It will pay the difference between the value of your car and what you owe on it if it’s stolen or totaled in an accident and you have loan/lease gap coverage. The specific amount may vary by state, but will usually cover up to 25% of the car’s worth. Your coverage will reimburse your loan or lease if your claim is accepted. Keep in mind that the repayment of your loan or lease does not include other costs associated with it, like excess mileage fees.