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Many used electric car values fell 20-30% in 2022-2023

Protect Your Electric Car with myev GAP INSURANCE

With myev GAP INSURANCE, you can bridge the gap between the actual cash value of your vehicle and the outstanding balance on your loan or lease in the event of a total loss. Enjoy peace of mind knowing that you’re fully protected against potential financial gaps. Choose myev GAP INSURANCE and protect your EV.

Get FREE electric car gap insurance quote

myev GAP INSURANCE - Most cars covered (new and used from dealerships & private sellers), Finance cover (loans, PCPs, HP & more), Save upto 75%

Gap insurance for electric cars

    Electric car gap insurance. Peace of mind if your EV is stolen or written off

    Ultimate peace of mind to top up the payment from your insurer

     

    myev electric car GAP INSURANCE covers write offs due to : 

    Theft, Accidental Damage, Fire Damage, Water Damage


    As electric cars are becoming more popular in the UK. myev GAP INSURANCE tops up an insurance payout in the event of a write-off, providing you with the extra funds to purchase a replacement vehicle or to settle any outstanding finance. 

    Many used electric car values fell between 20% - 30% between 2022- 2023. 


    Get 11% off 5-star Defaqto GAP insurance – top-up your main insurer’s pay-out in the event your car is written off or stolen. You’ll be covered against the impact of depreciation,  receiving the shortfall between your main insurers’ payout, and the value of your vehicle when you purchased your GAP policy.
    Up to 75% cheaper than main dealers and available for new, used and pre-registered cars. 


    Get FREE online Gap Insurance quote


     

    Don’t let insurance payouts leave you out of pocket

     Many motorists don’t  consider the reality of a write-off or the impact of a stolen vehicle.  Should the worse happen, your insurer will only pay out the value of  your car at the time of your claim.
     

    As cars depreciate by as much as 60% in their first 3-years, that pay  out could be a lot less than you expected! With GAP insurance, your  insurer’s payout will be topped-up to the value of your car when you  purchased your GAP policy. Providing you with the  funds to purchase a replacement vehicle or settle any outstanding  finance.

    Key features

    • Up to 75% cheaper than most dealers
    • 5-star defaqto rated
    • Includes £1,000 excess cover

    Recent electric car GAP Insurance pay-outs:

    • Tesla model 3 – Accidental damage - £27,700 
    •  Hyundai  Ioniq 5   – Theft - £10,991 
    • Porsche Taycan  – Accidental Damage - £27,595 
    •  Polestar 2  – Accidental damage - £17,686.50 
    • MG EV4 – Theft - £16,555


    Get FREE online Gap Insurance quote


    Why do I need an electric car gap insurance?

     

    Electric car gap insurance is a type of insurance coverage that helps protect you financially if your electric vehicle (EV) is written off or stolen and the amount you owe on it exceeds its current value of the vehicle. 


    Here are a few reasons why you might consider getting electric car gap insurance:

    1. Depreciation of EVs: Like any other vehicle, electric cars depreciate over time. However, due to the relatively new technology and rapidly evolving market, EVs can depreciate at a faster rate compared to traditional combustion engine vehicles. If your electric car is involved in a total loss accident or stolen, the insurance company will typically only pay you the current market value of the vehicle at the time of the loss. This current market value might not be enough to cover the outstanding balance on your ev car loan or lease, leaving you responsible for paying the difference. Gap insurance helps bridge this gap between the current market value and the amount you owe.
    2. Higher upfront costs: Electric vehicles often have higher upfront costs compared to their petrol & diesel counterparts. This can be due to the advanced technology, battery systems, and other features specific to EVs. If you finance or lease an electric car, the loan or lease amount can be higher, which increases the risk of being "upside down" on your loan or lease. Gap insurance provides protection in such situations, ensuring that you don't end up owing money on a car you no longer have.
    3. Limited resale value data: The EV market is relatively new, and there might be limited historical data on resale values for specific electric car models. This uncertainty makes it challenging to accurately determine the current market value of an electric vehicle. Gap insurance can provide you with peace of mind knowing that you won't be left with a significant financial burden if your EV is totaled or stolen.
    4. Leasing an electric car: If you are leasing an electric car, gap insurance is often included as part of the lease agreement. It protects both you and the leasing company by covering the gap between the current market value and the remaining lease balance in case of a total loss or theft.


    Get a free electric car gap insurance quote today

    myev GAP INSURANCE FAQs

    Frequently asked questions - EV gap insurance

    Here are some frequently asked questions about electric car gap insurance:


    1. What is electric car gap insurance & EV gap insurance ?

    Electric car gap insurance is a type of insurance coverage that helps cover the gap between the current cash value of your vehicle and the amount you owe on your loan or lease if your vehicle is declared a total loss or stolen.


    2. Is gap insurance specific to electric cars?
    No, gap insurance is not specific to electric cars. It is available for all types of vehicles, including electric cars, hybrid cars, petrol cars, HGVs, etc.


    3. How does EV gap insurance work for electric cars?
    If your electric car is written off or stolen and the insurance payout is less than the remaining balance on your loan or lease, gap insurance steps in to cover the difference. It ensures that you are not left with a financial burden.


    4. Do I need EV gap insurance if I lease an electric car?
    Many lease agreements include gap insurance as part of the standard terms. It is designed to protect both you and the leasing company. However, it's essential to review your lease agreement to confirm whether gap insurance is already included or if you need to purchase it separately.


    5. Is EV gap insurance mandatory for electric cars?

    Gap insurance is not mandatory by law. However, if you have financed your electric car or have a lease, your lender or leasing company may require you to have gap insurance as part of the loan or lease agreement.


    6. Can I purchase EV gap insurance separately for my electric car?
    Yes, you can purchase gap insurance separately from your insurance provider or financial institution. It's advisable to compare quotes and coverage options from different providers to ensure you get the best deal.


    7. How much does electric car gap insurance cost?

    The cost of electric car gap insurance can vary depending on factors such as the value of your electric car, the length of your loan or lease, your credit history, and the insurance provider you choose. It is best to obtain quotes from different providers to determine the cost specific to your situation.


    8. When should I consider canceling EV gap insurance for my electric car?
    Once the outstanding balance on your loan or lease decreases to a point where it is equal to or less than the current market value of your electric car, you may consider canceling gap insurance. However, it's important to review the terms and conditions of your insurance policy and consult with your insurance provider before canceling.

    Get FREE gap insurance quote

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