GAP Insurance for New and Used Cars in Europe

GAP Insurance for New and Used Cars in Europe provides comprehensive and in-depth research covering 20 countries in Europe namely: Austria; Belgium; the Czech Republic; Denmark; France; Germany; Hungary; Ireland; Italy; the Netherlands; Norway; Poland; Portugal; Romania; Russia; Spain; Sweden; Switzerland; Turkey; and the UK. GAP insurance in a stand-alone format was found to be present to one extent or another in all but two of these.

Based on a survey of 1,230 dealers in these countries and an investigation typically covering between 30 and 50 automotive brands in each territory, the study delivers unique insights into the market for stand-alone GAP insurance for new and used passenger cars bought by consumers including the breakdown between return-to-invoice (RTI) GAP, finance or leasing GAP and other types of GAP cover. Moreover, in terms of gross written premiums, the research also generates data describing the value of the market for GAP insurance for new and used cars in each country in 2018 plus its growth since 2014.

In addition to this unique market data, the survey results are also used to measure the extent to which automotive dealers and manufacturer brands actually organise and intermediate GAP insurance in each country, to calculate average customer take-up rates for GAP insurance at the point of sale, and to understand relationships between manufacturers or importers and external GAP insurance providers for branded or endorsed programs.

Key findings from the executive summary include:
  • Finaccord estimates that the market across all countries in scope was worth around EUR 867.6 million in gross written premiums in 2018 and that increasing provision via dealers and manufacturer brands is causing it to grow at a double-digit rates in many countries;
  • according to the survey, provision rates for GAP insurance among dealers are highest in Poland and France at 87.7% and 86.3%, respectively, followed by Italy (84.7%), Germany (84.4%), the UK (79.0%), the Czech Republic (78.0%) and Russia (64.3%);
  • across countries in which at least one dealer reported offering GAP insurance and calculated on an unweighted basis, an average of 74.0% worked only with tied providers, 15.1% sold only non-tied products and 10.9% distributed GAP cover from both sources;
  • computed as a weighted share of dealer and manufacturer brand partnerships for each country and reweighted by the size of the market in each country across Europe, MAPFRE emerges as the leading provider as a result of its very strong position in the UK market – other leading independent providers on this measure are, in descending order, Covéa, AmTrust, AXA, BNP Paribas Cardif and Allianz.
Indeed, for important automotive groups, such as BMW, Daimler, Fiat Chrysler, Ford, Honda, Hyundai, Mazda, PSA, Renault Nissan, Toyota, Volvo (Geely) and VW, the study delivers comprehensive information concerning their current programs and partners for GAP insurance in each of the 20 countries covered.

For further information about this research, please access the table of contents and prospectus by clicking on the corresponding links to the left-hand side of this page, or e-mail [email protected].

$4,195.00 USD
+7% GST for Singapore-based customers

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Finaccord is also able to undertake bespoke research and consulting assignments about this and other subjects. For further information about the types of consulting that Finaccord is able to carry out, please visit our Consulting page.