Here are some of the popular trends in car insurance that are making waves in 2024:
– Usage-Based Insurance (UBI)
Usage-Based Insurance (UBI) is gaining prominence as more insurers adopt telematics technology. This trend involves personalized premiums based on individual driving behavior, providing a fairer and more tailored pricing structure.
–
With the surge in popularity of electric vehicles, insurers are introducing specialized coverage for EVs. This includes coverage for battery-related issues and unique risks associated with electric vehicles, reflecting the changing landscape of the automotive industry.
– Enhanced Focus on Cybersecurity
As cars become increasingly connected through technology, the risk of cyber threats has risen. Car insurance providers are incorporating cybersecurity coverage to protect vehicles from hacking, data breaches, and other cyber-related risks.
– Expansion of
Pay-per-mile insurance is gaining traction as a more flexible and cost-effective option for occasional or low-mileage drivers. Clients pay premiums based on the actual miles driven, offering potential savings for those who use their cars sparingly.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.