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If you keep the clutch you can press it to the floor fast - essentially separating the motor from the wheels. The over-rev protection should keep the motor from exploding and you can use the brake to stop as quickly or as slowly as you like. Once you are stopped just turn the ignition off to open the contactor.
In my opinion this would be a more natural reaction for a driver than reaching somewhere for a "kill" switch. Although, adding a switch too is probably a good idea.
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