Guaranteed Auto Protection (GAP) insurance coverage typically pays the difference between actual cash value of a vehicle and the current outstanding balance of a loan or lease when the car has been declared a total loss. Since you do not have a loan out on the vehicle because you paid in for full with cash for the car, it would not appear that GAP insurance would be of any help to you if the car was totaled out.

If your car is new though, you will typically want to have physical damage coverages such as collision and comprehensive on it. These coverages will cover your vehicle unlike liability coverages that cover other people's property.