We strongly recommend that you insure your electric vehicle on the total value without deducting the government grant. Should your electric vehicle be stolen or involved in an accident where it has become written-off, and you need to replace it with the same electric vehicle, there is no guarantee that the same government grant will be available again or the grant value could be lower. Should this happen, and you would have insured your electric vehicle on the value after deducting the grant, you could find yourself having to pay an amount replacing the grant to be able to purchase another electric vehicle. For example, the purchase price of your electric car was €30,000 and a government grant of €10,000 was given to you. If you insured it on €20,000 and you need to replace it in the first year following a claim, you might need to replace it at the full value of €30,000. This will mean that Atlas will pay you a maximum of 110% of the value i.e. €22,000 and if the purchase price has not further increased during that time, you would need to pay €8,000 to replace it.

Posted in: Insurance Cover