My understanding is that insurance pays the value of the car (minus your deductible). The leasing company gets the buyout amount, and you’d get the rest. So you take a hit for however much the car had depreciated since you drove it off the lot. Really you’re in the same position as you would have been if you had bought the car with cash.
GAP insurance wouldn’t help, because it just covers the difference for the leasing/loan company if the car is worth less than you owe. New car replacement coverage might though.