Gap Insurance: pays the difference between the actual cash value of the vehicle and the current outstanding balance on your loan or lease. (autos.com)
To get started, you'll need to know the total outstanding balance on your loans, the interest rate, and your current monthly payment. (loanlab.co)
If you got a loan to pay for your car and have an accident, gap insurance pays the difference between the cash value of your car and the current outstanding balance on your loan or lease. (carinsurance.com)