The global guaranteed auto protection (GAP) insurance market revenue was around US$ 3.5 billion in 2022 and is estimated to reach US$ 8.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.9% during the forecast period from 2023 to 2031.
Guaranteed Auto Protection (GAP) insurance protects the borrower if the vehicle is registered off by paying the gap between the real cash worth of the vehicle and the outstanding loan balance. Compact cars, heavy trucks, and lorries are the most ordinary vehicles for which GAP coverage is employed.
Market Driving Factors
The third-party safety is limitless in the possibilities of casualties that result in fatalities or bodily harm, and the insurance provider is responsible for paying the full charge of damages. In addition, third parties file claims with the Motor Accident Claims Tribunal (MACT) when there has been an injury or death. Furthermore, the time it takes for a court to rule on a motor insurance claim is greater. As a result, GAP insurance offers faster claim compensation following the receipt of essential documents and full settlement of motor insurance claims. Therefore, rapid settlement of claims by GAP insurance is estimated to boost the market growth.
Awareness of financial risks is predicted to drive the market growth. Customers are seeing the value of GAP insurance as they become more conscious of the monetary risks connected to vehicle ownership. As a result, theft, accidents, and natural disasters can result in significant financial losses, making GAP insurance an attractive choice for vehicle owners.
Collaborations with financial institutions are predicted to create opportunities in the market. Collaborating with credit unions, banks, and other financial institutions can be a strategic move for GAP insurance providers. Thus, partnering with the associations can enable them to provide GAP insurance as part of the financial package when customers secure auto loans or leases. Thus, this factor increases their customer base.
Lack of awareness of the benefits of guaranteed GAP insurance, a reduction in new policy sales volumes, and intense competition. Therefore, this factor constrains market growth.
Regional Analysis
North America dominated the market in terms of growth rate and is estimated to continue its dominance. This can be majorly attributed to the fact that the surge in e-commerce business has further accelerated commercial vehicle's demand for the transportation of products and services. Furthermore, vehicle owners purchased auto insurance with GAP insurance to protect their losses incurred owing to accidents, reimburse the prices of vehicle repairs after a crash, medical expenses, lost wages, and even legal expenses. Thus, these factors drive the market growth.
Asia-Pacific is estimated to dominate the market in terms of the fastest growth rate. This is primarily because the large number of vehicles utilized for commercial purposes strictly need commercial auto insurance in the region, which also results in the purchase of GAP insurance to avoid losing value.
Segmentation Insights
Type Insight
The finance GAP insurance segment dominated the market in terms of the highest share and is estimated to maintain its dominance. This can be majorly attributed by that this segment frequently purchases in advance, and if the automobile is sold or refinanced before the conclusion of the loan term, then the buyer is typically entitled to a return of the unused portion of the price.
Application Insight
The passenger vehicle segment is predicted to dominate the market in terms of growth rate. The increasing number of passenger vehicles globally and the surging awareness campaigns undertaken by vehicle dealers to raise awareness about GAP insurance. In addition, the increasing disposable income and surge in price-effectiveness offered by insurance propel the segment growth.
Prominent Companies
Segmentation Outline
The global guaranteed auto protection (GAP) insurance market segmentation focuses on the Type, Application, Distribution Channel, and Region.
By Type
By Application
By Distribution Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET, BY TYPE
5.1 OVERVIEW
5.2 RETURN-TO-INVOICE GAP INSURANCE
5.3 FINANCE GAP INSURANCE
5.4 VEHICLE REPLACEMENT GAP INSURANCE
5.5 RETURN-TO-VALUE GAP INSURANCE
5.6 OTHERS
6 GLOBAL GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 PASSENGER VEHICLE
6.3 COMMERCIAL VEHICLE
7 GLOBAL GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 AGENTS & BROKERS
7.3 DIRECT RESPONSE
7.4 OTHERS
8 GLOBAL GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL GUARANTEED AUTO PROTECTION (GAP) INSURANCE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 DIRECT GAP
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 CHUBB
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 ALLIANZ
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 AVIVA
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 NATIONWIDE MUTUAL INSURANCE COMPANY
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 ADMIRAL GROUP PLC
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 PROGRESSIVE CASUALTY INSURANCE COMPANY
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 AMERICAN FAMILY INSURANCE
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 MAJESCO
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 AXA
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 ZURICH
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 ALLSTATE INSURANCE COMPANY
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 LIBERTY MUTUAL INSURANCE COMPANY
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 BERKSHIRE HATHAWAY INC.
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 KEMPER CORPORATION
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 THE TRAVELERS IDEMNITY COMPANY
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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