Gap insurance is not an insurance coverage that is mandated by Florida law, but some drivers are required to pay for gap insurance as a condition on their lease or auto loan. If you loaned or leased a fairly new vehicle, gap insurance can be valuable because you may owe more money on the car than the car is currently worth, as measured by the vehicle’s actual cash value. As your car ages, its value drops quickly, and most policies only cover a vehicle’s current value. Once you have gap insurance, make sure to periodically monitor your vehicle’s change in value over time and compare that to your loan balance. As soon as you’re no longer “upside down” (you owe less than your car is worth) you can go ahead and remove gap insurance coverage from your vehicle.