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Massive demand for driving vehicles among females across the globe is leading women-only drivers insurance market growth, and is expected to grow considerably in next few years. A women-only drivers insurance provides easier and effective coverages, which further allows women to get car insurances. In addition, car insurance acts as an immediate rescue for women at the time of emergency situations such as late-night hours and car break down at odd hours. Furthermore, women-only drivers insurance provides extra benefits over normal car insurance such as hotel accommodation at odd hours and car towing facility.
The women-only drivers insurance market is segmented on the basis of type, applications, end user, and region. On the basis of type, it is categorized into new car and used car. On the basis of applications, it is divided into insurance intermediaries, insurance company, bank and others. On the basis of industrial vertical, it is classified into companies and individuals. On the basis of region, it is studied across North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa.
The key player covered in the women-only drivers insurance market share are AIA Group Ltd, American International Group, Inc., Allianz, AXA, Berkshire Hathaway Inc., Tata AIG General Insurance Company Limited, China Life Insurance Company Limited, Munich Reinsurance America, Inc., State Farm Mutual Automobile Insurance.
Rise in demand for motor vehicles among women, increase in awareness regarding women-only drivers insurance, and surge in need for protection against risk of theft & damages are some of the major factors that propel growth of the global women-only drivers insurance market size. However, discrimination in price of insurance on the basis of gender and rise in prices of insurance are factors that hamper the market growth. Contrarily, increase in independency of women, advancements in motor vehicles, and easy availability of car loans are some of factors expected to provide lucrative opportunities for the global women-only drivers insurance market in the upcoming years.
The global women-only drivers insurance market trends are as follows:
Growth in awareness toward women empowerment and independency on financial terms have led to increase in number of female drivers in the market. In addition, several insurers are providing tailor made policies for lady drivers, which provides special benefits such as no-claims bonus discount of up to 75%, fast repair support, and 24 hours personal assistance via online platforms. Therefore, these have become some of the major growth factors that fuel growth of female drivers in the market.
Huge number of females are largely preferring lady drivers to avoid harassment cases, enhance safety measures during rides, and experience low risk while travelling. These factors, therefore, accompanying growth toward preferences of female drivers, which further propels the market growth.
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