To calculate your gap, subtract the current value of your vehicle from the outstanding balance on your auto loan. First, determine the current value of your car, which can be found using valuation tools or estimates from sources like Kelley Blue Book or Edmunds. Next, check your loan statement for the remaining balance. The difference between these two amounts is your gap. For example, if your car’s current value is $20,000 and you owe $25,000 on your loan, your gap is $5,000. This gap represents the amount you would need to cover out of pocket if your vehicle were totaled or stolen and your insurance payout didn’t cover the full loan balance.