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Currently: 2021 Grabber Blue First Edition Mach E AWD ER ; Previously: 2009 Ford Focus.
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So in the event that our MME does get stolen, I wonder if Insurance covers the replacement cost minus the tax credits or just the replacement cost? Do we get to "double dip" on the tax credits?
 

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So in the event that our MME does get stolen, I wonder if Insurance covers the replacement cost minus the tax credits or just the replacement cost? Do we get to "double dip" on the tax credits?
For what it is worth, my insurance agent said what the car is worth: I have State Farm. They do not give replacement costs, but rather the value of the car at the time of the incident.
 

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This report is 4 years old; I'm sure that the technology has improved some since then. But as long as there is a wireless way to authenticate to the vehicle for opening doors / starting the car unfortunately there will be people who will develop hacks allowing them to crack the authentication mechanism. Generally the more convenient the technology, the less secure it is.
 

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For what it is worth, my insurance agent said what the car is worth: I have State Farm. They do not give replacement costs, but rather the value of the car at the time of the incident.
I think that is pretty typical and also a real risk when you purchase a new car. The first year depreciation can be huge and EV's are certainly no exception, maybe worse. If you lease I think you can buy "gap" insurance but I don't know about cash sales.
 

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I think that is pretty typical and also a real risk when you purchase a new car. The first year depreciation can be huge and EV's are certainly no exception, maybe worse. If you lease I think you can buy "gap" insurance but I don't know about cash sales.
here is a good article on new-car replacement coverage and who has offerings. It may pay to shop around for your insurance.

 

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I think that is pretty typical and also a real risk when you purchase a new car. The first year depreciation can be huge and EV's are certainly no exception, maybe worse. If you lease I think you can buy "gap" insurance but I don't know about cash sales.
On leases in NY by law, GAP insurance is included in every lease. It is "free" but not really: it is built into the monthly lease payment.

I do not know for sure, but I think every state has similar laws requiring GAP insurance in leases.

I have never financed a car, but in my internet search, it seems that the financial arm of the manufacturer, Ford Financial, will, at an extra cost, sell you GAP insurance.

If you buy the car, you are on your own: unless your insurance is for "replacement" it will only pay for the value of the car.

PS: Just read post #7 from MachDrive above: I have insurance with State Farm: as per the article, State Farm does not offer replacement on value. That was the basis of this post.

Apologies for any confusion.
 

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I am not surprised. Two years ago, son, who majored in cyber security at RIT had to build a working device that could spoof a car key fob for a class project. Like my father told me, "Locks just keep honest people out. A trained thief can get in anywhere."
 
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