Report: Gap Insurance for New Vehicles Guaranteed Asset Protection (GAP) insurance is an optional supplemental coverage designed to cover the between what you owe on a car loan and the vehicle's actual cash value (ACV) if it is totaled or stolen.
Gap insurance is highly recommended for buyers in a "negative equity" position, where the loan balance exceeds the car's market value. What Is Gap Insurance? | Allstate
Standard auto insurance policies typically only pay out the current market value of a car at the time of a loss. Because new cars can depreciate by in the first year alone, a total loss early in the loan term often results in a payout that is thousands of dollars less than the remaining loan balance. When is Gap Insurance Necessary?
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