Gap Insurance vs. Loan/Lease Payoff

If you’ve recently purchased a car using financing, you’re probably looking at these types of insurance. In fact, if you bought your car from a dealer, there’s a good chance they talked to you about or sold you some GAP insurance to go along with your car. That’s because if you took out a loan or financing to buy your car, this type of insurance will cover you in the event of your car being totaled.