GAP Protection in the USA: Market Dynamics, Affinities and Partnerships is a report, based in part on a survey of 130 vehicle dealerships and 40 vehicle manufacturer brands, investigating the market for GAP protection in the US. Key features include: an outline of market drivers and the value and growth of the market from 2014 to 2018; quantification and commentary concerning the segmentation of policies in force by distribution channels used to buy them in 2018; estimates for underwriter market shares in 2018; a comprehensive listing of more than 40 affinity and partnership marketing relationships visible at the time of the research in 2018 for this type of contract, including ones employing 'insurtech' with the aim of disrupting incumbent competitors; and forecasts for the value of the market up to 2022.
Moreover, all market value data, including the forecast, is segmented between the Midwest, Northeast, South and West so that the current magnitude and likely future direction of the opportunity is apparent for each region, and is provided in addition to the report, along with other supporting data, in an associated market data file.
In this report, GAP protection is defined as stand-alone cover for light vehicles (comprising passenger cars, SUVs, pick-up trucks and vans) acquired by individuals, including self-employed individuals, that is either paid for on a stand-alone basis or with the cost funded through a finance or leasing contract. Thus, GAP protection acquired by corporate buyers of light vehicles, including fleets, is not included. Also out of scope is GAP cover embedded as a feature or bought as an add-on to auto insurance. However, it does include the four main variants of cover, namely: return-to-value GAP; return-to-invoice GAP; vehicle replacement GAP; and finance GAP.
In keeping with 11 other studies in this series, research processes and sources used to create it include the following: primary interviews with leading brokers, underwriters and affinity / corporate partners active in this field; in-house data drawn from other Finaccord reports; and comprehensive analysis of secondary information from a diverse range of data sources including US government departments and financial regulators, relevant trade and other associations, specialist publications and published disclosures by competitors active in the market. All relevant workings, such as estimates for attachment rates within the target audience, are presented in a transparent manner.
For further information about this research, please access the table of contents and series prospectus by clicking on the corresponding links to the left-hand side of this page, or e-mail email@example.com.