Yes, GAP does come in handy. My mom had her Equinox for six months before she was in the first accident of her life! The GAP only has to pay about $2,000, but it's definitely better than paying out of pocket.
It turned out I already had GAP thru Allstate. I asked my agent what the price was and he said "$40 every 6 months". I canceled it and kept it thru my CU which is $250 for the full 5 years.
I actually put my jeep on craiglist and have loads of interested buyers. So glad I did not trade it in or sell it to carmax! So I'm going to take the money from my jeep and pay off my debt to the IRS (they audited me for 04) since a) they keep tacking on interest fees and late penalty fees per month (i am on an installment plan, but they still charge you all the fees). I'll either put the rest towards the new car or I might just open a savings account with ING or something.