Assurant has upgraded its electrical automobile service contract to guard the battery for 200,000 miles, together with guaranteeing the system will proceed to carry a minimum of 70 p.c of its cost.
The brand new EV One Safety finance-and-insurance product introduced Monday additionally expands to cowl an electrical automotive’s regenerative braking, battery administration and thermal administration programs in addition to its physique management module and keycards.
The revised electrical automobile service contract is offered in all 50 states for dealership F&I managers to promote for autos youthful than 8 years outdated and carrying fewer than 80,000 miles. Full electrical and plug-in hybrid autos are eligible; self-charging hybrids will not be. The 200,000 miles of battery safety begin on the time of protection, in response to Assurant.
“Because the main supplier of auto service contracts, our purchasers anticipate us to drive innovation to make sure they’re positioned for fulfillment within the coming EV adoption wave,” Assurant International Automotive President Martin Jenns mentioned in a press release.
EV One Safety is the third iteration of Assurant’s electrical automobile protection, Jenns instructed Automotive Information on Nov. 3. At first, the F&I product supplier lined EVs similar to inside combustion engine autos, he mentioned. The second-generation model was “explicitly designed for the EV driver” — it got here out of Europe the place electrification was extra prevalent — nevertheless it did not embody the battery, he mentioned.
Jenns mentioned Assurant decided the third model needed to shield the battery, calling it among the many “principal considerations” that drive customers to purchase F&I merchandise.