Market Overview:
The global guaranteed auto protection (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 passenger cars and commercial vehicles across the globe. Additionally, the rising 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 guaranteed auto protection (GAP) insurance market in 2017. This segment is expected to continue its dominance during the forecast period owing to its wide acceptance among consumers and dealerships alike. On account of increasing vehicle prices, return-to-invoice GAP insurance is gaining traction among consumers and is projected to grow at a higher CAGR than other types during 2018–2030.
 Insurance Industry Outlook.svg)
Product Definition:
GAP insurance is a type of coverage that can help protect you financially if your vehicle is totaled or stolen and the amount you receive from your insurance company is less than the balance remaining on your auto loan. In most cases, GAP insurance will cover the difference between what you owe on your car and what your car's insured value is. GAP insurance can be a valuable asset in protecting yourself from financial hardship if something happens to your vehicle.
Finance GAP Insurance:
Finance GAP Insurance is a type of insurance coverage that helps consumers who are unable to get auto loans from banks or other lending institutions. The typical scenario where this product comes into picture is when the consumer purchases a vehicle and obtains an auto loan against the equity in the vehicle.
Return-to-Invoice GAP Insurance:
The Return-to- invoice gap insurance is a type of GAP Insurance that reimburses the buyer for the difference between what he paid for the vehicle and its realistic market value, if it's repossessed by finance company before he gets his loan reimbursement.
In most cases, banks require auto lenders to purchase return-to-invoice (RTI) gap insurance as part of their lending process.
Application Insights:
The passenger cars segment held the largest share of over 60.0% in 2017. The growth can be attributed to the increasing sales of passenger vehicles, especially in developing countries such as India and China. In addition, a rise in per capita income has led to an increase in the number of vehicle owners across various regions including North America and Europe. This trend is expected to continue over the forecast period, thereby driving demand for GAP insurance globally.
Commercial vehicles are projected to witness significant growth over the forecast period owing to their usage for logistics purposes across various industries including construction.
Regional Analysis:
North America dominated the global GAP market in 2017. The growth can be attributed to the presence of a large number of insurance companies offering protection plans for vehicles. In addition, stringent regulations laid down by government bodies and an increasing number of claims for vehicle damage are also expected to drive demand over the forecast period.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to factors such as improving economic conditions, rising disposable income levels, and rapid urbanization & industrialization across countries such as India and China among others are expected boost demand in this region.
Growth Factors:
- Increasing demand for GAP insurance owing to the increasing number of leased and financed vehicles
- Rising awareness about the benefits of GAP insurance among consumers
- The growing popularity of online purchase channels for GAP insurance policies
- The increasing number of insurers offering GAP coverage policies
- The rising cost of vehicle repairs and replacements
Scope Of The Report
Report Attributes
Report Details
Report Title
Guaranteed Auto Protection (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
Passenger Cars, Commercial Vehicles
By Companies
Progressive Casualty Insurance Company, Direct Gap, StateFarm, Allstate Insurance Company, American Family Insurance, GEICO, Allianz SE, AXA, Aviva
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
205
Number of Tables & Figures
144
Customization Available
Yes, the report can be customized as per your need.
Global Guaranteed Auto Protection (GAP) Insurance Market Report Segments:
The global Guaranteed Auto Protection (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
Passenger Cars, Commercial Vehicles
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:
- Progressive Casualty Insurance Company
- Direct Gap
- StateFarm
- Allstate Insurance Company
- American Family Insurance
- GEICO
- Allianz SE
- AXA
- Aviva
 Insurance Market Overview.svg)
Highlights of The Guaranteed Auto Protection (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:
- Passenger Cars
- Commercial Vehicles
- 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 Guaranteed Auto Protection (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
 Insurance Market Statistics.svg)
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 car insurance that provides protection for your vehicle in the event that it is damaged or stolen while you are not driving it. GAP coverage typically costs less than full car insurance, and can be a good option if you only need limited protection.
Some of the major players in the guaranteed auto protection (gap) insurance market are Progressive Casualty Insurance Company, Direct Gap, StateFarm, Allstate Insurance Company, American Family Insurance, GEICO, Allianz SE, AXA, Aviva.
The guaranteed auto protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Market Size & Forecast, 2018-2028
4.5.1 Guaranteed Auto Protection (GAP) Insurance Market Size and Y-o-Y Growth
4.5.2 Guaranteed Auto Protection (GAP) Insurance Market Absolute $ Opportunity
Chapter 5 Global Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Market Size Forecast by Applications
6.2.1 Passenger Cars
6.2.2 Commercial Vehicles
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Market Size Forecast by Applications
9.10.1 Passenger Cars
9.10.2 Commercial Vehicles
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 Guaranteed Auto Protection (GAP) Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Market Size Forecast by Applications
10.10.1 Passenger Cars
10.10.2 Commercial Vehicles
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 Guaranteed Auto Protection (GAP) Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Market Size Forecast by Applications
11.10.1 Passenger Cars
11.10.2 Commercial Vehicles
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 Guaranteed Auto Protection (GAP) Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Guaranteed Auto Protection (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 Guaranteed Auto Protection (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 Guaranteed Auto Protection (GAP) Insurance Market Size Forecast by Applications
12.10.1 Passenger Cars
12.10.2 Commercial Vehicles
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) Guaranteed Auto Protection (GAP) Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Guaranteed Auto Protection (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) Guaranteed Auto Protection (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) Guaranteed Auto Protection (GAP) Insurance Market Size Forecast by Applications
13.10.1 Passenger Cars
13.10.2 Commercial Vehicles
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 Guaranteed Auto Protection (GAP) Insurance Market: Competitive Dashboard
14.2 Global Guaranteed Auto Protection (GAP) Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Progressive Casualty Insurance Company
14.3.2 Direct Gap
14.3.3 StateFarm
14.3.4 Allstate Insurance Company
14.3.5 American Family Insurance
14.3.6 GEICO
14.3.7 Allianz SE
14.3.8 AXA
14.3.9 Aviva
