Protect Your Electric Car with myev GAP INSURANCE

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

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.