VEHICLE PROTECTION SERVICE MARKET ANALYSIS

Vehicle Protection Service Market, By Service Type (Extended Warranty, Vehicle Maintenance Plans, Roadside Assistance, Tire and Wheel Protection, Paintless Dent Repair, Key Replacement, Theft Protection, GAP (Guaranteed Asset Protection) Insurance, Others), By Vehicle Type (Passenger Vehicles, Commercial Vehicles, Motorcycles, Recreational Vehicles (RVs), Others), By Coverage (Comprehensive Coverage, Specific Component Coverage, Customizable Coverage Plans), By Provider (Original Equipment Manufacturer (OEM), Third-Party Providers, Dealerships, Insurance Companies), By Distribution Channel (Direct Sales (B2C), Automotive Dealerships, Online Platforms, Insurance Agents), By Vehicle Age (New Vehicles, Used Vehicles, Pre-owned Certified Vehicles), By Customer Segment (Individual Vehicle Owners, Fleet Owners, Commercial Businesses, Rental Car Companies, Others), By Claim Process (Direct Claims Handling, Reimbursement Claims), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Recent Developments

New product launches

Assurant – insurance company, launched a new extended warranty product called "Assurant Vehicle Protection" in 2022. This product offers coverage for mechanical breakdown, electrical breakdown, and comprehensive protection.
CarShield – auto protection company, launched a new extended warranty product called "CarShield MAX" in 2022. This product offers coverage for mechanical breakdown, electrical breakdown, and comprehensive protection, as well as roadside assistance and rental car reimbursement.
WarrantyDirect - insurance company, launched a new extended warranty product called "WarrantyDirect Platinum" in 2022. This product offers coverage for mechanical breakdown, electrical breakdown, and comprehensive protection, as well as roadside assistance, rental car reimbursement, and trip interruption insurance.

Acquisition and partnerships

Assurant - insurance company, acquired National Auto Protection (NAP) in 2022. NAP is a leading provider of extended warranties in the U.S This acquisition will help Assurant to expand its market share and product offerings.
In June, 2023 Assurant, Inc., a prominent global business services firm specializing in the support, protection, and connectivity of significant consumer purchases such as automobiles, has recently unveiled a partnership with Altelium, a provider of real-time data-driven battery solutions. This collaboration empowers Assurant to harness the power of Altelium\'s artificial intelligence (AI)-based battery data and insights into electric vehicles (EVs).
CarShield - auto protection company, partnered with Progressive - insurance company, in 2022. This partnership will allow CarShield to offer its extended warranty products through Progressive\'s network of agents. This will help CarShield to reach a wider audience and grow its business.
American Automobile Association (AAA) - Not-for-profit organization, partnered with Carvana - Used car dealers company, in 2022. This partnership will allow AAA to offer its extended warranty products through Carvana\'s website and app. This will help AAA to reach a wider audience and grow its business.