If you have to buy Gap insurance, you may need to rethink what you are doing.
Not necessarily. The coverage protects (to an extent) the borrower in the event that the collateral auto is totaled, and the insurance proceeds are less than the loan balance. Living in Northern Virginia, especially with plenty of illegals driving about (some without insurance), means we should probably buy this coverage.
It's the same way with collision and comprehensive coverage.
If I had cash to pay for a car and to replace the car, in the event of an accident or other damage, then I would not really need all of those coverages, now woudl I?