Global Guaranteed Automobile Protection Insurance Market Outlook to 2031 – Availability of Value-Added Online Services and Quick and Easy Claims Settlement Drives Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “Warranty Automobile Protection Insurance Market by Type, By Application, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031” has been added to from ResearchAndMarkets.com offer.

Guaranteed auto protection (GAP) insurance is a form of automobile insurance that automobile owners can purchase to protect themselves against losses that may occur if the amount of compensation obtained in the event of a total loss is insufficient to reimburse the amount the insured owes under the financing or leasing of the vehicle.

In addition, the difference between the amount owed 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 low down payments, high interest rates and amortization periods of at least 60 months, GAP insurance is encouraged.

Growing consumer concern about covering the cost of the difference between the loan amount and the depreciated value of the vehicle is a major driver of revenue growth in the global gap insurance market. Additionally, as car costs have depreciated over time and road accidents have increased, gap insurance has become increasingly necessary to cover monies owed.

However, market expansion may be hampered by large claims submitted due to increased automobile use, which have increased the financial burden of insurance claims. On the other hand, the expanding automotive sector and growing demand for insurance are two variables that are expected to continue to create lucrative opportunities for established market players and new entrants alike.

Additionally, factors that are expected to drive market expansion include the availability of value-added online services and quick and easy claims settlement.

Key Benefits

  • The study provides an in-depth analysis of the GAP Insurance market along with current trends and future estimates to illustrate impending investment pockets.

  • Information on major drivers, restraints and opportunities and their impact analysis on the GAP Insurance market size is provided in the report.

  • Porter’s five forces analysis illustrates the power 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

By type

  • GAP return insurance on invoice

  • Finance GAP Insurance

  • GAP vehicle replacement insurance

  • Return-to-value GAP insurance

  • Others

By app

  • Tourism vehicle

  • commercial vehicle

By distribution channel

  • Broker Agents

  • Direct response

  • Others

By region

  • North America

  • WE

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Belgium

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Indonesia

  • Thailand

  • Rest of Asia-Pacific

  • LAMEA

  • Latin America

  • Middle East

  • Africa

Main market players

  • Admiral Group PLC

  • Allianz

  • Allstate Insurance Company

  • American family insurance

  • Aviva

  • AXA

  • Berkshire Hathaway Inc.

  • Chubb

  • Direct spread

  • Kemper Company

  • Liberty Mutual Insurance Company

  • majesco

  • National Mutual

  • Progressive multi-risk insurance company

  • State Farm Mutual Automobile Insurance Company

  • The Travelers Compensation Company

  • Zürich

For more information about this report visit https://www.researchandmarkets.com/r/hhh9bl

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