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Your insurance company may already offer gap insurance as an add-on, so it pays to at least inquire about it. You can also buy it at the dealership, though it costs more there. Gap insurance is also known as loan/lease payoff coverage.

Gap insurance doesn't cover everything There are some things that gap insurance will not cover:

Late fees or other administrative fees levied after the loan has begun

Payments that you have deferred

Unpaid delinquent payments that are due at the time of the loss

Towing and storage expenses

Additions or modifications to your loan, such as from refinancing (in this case, you would need to repurchase the gap coverage)