Guaranteed Auto Protection (GAP) Insurance Market By Type (Finance GAP Insurance, Return-to-Invoice GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-Value GAP Insurance, and Others) and Application (Passenger Cars and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Guaranteed Auto Protection (gap) Insurance Market
Request Now !Guaranteed Auto Protection (GAP) Insurance Market Outlook – 2027Â
The global guaranteed auto protection insurance market is experiencing significant growth, and is projected to grow as the trend has shifted from buying to leasing cars in the market. Guaranteed auto protection insurance policy covers the borrowers residual gap between actual cash valuation of an automobile and the amount left to be paid to the financing, if vehicle meets with accidents or collisions. Moreover, GAP insurance coverages are commonly utilized for new and used vehicles. Generally, if an individual purchases a car through financing, then buyers need to purchase GAP insurance.Â
The global GAP insurance market is segmented on the basis of type, application, and region. Based on type, the market is divided into finance GAP insurance, return-to-invoice GAP insurance, vehicle replacement GAP insurance, return-to-value GAP insurance, and others. In terms of application, the market is bifurcated into passenger cars and commercial vehicles. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global GAP insurance industry include Progressive Casualty Insurance Company, Direct Gap, StateFarm, Allstate Insurance Company, American Family Insurance, GEICO, Allianz SE, AXA, and Aviva. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global GAP insurance market.Â
Top Impacting Factors
Increase in awareness of self-financing firms & auto leasing dealers, in terms of protection against unexpected losses caused by borrowers. This, as a result compels owners & buyers to purchase GAP insurance policy, which fuels the GAP insurance market growth. However, higher competition, lack of awareness about guaranteed auto protection insurance benefits, and evolution policy regulations are some of the factors that hampers the market growth.
On the contrary, rise in popularity and demand for auto financing largely requires GAP insurance coverages. These factors, therefore, are expected to provide enormous opportunities for the market in upcoming years.
New Technological Advancements in the Parent Industry
In June 2020, Tata AIG General Insurance introduced telematics-based software, 'AutoSafe'. This software enhances policyholders to save some of their premium by tracking kilometers they travel, encouraging healthy driving and provides anti-theft tool GPS monitoring facility. In addition, the program offers other value-added plans such as depreciation reimbursement, regular payment, and no claim protection coverage. It helps insurers to track behavior patterns of individuals who have their vehicles insured and accordingly reduce claim rates for the GAP insurance in the market.
Rise in Artificial Intelligence (AI) Penetration into the Auto Insurance Industry
Rise in benefits of artificial intelligence (AI) technology across several industry verticals has made considerable progress in the automobile insurance market. The technology allows car insurance businesses to constantly deliver services to their clients with live track on speed limit to provide instant services & personalized coverages for GAP insurance. Moreover, functions such as seamless streaming of customer insights, automatic claim services, automated underwriting, and predictive analytics generate substantial demand for AI in the GAP insurance market.
Key Benefits of the Report
- This study presents analytical depiction of the global GAP insurance market size along with the current trends and future estimations to determine the imminent investment pockets.  Â
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global GAP insurance market share. Â Â Â
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario. Â Â Â Â Â Â
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  Â
- The report provides a detailed GAP insurance market analysis based on the present and future competitive intensity of the market.
Market Scope and Structure Analysis
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Report Metric |
Details |
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Market Size Available For Years |
2019-2027 |
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Base Year Considered |
2019 |
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Forecast Period |
2020-2027 |
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Forecast Units |
Value ($) |
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Segments Covered |
Type, Application, and Region |
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Regions Covered |
North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa |
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Companies Covered |
Major players analyzed in the report include Progressive Casualty Insurance Company, Direct Gap, StateFarm, Allstate Insurance Company, American Family Insurance, GEICO, Allianz SE, AXA, and Aviva |
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COVID-19 Scenario Analysis
- The COVID-19 impact has caused serious business disruptions to several industries globally. The car sales have come down dramatically and the pandemic has affected the sale of car insurance due to stringent lockdown conditions in across the countries.Â
- Moreover, decline in new policy sales volumes have impacted a number of car dealers to temporarily close their businesses in the market.
Guaranteed Auto Protection (GAP) Insurance Market Key Segments
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Segments |
Sub-Segments |
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Type |
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Application |
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Questions Answered in the Global GAP Insurance Market Research Report
- Who are the leading market players active in the global GAP insurance market?
- What would be the detailed impact of COVID-19 on the global GAP insurance market trends?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global GAP insurance market?
- What are the projections for the future that would help in taking further strategic steps?
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