Don’t worry—I’ve put together this guide to help you understand car insurance basics, what to look for in a policy, and how to find the best car insurance deals tailored to your needs. Gap Insurance: If you’re financing your car, gap insurance covers the difference between what you owe and the car’s value if it’s totaled in an accident. Multi-Policy Discount: Bundling your car insurance with home or renters insurance often results in a discount.