GAP Insurance Market Growth, Size, Share, Demand, Revenue and Future Competition 2032

Guaranteed Auto Protection (GAP) Insurance Market Size- By Type, By Application, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Guaranteed Auto Protection (GAP) Insurance Market Size- By Type, By Application, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Published: Feb 2023 Report ID: BFSI2304 Pages: 1 - 224 Formats*:     
Category : BFSI
Global GAP Insurance Market Overview

According to SPER Market Research, the Global GAP Insurance Market is estimated to reach USD 9.25 billion by 2032 with a CAGR of 10.13%. 

The Guaranteed Auto Protection (GAP) insurance covers the difference between the car's actual cash value and the existing loan balance, protecting the borrower in the event that the vehicle is written off. The most popular types of vehicles for which GAP coverage is used are small cars, lorries, and big trucks. Owners and buyers are being compelled to purchase GAP insurance add-on plans due to a rising need for protection against borrowers' unplanned losses among self-financing organisations and car leasing companies. The market for GAP insurance is also expected to grow as theft claims for fleet owners and motor merchants become more serious. But the lack of knowledge about the benefits of guaranteed GAP insurance, a reduction in the number of new policies sold, and intense competition all limit the market's growth. 

The adoption of comprehensive insurance along with the addition of GAP insurance, on the other hand, is projected to propel the expansion of the GAP insurance market in the future years. Gap insurance comes in if your automobile is totalled beyond repair and the depreciated value is less than what you still owe on the loan, in which case your claim pay out might not cover the difference. The Guaranteed Asset Protection (GAP) endorsement makes up the shortfall between the loan balance and the depreciated value of the vehicle. Drivers are often given the option of purchasing gap insurance. However, in other countries, gap insurance is typically offered by car dealerships at the time of purchase. The majority of auto insurance firms offer this coverage to consumers. If the car is sold or refinanced before the loan term is over, the buyer of GAP insurance is typically entitled to a refund of the unused portion of the payment. 
GAP Insurance Market
Impact of COVID-19 on the Global GAP Insurance Market  
Numerous global businesses have experienced significant commercial disruptions as a result of COVID-19. The sale of automobiles has decreased significantly as a result of severe lockout regulations in many countries, and the epidemic has affected the market for auto insurance. Additionally, a decline in new policy sales has forced a number of car dealers to temporarily halt their market activities. Additionally, many gap insurance companies declared that they will implement digitization in their operations to maintain effective client contact. During the current global health crisis, this issue has contributed to the market expansion for GAP insurance.

GAP Insurance Market


Scope of the Report:
 Report Metric Details
 Market size available for years 2019-2032
 Base year considered 2021
 Forecast period 2022-2032
 Segments coveredBy Type, By Application, By Distribution Channel.
 Regions coveredAsia-Pacific, Europe, Middle East and Africa, North America, Latin America
 Companies CoveredAdmiral Group PLC, Allianz, Allstate Insurance Company, American Family Insurance, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Direct Gap, Kemper Corporation, Liberty Mutual Insurance Company, Majesco, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, The Travelers Idemnity Company, Zurich.
Global GAP Insurance Market Segmentation:
1. By Type:
  • Return-to-Invoice GAP Insurance 
  • Finance GAP Insurance 
  • Vehicle Replacement GAP Insurance 
  • Return-to-Value GAP Insurance
  • Others
2. By Application:
  • Passenger Vehicle 
  • Commercial Vehicle
3. By Distribution Channel:
  • Agents & Brokers, 
  • Direct Response, 
  • Others
4. By Region:
  • Asia-Pacific
  • Europe
  • Middle East
  • Africa
  • North America
  • Latin America
Key Topics Covered in the Report:
  • Size of Global GAP Insurance Market (FY’2019-FY’2032)
  • Overview of Global GAP Insurance Market 
  • Segmentation of Global GAP Insurance Market By Type (Return-to-Invoice GAP Insurance, Finance GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-Value GAP Insurance, Others)
  • Segmentation of Global GAP Insurance Market By Application (Passenger Vehicle, Commercial Vehicle) 
  • Segmentation of Global GAP Insurance Market By Distribution Channel (Agents & Brokers, Direct Response, Others) 
  • Statistical Snap of Global GAP Insurance Market 
  • Growth Analysis of Global GAP Insurance Market 
  • Problems and Challenges in Global GAP Insurance Market 
  • Competitive Landscape in the Global GAP Insurance Market 
  • Impact of COVID-19 and Demonetization on Global GAP Insurance Market 
  • Details on Recent Investment in Global GAP Insurance Market 
  • Competitive Analysis of Global GAP Insurance Market 
  • Major Players in the Global GAP Insurance Market 
  • SWOT Analysis of Global GAP Insurance Market 
  • Global GAP Insurance Market Future Outlook and Projections (FY’2019-FY’2032)
  • Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis

2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation

3. Executive Summary

4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges 
4.2. COVID-19 Impacts of the Global GAP Insurance Market 

5. Market variables and outlook
5.1. SWOT analysis 
5.1.1 Strengths 
5.1.2 Weaknesses 
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis 
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape 
5.2.4 Technological landscape 
5.2.5 Environmental landscape 
5.2.6 Legal landscape 
5.3. PORTER’S five forces analysis 
5.3.1 Bargaining power of suppliers 
5.3.2 Bargaining power of Buyers 
5.3.3 Threat of Substitute 
5.3.4 Threat of new entrant 
5.3.5 Competitive rivalry
5.4. Heat map analysis

6. Competitive Landscape 
6.1 Global GAP Insurance Manufacturing Base Distribution, Sales Area, Product Type 
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global GAP Insurance Market 

7. Global GAP Insurance Market, By Type, 2019-2032 (USD Million)
7.1 Return-to-Invoice GAP Insurance 
7.2 Finance GAP Insurance 
7.3 Vehicle Replacement GAP Insurance 
7.4 Return-to-Value GAP Insurance
7.5 Others

8. Global GAP Insurance Market, By Application, 2019-2032 (USD Million)
8.1 Passenger Vehicle 
8.2 Commercial Vehicle

9. Global GAP Insurance Market, By Distribution Channel, 2019-2032 (USD Million)
9.1 Agents & Brokers, 
9.2 Direct Response, 
9.3 Others

10. Global GAP Insurance Market, By Region, 2019-2032 (USD Million)
10.1 Global GAP Insurance Market and Market Share by Region (2019-2025) 
10.2 Global GAP Insurance Market and Market Share by Region (2026-2032)
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Rest of Asia-Pacific
10.4 Europe
10.4.1 France
10.4.2 Germany
10.4.3 Italy
10.4.4 Spain
10.4.5 United Kingdom
10.4.6 Rest of Europe
10.5 Middle East and Africa
10.5.1 Kingdom of Saudi Arabia 
10.5.2 United Arab Emirates
10.5.3 Rest of Middle East & Africa
10.6 North America
10.6.1 Canada
10.6.2 Mexico
10.6.3 United States
10.7 Latin America
10.7.1 Argentina
10.7.2 Brazil
10.73 Rest of Latin America

11. Company Profiles
11.1 Admiral Group PLC
11.1.1 Company details 
11.1.2 Financial outlook
11.1.3 Product summary 
11.1.4 Recent developments
11.2 Allianz
11.2.1 Company details 
11.2.2 Financial outlook
11.2.3 Product summary 
11.2.4 Recent developments
11.3 Allstate Insurance Company
11.3.1 Company details 
11.3.2 Financial outlook
11.3.3 Product summary 
11.3.4 Recent developments
11.4 American Family Insurance
11.4.1 Company details 
11.4.2 Financial outlook
11.4.3 Product summary 
11.4.4 Recent developments
11.5 Aviva
11.5.1 Company details 
11.5.2 Financial outlook
11.5.3 Product summary 
11.5.4 Recent developments
11.6 AXA
11.6.1 Company details 
11.6.2 Financial outlook
11.6.3 Product summary 
11.6.4 Recent developments
11.7 Berkshire Hathaway Inc.
11.7.1 Company details 
11.7.2 Financial outlook
11.7.3 Product summary 
11.7.4 Recent developments
11.8 Chubb
11.8.1 Company details 
11.8.2 Financial outlook
11.8.3 Product summary 
11.8.4 Recent developments
11.9 Direct Gap
11.9.1 Company details 
11.9.2 Financial outlook
11.9.3 Product summary 
11.9.4 Recent developments
11.10 Kemper Corporation
11.10.1 Company details 
11.10.2 Financial outlook
11.10.3 Product summary 
11.10.4 Recent developments
11.11 Liberty Mutual Insurance Company
11.11.1 Company details 
11.11.2 Financial outlook
11.11.3 Product summary 
11.11.4 Recent developments
11.12 Majesco
11.12.1 Company details 
11.12.2 Financial outlook
11.12.3 Product summary 
11.12.4 Recent developments
11.13 Nationwide Mutual Insurance Company
11.13.1 Company details 
11.13.2 Financial outlook
11.13.3 Product summary 
11.13.4 Recent developments
11.14 Progressive Casualty Insurance Company
11.14.1 Company details
11.14.2 Financial outlook
11.14.3 Product summary 
11.14.4 Recent developments
11.15 State Farm Mutual Automobile Insurance Company
11.15.1 Company details 
11.15.2 Financial outlook
11.15.3 Product summary 
11.15.4 Recent developments
11.16 The Travelers Idemnity Company
11.16.1 Company details 
11.16.2 Financial outlook
11.16.3 Product summary 
11.16.4 Recent developments
11.17 Zurich
11.17.1 Company details 
11.17.2 Financial outlook
11.17.3 Product summary 
11.17.4 Recent developments

12.List of Abbreviations

13.Reference Links

14.Conclusion

15.Research Scope

SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

SPER-Methodology-1

SPER-Methodology-2

SPER-Methodology-3


Frequently Asked Questions About This Report
Guaranteed Auto Protection (GAP) Insurance Market CAGR of 10.13% during the forecast period.
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GAP Insurance Market is projected to reach USD 9.25 billion by 2032, growing at a CAGR of 10.13% during the forecast period.
Guaranteed Auto Protection (GAP) Insurance Market grew in market size from 2021. The Market is expected to reach USD 9.25 billion by 2032, at a CAGR of 10.13% during the forecast period.
GAP Insurance Market size is USD 9.25 billion from 2022 to 2032.
Guaranteed Auto Protection (GAP) Insurance Market Segment is Covered By Type, By Application, By Distribution Channel.
The North America region is anticipated to have the highest market share in the GAP Insurance Market.
The key players in the market include Companies Covered Admiral Group PLC, Allianz, Allstate Insurance Company, American Family Insurance, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Direct Gap, Kemper Corporation, Liberty Mutual Insurance Company, Majesco, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, The Travelers Idemnity Company, Zurich.
The Guaranteed Asset Protection (GAP) endorsement makes up the shortfall between the loan balance and the depreciated value of the vehicle. Drivers are often given the option of purchasing gap insurance.
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