Keith, no that is the whole point of Gap Insurance. Your insurance only pays the blue book value which is normally less than what you owe on the vehicle. Like I said in my earlier example, if your loan is for $10,000 and you total your car and blue book value is only $8000, then only $8000 will get paid to your loan and you are responsible for the remainder of the loan.
I have a background in banking, and GAP insurance is a wonderful product.
