GAP (Guaranteed Asset Protection) insurance is an optional, add-on car insurance coverage that can help certain drivers cover the “gap” between the amount they owe on their car and the car’s actual cash value (ACV) in the event of an accident. Gap insurance works similarly whether you lease or finance your car. So, the market value of your leased car is going to be much lower than what is still owed on your lease contract. Know - What is Pay As You Drive Insurance? Example on