Thinking Of Purchasing Gap Insurance

I have been hearing a lot about gap insurance lately and how much I should be considering it.  I have never heard of this before, but to be honest have never had to file an insurance claim before.  My friends keep telling me that because my car will depreciate so much over the next few years that having this kind of insurance will allow me to be covered in the case that I get into any kind of accident and the entire amount is not covered.  Apparently this kind of insurance covers the amount that my regular insurance wont cover due to depreciating values. 

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