(Tesla Model 3. Source: Tesla.)
Assurant, Inc. (New York), a global business services company that supports, protects, and connects major consumer purchases, such as automobiles, has announced enhancements to Assurant EV One Protection, the company’s protection product created specifically for U.S. owners of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). To meet the growing needs of EV owners, Assurance has announced expanded benefits including more battery health transparency, more protection and more value, which, the company asserts, makes it the most consumer-friendly product in the market. Assurance notes that rigorous transparency around battery health and repair/replacement helps give EV owners even more peace of mind about the protection they are purchasing.
“This type of transparency around product coverage is a huge leap forward and gives more power to the consumer,” comments Martin Jenns, EVP & President, Assurant Global Automotive. “As the leading provider of vehicle service contracts, our clients expect us to drive innovation to ensure they are positioned for success in the coming EV adoption wave.”
Assurant describes its Assurant EV One Protection product as its most comprehensive electric vehicle service contract product to date and is available for any BEV or PHEV (Self-Charging Hybrids excluded from coverage) less than eight years old and have fewer than 80,000 miles at the time of purchase. Its mechanical repair and replacement coverage ranges from motor and operational components to sophisticated electronics. Notably, the product’s coverage of vehicle infotainment systems—without monetary restrictions on replacements—can potentially save consumers thousands of dollars. EV One Protection provides added value by replacing wear and tear items not traditionally covered by the factory warranty.
The enhancements to Assurant EV One Protection include:
- Comprehensive coverage for lithium-ion / traction battery and battery management system up to 200,000 miles from inception of coverage
- Coverage for EV-specific components including electric motor(s), regenerative braking system, charger connector cable
- Replacement of high-tech items such as multimedia display, navigation, sensors and more
- Wear and tear items (not covered by factory warranty) including: Unlimited replacement of headlamp, interior and exterior bulbs; one replacement set of front or rear brake pads, one wheel alignment and a replacement set of front or rear window wiper blades/inserts
“EV One Protection was designed with consumer satisfaction in mind, with more transparency, more protection and more value than any other EV product in the U.S. market,” adds Assurant’s Jenns. “It clearly states all the terms and conditions of coverage without any guess work.”
Assurant calls attention to futher notable features of Assurant EV One Protection:
- Terms of up to four years are available after the OEM warranty expires
- Coverage that goes beyond that of the OEM coverage offered on new vehicles; for example, the charger connector cable, among other covered items
- Assurant EV One Protection also fosters additional touchpoints between automotive dealerships and their customers, which starts with an annual vehicle inspection by the supplying dealer. Beyond that, the nature of EVservice often requires replacing versus repairing components. In most cases, the customer will be directed back to the OEM dealer for factory-backed service, which is often unavailable through other OEM or independent repair facilities.
“Our EV One Protection product is not only necessary to support our automotive clients and consumers, Jenns adds. “it’s also an important example of embedding sustainability into our product offerings.”
Assurant’s electric vehicle protection product, Assurant EV One, for which the company claims and industry first, debuted in 2020 and is now available in 10 countries, with the company reporting work in progress to expand availability throughout Europe. The new expanded and enhanced EV One Protection product has been launched officially and is currently available in the United States. Consistent with Assurant’s strategy of product streamlining, and to meet the global growth of EVs, Assurant is actively pursuing the launch of EV One Protection in the countries where EV One is currently available, tailored to the specific needs of EV drivers and market adoption in those respective markets, the company says.