Gap insurance: Is it needed when buying a new car?There’s nothing quite like the feeling of driving a brand-new car off the lot. The spotless interior, the gleaming paint, the distinctive “new car smell”—it’s a moment of pure excitement. You have signed the papers, secured the loan, and your vehicle is covered by your essential car insurance policy, which includes collision and comprehensive coverage.But here’s the brutal reality check your finance manager may have casually alluded to: depreciation.