The EV market is starting to mature and as that happens many cars will find their warranties coming to an end. To combat this potential problem, Assurant, the lifestyle and housing warranty company, has launched a new product. Called EV One, it provides full wear and tear cover for the duration of vehicle and policy ownership and is available for any electric or hybrid vehicle under eight years of age or under 80,000 miles at the time of purchase.
Now, most EV cars and vans have fairly generous warranties – a side-effect of car companies trying to give consumers confidence and reassurance in the new sector – but that’s mostly around the battery and powertrain. Also, many warranties end after three years – which is nothing in the lifetime of many EVs, especially consumer models.
While the new Assurant offering isn’t as unlimited as some may like – it is for any electric or hybrid vehicle under eight years of age or under 80,000 miles at the time of purchase – it is a welcome boost for those wanting to extend or for second-hand buyers, many of whom only discover that the original warranty isn’t transferrable after they've bought a vehicle. Non-manufacturer warranties, having started in the UK with Warrantywise in 2015, are now starting to pick up pace for customers as the EV market continues to mature.
“Demand for hybrid and electric cars continues to grow in the UK, with over 170,000 EVs registered last year in what is now Europe’s second biggest automotive market,” said Rich Green, president, UK & Automotive Europe, at Assurant. “With better battery life, government incentives, and improved access to charging points, they are only set to become more prevalent. At the same time, drivers are looking for maximum flexibility and simplicity if something goes wrong and they need to get back on the road quickly.
“That’s why we have created this new product that gives drivers the range of options that they want. For dealers across the UK, there is the opportunity to offer this cover as a standalone or top-up product and there is a selection of cover duration to choose from. These choices are designed to meet customers’ individual needs while supporting the creation of a long-lasting relationship between dealer and customer.”
Assurant is targeting more than just the consumer market though. Dealerships interested in offering their customers this comprehensive product for their EV and hybrid stock can do so under their own name as a white- labelled solution.