Market Overview:
The global gap insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for gap insurance in developed and developing countries owing to the increase in vehicle ownership and rising number of accidents. In addition, the increasing awareness about gap insurance among consumers is also contributing to the growth of this market. On the basis of type, finance GAP insurance accounted for a major share of the global gap insurance market in 2017. This segment is expected to continue its dominance during the forecast period due to its wide acceptance among consumers and insurers alike. Vehicle replacement GAP insurance is another key segment of this market, owing to its ability to provide coverage against loss or damage incurred on account of theft or accident involving a vehicle insured under such policy. Geographically, North America was observed as one of leading markets for Gap Insurance in 2017 followed by Europe and Asia Pacific respectively However, Asia Pacific region is projected exhibit highest CAGR over next few years on account growing automotive industry coupled with rising disposable income levels across emerging economies such as China.
Product Definition:
Gap insurance is an optional form of car insurance that covers the "gap" between the amount your primary car insurance policy pays and the balance on your vehicle loan or lease in the event that your car is totaled. Gap insurance can be especially important for drivers who owe more money on their vehicle than it's worth, as their primary policy would only pay up to the market value of their car in a total loss situation.
Finance GAP Insurance:
Finance GAP insurance is a type of gap insurance that helps businesses recover some of the funds paid to credit unions and banks for loans. The primary objective of this product is to reduce the financial impact due to any unexpected event such as an illness or disability in either the employee or family member.
The finance gap coverage provided by most standard policies has a limit on how much money can be reimbursed, which makes it inadequate for covering large gaps in paychecks.
Return-to-invoice GAP Insurance:
The Return-to-invoice GAP insurance is a form of gap insurance that reimburses the buyer for costs incurred in completing the purchase of an item if it is not delivered within the specified time. It can be availed by both manufacturers and consumers. The policy provides protection against late deliveries, which are expected to be invoiced later than expected delivery due to reasons such as supplier failure or product defects.
In most countries, including India, Brazil, China.
Application Insights:
The heavy trucks segment held the largest market share in 2017. This is attributed to the rising demand for gap insurance from companies operating in the logistics industry. The logistics industry requires a large number of heavy-duty vehicles as it involves high volumes of transportation and storage, which require long hours on road and increased distance covered between destinations. As such, drivers engaged in this trade are prone to accidents while travelling due to fatigue caused due to long working hours or overloading of vehicles carrying hazardous materials that may lead to loss of life or damage property at both domestic and international levels.
Regional Analysis:
The Asia Pacific region accounted for the highest revenue share in 2017 and is expected to continue its dominance over the forecast period. The growth can be attributed to rising demand for gap insurance policies from developing countries, such as India and China. In addition, increasing penetration of these products in developed economies is anticipated to drive regional market growth.
North America also held a significant share of global revenue owing to high demand from U.S., which has one of the most developed automotive industries across the globe with presence of major players offering wide range of services including financing, maintenance agreements, insurance etcetera.
Growth Factors:
- Increasing demand for gap insurance due to increasing number of vehicles on road
- Rising awareness about the benefits of gap insurance
- Favorable government regulations and initiatives
- Technological advancements in the automotive industry
- Growing trend of online purchasing
Scope Of The Report
Report Attributes
Report Details
Report Title
Gap Insurance Market Research Report
By Type
Finance GAP Insurance, Return-to-invoice GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-value GAP Insurance, Others
By Application
Small Vehicles, Heavy Trucks
By Companies
ALA, Admiral, AXA, Warranty Direct (BNP Paribas Cardif), AAA, Nationwide, Allianz, Covéa Insurance, Direct Gap, Motoreasy, Click4Gap, Esurance, USAA, Allstate, Progressive, Zurich Insurance
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
243
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Gap Insurance Market Report Segments:
The global Gap Insurance market is segmented on the basis of:
Types
Finance GAP Insurance, Return-to-invoice GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-value GAP Insurance, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Small Vehicles, Heavy Trucks
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ALA
- Admiral
- AXA
- Warranty Direct (BNP Paribas Cardif)
- AAA
- Nationwide
- Allianz
- Covéa Insurance
- Direct Gap
- Motoreasy
- Click4Gap
- Esurance
- USAA
- Allstate
- Progressive
- Zurich Insurance
Highlights of The Gap Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Finance GAP Insurance
- Return-to-invoice GAP Insurance
- Vehicle Replacement GAP Insurance
- Return-to-value GAP Insurance
- Others
- By Application:
- Small Vehicles
- Heavy Trucks
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Gap Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Gap insurance is a type of insurance that helps cover the difference between what you are owed and what you have in your savings or checking account. If something happens and you cannot work due to an injury, illness, or other qualifying event, gap insurance can help pay for your lost wages.
Some of the major players in the gap insurance market are ALA, Admiral, AXA, Warranty Direct (BNP Paribas Cardif), AAA, Nationwide, Allianz, Cov©a Insurance, Direct Gap, Motoreasy, Click4Gap, Esurance, USAA, Allstate, Progressive, Zurich Insurance.
The gap insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Gap Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Gap Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Gap Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Gap Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Gap Insurance Market Size & Forecast, 2018-2028
4.5.1 Gap Insurance Market Size and Y-o-Y Growth
4.5.2 Gap Insurance Market Absolute $ Opportunity
Chapter 5 Global Gap Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Gap Insurance Market Size Forecast by Type
5.2.1 Finance GAP Insurance
5.2.2 Return-to-invoice GAP Insurance
5.2.3 Vehicle Replacement GAP Insurance
5.2.4 Return-to-value GAP Insurance
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Gap Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Gap Insurance Market Size Forecast by Applications
6.2.1 Small Vehicles
6.2.2 Heavy Trucks
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Gap Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Gap Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Gap Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Gap Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Gap Insurance Market Size Forecast by Type
9.6.1 Finance GAP Insurance
9.6.2 Return-to-invoice GAP Insurance
9.6.3 Vehicle Replacement GAP Insurance
9.6.4 Return-to-value GAP Insurance
9.6.5 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Gap Insurance Market Size Forecast by Applications
9.10.1 Small Vehicles
9.10.2 Heavy Trucks
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Gap Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Gap Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Gap Insurance Market Size Forecast by Type
10.6.1 Finance GAP Insurance
10.6.2 Return-to-invoice GAP Insurance
10.6.3 Vehicle Replacement GAP Insurance
10.6.4 Return-to-value GAP Insurance
10.6.5 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Gap Insurance Market Size Forecast by Applications
10.10.1 Small Vehicles
10.10.2 Heavy Trucks
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Gap Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Gap Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Gap Insurance Market Size Forecast by Type
11.6.1 Finance GAP Insurance
11.6.2 Return-to-invoice GAP Insurance
11.6.3 Vehicle Replacement GAP Insurance
11.6.4 Return-to-value GAP Insurance
11.6.5 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Gap Insurance Market Size Forecast by Applications
11.10.1 Small Vehicles
11.10.2 Heavy Trucks
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Gap Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Gap Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Gap Insurance Market Size Forecast by Type
12.6.1 Finance GAP Insurance
12.6.2 Return-to-invoice GAP Insurance
12.6.3 Vehicle Replacement GAP Insurance
12.6.4 Return-to-value GAP Insurance
12.6.5 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Gap Insurance Market Size Forecast by Applications
12.10.1 Small Vehicles
12.10.2 Heavy Trucks
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Gap Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Gap Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Gap Insurance Market Size Forecast by Type
13.6.1 Finance GAP Insurance
13.6.2 Return-to-invoice GAP Insurance
13.6.3 Vehicle Replacement GAP Insurance
13.6.4 Return-to-value GAP Insurance
13.6.5 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Gap Insurance Market Size Forecast by Applications
13.10.1 Small Vehicles
13.10.2 Heavy Trucks
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Gap Insurance Market: Competitive Dashboard
14.2 Global Gap Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ALA
14.3.2 Admiral
14.3.3 AXA
14.3.4 Warranty Direct (BNP Paribas Cardif)
14.3.5 AAA
14.3.6 Nationwide
14.3.7 Allianz
14.3.8 Covéa Insurance
14.3.9 Direct Gap
14.3.10 Motoreasy
14.3.11 Click4Gap
14.3.12 Esurance
14.3.13 USAA
14.3.14 Allstate
14.3.15 Progressive
14.3.16 Zurich Insurance
