance has witnessed corresponding growth. This directly contributes to growing insurance penetration & boosts the overall revenue of the insurance sector.

India Car Insurance Market Segmentation

The auto insurance market is segmented by coverage, application, provider, vehicle type, and competitors. By coverage, third-party liability policies dominate due to legal requirements, while comprehensive coverage is growing for its wider protection. Based on application, personal vehicles hold the largest share, with commercial vehicles showing steady growth. By provider, insurance companies lead the market, followed by agents and brokers offering personalized services. In terms of vehicle type, new cars account for higher premium values, whereas used cars represent a growing customer base. Competition centers on pricing, digital platforms, and customer experience.

• Market Share, By Coverage
  • Third-Party Liability Coverage
  • Collision/Comprehensive/Other Optional Coverage
• Market Share, By Application
  • Personal Vehicles
  • Commercial Vehicles
• Market Share, By Provider
  • Insurance Companies
  • Insurance Agents/Brokers
  • Others

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• Market Share, By Vehicle Type
  • New Car
  • Used Car
• Market Share, By Competitors
  • Competition Characteristics
  • Revenue Shares

Note:
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About The Report Cube

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