We hope this never happens to our customers but it's always good to know what to do should you find yourself in a situation where your lease car is stolen or written off.
We have put together this article to provide employees with helpful guidance on what steps to take and what you can expect.
The first step is to let us know as possible by sending an email to - support@electriccarscheme.com so that we can support you.
What should I do if my car is written off or stolen?
If your car is stolen or written off, it is crucial to inform:
- the police
- the insurance company promptly as required
- the lease provider
- your company
- The Electric Car Scheme
What happens next?
Each case may differ slightly depending on the lessor and the insurance provider. The Electric Car Scheme will provide tailored guidance to each case. Generally speaking, you can expect the below:
- When you contact your insurer they will open a claim and discuss if there is an option for a courtesy car whilst your claim is ongoing (this will be dependent on your insurance policy terms and conditions)
- Your insurance company will work with the lease company to settle the claim
- You will need to continue the lease payments until the claim is settled, unless your lease provider advises differently
- Once the claim is settled they will provide the final settlement to the lease company. It will be for the lease company and your company to organise any payments that need to be returned to you
- If you have not taken out gap insurance, we would recommend asking your insurance company what this will mean for you.
- The Electric Car Scheme will remove its fees and liaise with your Scheme Coordinator.
Who is liable for the car?
You, the employee, are liable for the car and any associated payments. However, this should be covered by your insurance.
What happens if my car is found?
Normally it is returned to the lease company but your insurer should be able to guide you on this.
How will this impact my salary sacrifice?
If the lease agreement is still in place, your company will continue to deduct the agreed amounts from your salary according to the agreed schedule of salary sacrifice. This will stop once the insurer settles the claim and the lease company ceases invoicing your company.
Protect yourself with the right insurance
It is crucial to ensure that your car is adequately insured. We strongly recommend considering obtaining GAP total loss insurance, which provides coverage for any financial loss in the event of a write-off. Also let your insurance provider know that this vehicle is a work salary sacrifice EV so that they can make sure they provide appropriate cover.