What is GAP insurance and do I need it?

GAP (guaranteed asset protection) covers the difference between what you owe on your loan and what your insurer pays if the car is totaled or stolen. It's most useful if you put little down, chose a long term, rolled in negative equity or bought a vehicle that depreciates quickly. If you have substantial equity, you may not need it. It's optional, and on OffLot it appears among the optional protection products in Build your deal.