At Ping Insure, we believe in making things simple. So when it comes to Gap Insurance for electric and hybrid cars, here’s the bottom line: it could save you thousands. And with more drivers switching to electric vehicles (EVs) and hybrids every year, it’s a question worth asking.

Let’s break it down.

What is Gap Insurance?

If your car is written off or stolen, your motor insurer will only pay out the current market value. That’s often a lot less than what you originally paid or what you still owe on finance.

Gap Insurance covers the difference between your insurer’s payout and the greater of either the outstanding finance or the original invoice price of the vehicle. In simple terms, it protects you from losing out financially if your car becomes a total loss.

Why Electric and Hybrid Cars Are Different

Electric and hybrid vehicles often cost more upfront than their petrol or diesel equivalents. They also tend to depreciate faster in the early years. So, if your EV or hybrid is written off after just a year or two, you could be looking at a significant gap between what your insurer pays and what you still owe on your finance deal.

Add in the high-tech parts, battery systems, and increasing repair costs, and it’s easy to see how write-offs can become more common with these types of vehicles. And once an EV or hybrid is written off, replacing it won’t be cheap.

Why Gap Insurance Makes Sense for EV and Hybrid Owners

If you’ve bought or financed an electric or hybrid car, here’s why Gap Insurance from Ping Insure is worth considering:

• Higher upfront cost: EVs and hybrids are still more expensive than traditional vehicles. That increases the size of the financial gap if they’re written off.

• Fast depreciation: Many electric models lose value quickly in the first few years.

• Long finance terms: If you’ve taken out a 4- or 5-year finance plan, the gap between the car’s value and your loan balance can be large for quite a while.

• Insurance payout shortfalls: Even a top-tier comprehensive policy may not come close to covering the full invoice price or remaining finance.

• More total losses: EVs can be written off more easily due to battery damage, which can be costly and hard to repair.

What You Get with Ping Insure Gap Insurance

We’re not here to sell you something you don’t need. We’re here to help you stay protected with real value. When you choose Ping Insure, here’s what you get:

• We pay the gap: We’ll pay the difference between your insurer’s payout and the greater of either the vehicle’s invoice price or the outstanding finance.

• Top-rated insurers: We only use the best insurers for each product, so you know you’re getting quality cover.

• Motor excess covered: We’ll pay up to £1,000 towards your motor excess if your vehicle is written off.

• Unlimited claims limit: You’re covered up to £50,000 with no single-claim limit.

• Named driver flexibility: All named drivers over 21 on your policy are covered.

• Transferable policies: If you change vehicles, you can transfer your policy on our RTI (Return to Invoice) and VRI (Vehicle Replacement Insurance) products.

• Temporary vehicle support: Need a car while you sort things out? We’ll cover a temporary replacement for up to 14 days.

Is It Always Worth It?

Not every driver needs Gap Insurance. If you’ve paid for your vehicle in full with cash and don’t mind taking the hit on depreciation, you might choose to skip it.

But if you’ve financed or leased an EV or hybrid, or you simply want peace of mind knowing you won’t be left with a hefty shortfall if the worst happens, Gap Insurance makes a lot of sense.

When to Buy It

The best time to buy Gap Insurance is at the same time you buy or finance your vehicle. That’s when the gap is usually at its largest. But even if some time has passed, you may still be eligible for cover depending on your vehicle’s age and mileage.

The important thing is not to leave it too late. Once your car is written off or stolen, it’s too late to get covered.

The Ping Insure Promise

At Ping Insure, we keep insurance straightforward. No confusing terms. No hidden catches. Just practical protection that works when you need it most.

Our Gap Insurance is designed to give you confidence, not paperwork headaches. We’ve built our cover around what real drivers actually need – not just what looks good on a brochure.

If your car is written off, we step in to fill the financial gap and help you get back on the road without extra debt or delays.

Want to Learn More?

If you drive an electric or hybrid car and want to protect your investment, it’s time to consider Gap Insurance.

We’ll help you choose the right product based on your vehicle, your finance, and your needs – no pressure, no jargon.

Get a quote today and see how Ping Insure Gap Insurance can help protect your EV or hybrid from unexpected loss.