UK GAP Insurance for New and Used Cars and LCVs: Market Dynamics, Affinities and Partnerships
is a report investigating the market for GAP insurance for vehicles in the UK. Key features include: an outline of market drivers and the value and growth of the market from 2015 to 2019; quantification and commentary concerning the segmentation of policies in force by distribution channels used to buy them in 2019; estimates for underwriter market shares in 2019; a comprehensive listing of over 60 affinity and partnership marketing relationships visible at the time of the research in 2020 for this type of policy; a review of the impact of insurtech and other technological innovation on this sector; and forecasts for the value of the market up to 2023.
For the purposes of this report, GAP insurance is defined as stand-alone cover for new or used cars or LCVs (defined in the following paragraph) and acquired by individual customers (including the self-employed), that is either paid for by itself or with the cost funded through a finance or leasing contract. Thus, GAP insurance acquired by corporate buyers of passenger cars, including fleets, plus that for lorries and motorcycles are not included. Also out of scope is GAP cover embedded as a feature of motor insurance, usually for a limited period of one or two years. 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 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 UK government departments and financial regulators, relevant lifestyle organisations and trade associations, specialist publications and published disclosures by competitors active in the market.
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 protected]