Gap insurance on a used EV?

waqasahmed

So I want an EV of some description, in part due to the cheap electricity, and cheap cost of motoring even after insurance costs 

Though there is tbf "rapid depreciation" and you get some very well priced 2020 model cars with decent range. I'd buy older if the range was the same as the ones in 2020 for instance 

Would it therefore be worth getting gap insurance, purely due to how quickly these are curently depreciating in value?

TadleyBaggie

You can’t currently buy GAP insurance due to the ongoing FCA investigation into its selling by dealers. 

waqasahmed

TadleyBaggie said:

You can’t currently buy GAP insurance due to the ongoing FCA investigation into its selling by dealers. 

I thought that was only when buying direct from dealers?

Though let's say that's resolved. Would it be a good idea to then get said GAP insurance on say a 2019/2020 EV? 

DullGreyGuy

waqasahmed said:

TadleyBaggie said:

You can’t currently buy GAP insurance due to the ongoing FCA investigation into its selling by dealers. 

I thought that was only when buying direct from dealers?

Though let's say that's resolved. Would it be a good idea to then get said GAP insurance on say a 2019/2020 EV? 

No, the FCA has asked all the major GAP providers to suspend sales irrespective of channel whilst they investigate the customer value concerns. 

As with all discretionary insurances, it'll be a great thing if you need to make a claim and arguably a waste of money if you dont (depends how much you value peace of mind). Really depends on what type of GAP you are considering, how you financed the vehicle, value of the vehicle etc.

waqasahmed

DullGreyGuy said:

waqasahmed said:

TadleyBaggie said:

You can’t currently buy GAP insurance due to the ongoing FCA investigation into its selling by dealers. 

I thought that was only when buying direct from dealers?

Though let's say that's resolved. Would it be a good idea to then get said GAP insurance on say a 2019/2020 EV? 

No, the FCA has asked all the major GAP providers to suspend sales irrespective of channel whilst they investigate the customer value concerns. 

As with all discretionary insurances, it'll be a great thing if you need to make a claim and arguably a waste of money if you dont (depends how much you value peace of mind). Really depends on what type of GAP you are considering, how you financed the vehicle, value of the vehicle etc.

Tbh I don't intend in financing the vehicle other than in cash, but the value of EVs are dropping in the used market quite considerably