Scope of the Study
Guaranteed asset protection insurance covers the shortfall between the initial payment for the vehicle in event of write off and what the car policy pays off. In other words, it protects the investments that are made in the worst case scenario. Guaranteed asset protection insurance act as cancellation of remaining loan balance. In addition it also covers the insurance deductibles, if the car is stolen or totaled. The GAP covers various new and used vehicles along with Jet skis, motorcycles, Boats, Snowmobiles, ATVs, Travel Trailers and others. However, it does not cover car repairs, extended warranties, down payment and others.
The market study is being classified by Type (Finance GAP Insurance, Return-to-invoice GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-value GAP Insurance and Others), by Application (Cars, Motorcycles, Boats, Snowmobiles, ATVs and Others) and major geographies with country level break-up.
Allstate (United States), Berkshire Hathaway (United States), Zurich (Switzerland), Farmers Insurance (United States), Travelers Insurance (United States), United health group (United States), Progressive (United States), Nationwide (United Kingdom), Allianz (Germany) and AXA (France) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Admiral (United Kingdom), AAA (United States), Covéa Insurance (United Kingdom), Direct Gap (United Kingdom) and Esurance (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Guaranteed Asset Protection (GAP) Insurance market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Guaranteed Asset Protection (GAP) Insurance market by Type, Application and Region.
On the basis of geography, the market of Guaranteed Asset Protection (GAP) Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Government Regulations for Insurance across the Globe is Fueling the Market
- High Depreciation Value of Automobile Is Leading to Purchase of GAP Insurance
- Introduction of Technology for Insurance Processing such as Artificial Intelligence and Machine Learning
- Increasing Premiums may affect the Market Growth
- Growing Automobile Industry is Boosting the Market of GAP Insurance
- Availability of Quick, Easy, and Hassle-Free Online Service
- Stiff Competition among the Major Companies
Market Leaders and their expansionary development strategies
On 3rd January 2019, Nationwide has acquired E risk services, LLC. This acquisition will enhance the Nationwide’s market leading excess & Surplus lines business.
Key Target AudienceGAP insurance providers, Government associations, Research organizations and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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