Press release
Surging Vehicle Sales Propel Growth Of Gap Insurance Market: Key Factor Driving The Growth In The Guaranteed Auto Protection (GAP) Insurance Market
Guaranteed Auto Protection (GAP) Insurance
What Is the Expected Guaranteed Auto Protection (GAP) Insurance Market Size During the Forecast Period?
The market size of guaranteed auto protection (GAP) insurance has been rapidly expanding in the past few years. A rise from $3.97 billion in 2024 to $4.38 billion in 2025 is projected, marking a compound annual growth rate (CAGR) of 10.3%. This growth during the historic period is due to a surge in transportation needs, an uptick in vehicle sales, and growing income levels.
The market size of guaranteed auto protection (GAP) insurance is projected to experience a swift surge in the upcoming years, expanding to $6.48 billion in 2029 with a 10.3% compound annual growth rate (CAGR). The forecasted growth can be linked to the expansion of online insurance marketplaces, a focus on custom insurance solutions, the rise in alternative financing options, and venturing into new markets. Noteworthy trends in the projected period come from the uptake of telematics and usage-based insurance (UBI), AI and ML integration, the rise of digital platforms, and strategic collaborations among key industry players.
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What Are the High-Growth Segments in the Guaranteed Auto Protection (GAP) Insurance Market?
The guaranteed auto protection (GAP) insurance market covered in this report is segmented -
1) By Type: Return-To-Invoice GAP Insurance, Finance GAP Insurance, Vehicle Replacement GAP Insurance, Return-To-Value GAP Insurance, Other Types
2) By Distribution Channel: Agents And Brokers, Direct Response, Other Distribution Channels
3) By Application: Passenger Vehicle, Commercial Vehicle
4) By End-User: Individuals, Corporates
Subsegments:
1) By Return-To-Invoice GAP Insurance: Standard Return-To-Invoice, Enhanced Return-To-Invoice
2) By Finance GAP Insurance: Loan GAP Insurance, Lease GAP Insurance
3) By Vehicle Replacement GAP Insurance: New Vehicle Replacement GAP, Used Vehicle Replacement GAP
4) By Return-To-Value GAP Insurance: market Value Return GAP, Actual Cash Value Return GAP
5) By Other Types: Theft Protection GAP, Specialty Vehicle GAP
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What Key Drivers Are Expected to Influence Future Guaranteed Auto Protection (GAP) Insurance Market Growth?
Rising vehicle sales are significantly advancing the growth of the guaranteed auto protection (GAP) insurance market. This trend is overseen mainly due to the growing demand for transportation, the appeal of automobiles as a symbol of lifestyle, increased income levels, and more. GAP insurance proves beneficial as it covers the money gap between the car's current worth (that is paid by regular insurance) and the actual amount owed by a person on the vehicle, especially in case of serious damage or complete loss of the car due to an accident. For example, as per the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association's reports from June 2023, passenger car sales in the UK are projected to soar by 25.8%, from 140,958 units in 2022 to 177,266 units in 2023. Also, in 2022, as cited by the Paris-based International Organization of Motor Vehicle Manufacturers, the global sales of passenger vehicles escalated from 56.43 million in 2021 to 57.48 million in 2022. With the surge in vehicle sales, the guaranteed auto protection (GAP) insurance market is set on a growth trajectory.
Which Companies Hold the Largest Share Across Different Guaranteed Auto Protection (GAP) Insurance Market Segments?
Major companies operating in the guaranteed auto protection (GAP) insurance market include Berkshire Hathaway Inc., Axa S.A., State Farm Mutual Automobile Insurance Company, Nationwide Mutual Insurance Company, Allstate Insurance Company, Liberty Mutual Insurance Company, Progressive Casualty Insurance Company, Zurich Insurance Group Ltd., Chubb Limited, The Travelers Indemnity Company, The Hartford Financial Services Group Inc., American Family Insurance, Allianz SE, Auto-Owners Insurance Group, Arch Insurance Group Inc., Kemper Corporation, Amica Mutual Insurance Company, Erie Insurance, Infinity Auto Insurance, Admiral Group plc, Esurance Insurance Services Inc., American Automobile Association Inc., Assurity Solutions, Motor Gap Limited.
What Trends Are Driving Growth in The Guaranteed Auto Protection (GAP) Insurance Market?
Leading firms in the guaranteed auto protection (GAP) insurance market are leveraging technologies like optimal diamond distribution to enhance their risk assessment, streamline claims processing, and increase customer engagement. This promotes more personalized and efficient coverage plans for users. Optimal diamond distribution is a strategic method used in logistics and supply chain management aiming to maximize delivery efficiency. It includes evaluating aspects such as demand trends, transportation expenses, and inventory quantities to assure product availability whenever and wherever needed. For example, in August 2024, Opteven, a French insurance firm, introduced its Combined Return to Invoice and Financial Shortfall GAP Insurance. This insurance fills the gap between the insurance compensation and the car's initial purchase cost if the car is declared a total write-off due to reasons including fire, theft or flood damage.
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What Are the Emerging Geographies for The Guaranteed Auto Protection (GAP) Insurance Market Growth?
North America was the largest region in the guaranteed auto protection (GAP) insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the guaranteed auto protection (GAP) insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Guaranteed Auto Protection (GAP) Insurance Market?
2. What is the CAGR expected in the Guaranteed Auto Protection (GAP) Insurance Market?
3. What Are the Key Innovations Transforming the Guaranteed Auto Protection (GAP) Insurance Industry?
4. Which Region Is Leading the Guaranteed Auto Protection (GAP) Insurance Market?
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