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DUBLIN--(BUSINESS WIRE)--Nov 7, 2022--
The "Guaranteed Auto Protection Insurance Market By Type, By Application, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
Guaranteed Auto Protection (GAP) insurance is a form of auto insurance that automobile owners can buy to safeguard themselves against losses that can occur if the amount of compensation obtained in the event of a total loss is insufficient to pay off the amount the insured owes under the finance or leasing arrangement for the vehicle.
In addition, the gap between the amount owing and the amount protected by another insurance policy on a loan is covered by GAP insurance. Some GAP policies pay the deductible. For loans with minimal down payments, high interest rates, and amortization durations of at least 60 months, GAP insurance is promoted.
The growing anxiety among consumers about covering the expense of the difference between the loan amount and the vehicle's depreciated value is a major factor in the worldwide gap insurance market's revenue growth. Additionally, since car costs have depreciated over time and vehicle accidents have increased, gap insurance has become more and more necessary in order to cover outstanding sums.
However, the market's expansion is likely to be hampered by large claims submitted as a result of increased automobile use which have put financial burden on insurance claims. In contrast, the expanding car sector and rising demand for insurance are two variables that are anticipated to continue to create lucrative opportunities for both established market participants and fresh entrants.
Additionally, factors that are anticipated to promote market expansion include the availability of value-added online services and quick and easy claim settlement.
Key Benefits
Key Market Segments
By Type
By Application
By Distribution Channel
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/hhh9bl
View source version on businesswire.com:https://www.businesswire.com/news/home/20221107005563/en/
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KEYWORD:
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/07/2022 05:26 AM/DISC: 11/07/2022 05:26 AM
http://www.businesswire.com/news/home/20221107005563/en