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Insuring an electric car

  • 12-10-2020 3:48pm
    Registered Users Posts: 2,769 ✭✭✭ dmcg90

    Hi Boards,

    Quick question (tried searching, no answer). When insuring an electric car do you quote the value as before or after the SEAI grants? I bought a 192 Kia e-Niro last July and I'm wondering what value I should be giving when insuring it.



  • Registered Users Posts: 5,447 ✭✭✭ daheff

    when i was buying my Niro Phev I was told to insure it for the full market value before grants, as grants can be revoked at any time (unlikely though) so you may have to insure it for what you would have to pay to replace it.

    in all likelihood its only an issue for the first year of ownership, and a lot of insurers do a like for like on the first year.

    After year one you would 100% insure for market value as thats what you would have to pay if you were to buy a 1 year old (or other aged) car

  • Moderators, Sports Moderators Posts: 7,045 Mod ✭✭✭✭ charlieIRL

    I was told the policy would be different if the value of the car was over 50k so they insured mine using the figure after grants / vrt was taken away.

  • Registered Users Posts: 3,028 ✭✭✭ Lantus

    Unless specifically stated an insurer will only pay out the market value on any claim. New car replacement is often for the first year of a new cars life if the policy includes this. You need to check with each insurer.

    If not then look at gap insurance to cover the gap between the loan and market value price in the event of total loss.