Increasing vehicle with telematics and connected car and reduction in insurance
premium as compared to regular insurance would drive the americas usage-based
insurance market
The Americas is projected to lead the usage-based insurance market for automotive
during the forecast period owing to the highest adoption rate of usage-based insurance
for new and on-road vehicles equipped with either OBD-II or oe-fitted telematics unit.
Most of the cars sold in north America, especially the US and Canada, belong to the
premium segment. The dominance of premium cars increases the adoption rate of
usage-based insurance as their regular insurance is very high. Through usage-based
insurance, vehicle owners can save up to 30% on insurance premiums.
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