DUBLIN–(BUSINESS WIRE)–The “Guaranteed Auto Protection Insurance Market By Type, By Application, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
Guaranteed Auto Protection (GAP) insurance is a form of auto insurance that automobile owners can buy to safeguard themselves against losses that can occur if the amount of compensation obtained in the event of a total loss is insufficient to pay off the amount the insured owes under the finance or leasing arrangement for the vehicle.
In addition, the gap between the amount owing and the amount protected by another insurance policy on a loan is covered by GAP insurance. Some GAP policies pay the deductible. For loans with minimal down payments, high interest rates, and amortization durations of at least 60 months, GAP insurance is promoted.
The growing anxiety among consumers about covering the expense of the difference between the loan amount and the vehicle’s depreciated value is a major factor in the worldwide gap insurance market’s revenue growth. Additionally, since car costs have depreciated over time and vehicle accidents have increased, gap insurance has become more and more necessary in order to cover outstanding sums.
However, the market’s expansion is likely to be hampered by large claims submitted as a result of increased automobile use which have put financial burden on insurance claims. In contrast, the expanding car sector and rising demand for insurance are two variables that are anticipated to continue to create lucrative opportunities for both established market participants and fresh entrants.
Additionally, factors that are anticipated to promote market expansion include the availability of value-added online services and quick and easy claim settlement.
- The study provides in-depth analysis of the GAP insurance market along with the current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the GAP insurance market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the GAP insurance market from 2021 to 2031 is provided to determine the market potential.
Key Market Segments
- Return-to-Invoice GAP Insurance
- Finance GAP Insurance
- Vehicle Replacement GAP Insurance
- Return-to-Value GAP Insurance
- Passenger Vehicle
- Commercial Vehicle
By Distribution Channel
- Agents Brokers
- Direct Response
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Admiral Group PLC
- Allstate Insurance Company
- American Family Insurance
- Berkshire Hathaway Inc.
- Direct Gap
- Kemper Corporation
- Liberty Mutual Insurance Company
- Nationwide Mutual Insurance Company
- Progressive Casualty Insurance Company
- State Farm Mutual Automobile Insurance Company
- The Travelers Idemnity Company
For more information about this report visit https://www.researchandmarkets.com/r/hhh9bl