I’m glad you managed to avoid a wreck—but you’re right, gap insurance is more helpful than you might think. To add a new coverage, you can call your local agent, log in to your provider’s website, or access your account through their mobile app.
Once your car is driven off the lot, it loses a significant chunk of its value. If it gets totaled soon after you purchase it, you could end up losing money because the insurer will only pay you back the ACV (actual cash value) of the car, not how much you initially paid for it.
Gap insurance may also help in any of the following situations: