NAICS Code 524210-02 - Insurance-Automobile

Marketing Level - NAICS 8-Digit

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NAICS CODE 524210-02
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NAICS Code 524210-02 Description (8-Digit)

Insurance-Automobile is a subdivision of the NAICS Code 524210 that deals with the provision of insurance policies for automobiles. This industry involves the assessment of risks associated with insuring automobiles and the provision of coverage against potential losses. Insurance-Automobile policies can cover a range of risks, including damage to the vehicle, theft, and liability for bodily injury or property damage caused by the vehicle.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 524210 page

Tools

Tools commonly used in the Insurance-Automobile industry for day-to-day tasks and operations.

  • Actuarial software
  • Claims management software
  • Risk assessment tools
  • Underwriting software
  • Customer relationship management (CRM) software
  • Fraud detection software
  • Telematics devices
  • Vehicle valuation tools
  • Data analytics software
  • Policy administration software

Industry Examples of Insurance-Automobile

Common products and services typical of NAICS Code 524210-02, illustrating the main business activities and contributions to the market.

  • Collision coverage
  • Comprehensive coverage
  • Liability coverage
  • Uninsured motorist coverage
  • Personal injury protection (PIP)
  • Roadside assistance
  • Rental car coverage
  • Classic car insurance
  • High-risk driver insurance
  • Usage-based insurance

History

A concise historical narrative of NAICS Code 524210-02 covering global milestones and recent developments within the United States.

  • The "Insurance-Automobile" industry has a long history dating back to the early 20th century when the first automobile insurance policy was issued in the United Kingdom in 1895. In the United States, the first automobile insurance policy was issued in 1898 by Travelers Insurance Company. The industry grew rapidly in the 1920s and 1930s as more people began to own cars. In the 1950s, the industry saw the introduction of no-fault insurance, which allowed drivers to collect compensation from their own insurance company regardless of who was at fault in an accident. In recent years, the industry has seen advancements in technology, such as the use of telematics to track driver behavior and usage-based insurance policies. In the United States, the "Insurance-Automobile" industry has undergone significant changes in recent history. In the 1990s, the industry saw a rise in the use of credit scores to determine insurance rates, which led to controversy and legal challenges. In the 2000s, the industry saw the introduction of usage-based insurance policies, which allow drivers to pay for insurance based on their actual driving habits. More recently, the industry has seen the rise of autonomous vehicles, which could have a significant impact on the industry in the coming years.