Tesla Gap Insurance
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Released in 2006, Tesla has quickly become known as the disruptor of the car industry, delivering tech-heavy, ultra-minimal electric vehicles that have really brought EV motoring into the mainstream.
Whether it's the safe and spacious Model 3 or the high-performance Roadster, Tesla models offer something for everyone, but what happens if yours is written off?
Thanks to depreciation (which, sadly, Teslas still suffer from, despite being extremely popular), your car may be worth less than you paid for it, or still owe on finance. If that happens and your motor insurer pays out the current market value, you could be left significantly out of pocket.
Tesla Gap Insurance from Direct Gap protects against that shortfall. We'll pay any difference between your insurance payout and the amount outstanding on finance, or what you paid for your car, depending on the policy you choose.
Get a quote online, or call our UK based customer service team today and get total peace of mind with comprehensive Gap Insurance from Direct Gap.
Why choose Direct Gap to protect your Tesla?
What is Tesla Gap Insurance?
Following a write-off, Tesla gap insurance covers any difference between your motor insurance settlement figure and the amount you paid for your vehicle, or any outstanding finance, depending on the policy you choose. Typically, the 'current market value' (the amount your insurer pays) is much lower than the vehicle's purchase or finance price, due to depreciation.
For further information, check out our detailed guide to gap insurance.
Get a Tesla Gap Insurance quote today.
How does Tesla Gap Insurance work?
If you buy a Tesla for £40,000, it will depreciate over the time that you own it. Let’s say that a few years later, your car is stolen or written off – but by this point, its value has dropped to £25,000.
Your motor insurer will pay out in line with that value, which means you’ve lost out by £15,000. With Tesla gap insurance, you are covered for that difference between its purchase price and its value when it was declared a total loss.
Get a Tesla Gap Insurance quote today.
Tesla Gap Insurance Reviews
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Additional cover for your Tesla
It’s not only Tesla Gap Insurance that we offer. We can also provide protection for specific elements of your pride and joy, such as the bodywork, tyres and wheels.
Tesla Gap Insurance Calculator
Only £ would be covered by your comprehensive car insurance leaving a gap of £.
Tesla: FAQs, Statistics & General Information
Tesla Depreciation
Like most car brands on the market, Teslas will lose value over time, typically depreciating between 15-35% in year one, to 50% within three years of ownership (usually, regardless of whether you buy new or used).
Try our free Car Depreciation Calculator for more information on model-specific depreciation and to estimate the value your Tesla could lose.
Gap Insurance Payout Examples
BMW 320 D
Our BMW gap insurance policy paid out £4,558 to a customer who initially bought their BMW 320D for £20,000. Following a total loss, their motor insurer offered a settlement figure of just £15,442; we covered the difference.
Ford Kuga
Our Ford gap insurance policy paid out £14,565 to a customer who initially bought their Ford Kuga for £36,168. Following a total loss, their motor insurer offered a settlement figure of just £22,053; we covered the difference.
Dacia Sandero Stepaway
Our customer wrote their Dacia Sandero Stepaway off and received a final settlement from their insurer of £15,390. This was much lower than their original purchase price of £18,644, following a 17% depreciation.
We paid the difference of £3,565 thanks to their Gap Insurance policy.
Audi Q2
Our customer bought their Audi Q2 for £30,245, which depreciated at a rate of 13%. When it was written off, their motor insurer paid a final settlement of £26,297.
With an Audi Gap Insurance policy, we covered the difference of £3,823.
What Types Of Gap Insurance Are Suitable For Tesla
There are three common types of GAP Insurance available for most cars, including Tesla. Which is most suitable typically depends on your finance type, car ownership status and individual cover needs.
The main types of Tesla Gap Insurance we provide are:
- Lease & Contract Hire Gap Insurance: Lease & Contract Hire Gap Insurance pays the difference between your motor insurance settlement figure and the amount outstanding on your lease finance balance. This policy is suitable for lease or 'PCH' cars only.
- Return To Invoice Gap Insurance: Return To Invoice, or 'RTI' as it's also known, pays the difference between your motor insurance settlement figure and the original invoice price of your vehicle.
- Vehicle Replacement: Vehicle Replacement Insurance, or 'VRI' covers the difference between your motor insurance settlement and the cost of replacing your vehicle.