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Yes you do. You need to have Collision and Comp coverage for Gap insurance to appy. Let's say that your vehicle is totalled out in a car accident and your loan is for $15000. Now lets say the insurance company offers you $10000. You would still owe the bank $5000 for your car so in this case, the Gap insurance will cover the other $5000 and pay off the loan in full once you submit all the paperwork they need to process the claim.
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