(Image source: Zurich EV protection products landing page.)
Zurich North America (Schaumburg, Ill.) has announced a suite of vehicle protection products designed to meet the unique needs of electric vehicle (EV) owners. The product set provides coverage from the repair or replacement of high-voltage rechargeable batteries to roadside assistance for recharging EV batteries that run out of power mid-trip. The suite of products covers nearly all manufacturers including Tesla, Rivian and Polestar.
Zurich reports that the offering represents new investment in products and services to support its automobile dealership customers and says the suite has the potential to help dealerships diversify their revenue streams through the F&I office and the service lane.
“As a leading provider of vehicle protection solutions in the U.S., we remain committed to introducing products and services that will meet the evolving needs of our customers,” comments Vince Santivasi, Head of Direct Markets, Zurich North America. “With forecasts predicting EVs will represent nearly half of all new cars sold in 2030, Zurich’s EV protection products are now in place to provide assurance to EV owners and help them manage the potential high cost of electric vehicle ownership.”
One of the most pressing issues associated with electric vehicles is the cost of the technology that runs them. For example, repairs on items such as an electronic display screen can cost thousands of dollars. A high-voltage battery is one of the most expensive components in an EV with average replacement costs of $5,500.
Zurich’s EV protection products include:
- Vehicle Service Contracts
- Guaranteed Auto Protection (GAP)
- Road Hazard Tire and Wheel
- Environmental Protection Plan
- Paintless Dent Repair
- Key Replacement
- Select Protection
- Universal Security Guard
- Lease Wear and Use
Zurich characterizes the EV suite of protection products as supporting its commitment to embracing sustainability in all aspects of business. “This offering now allows our auto dealership customers to provide a layer of protection for car buyers who are committed to sustainability and are investing in vehicles with lower emissions,” Zurich’s Santivasi adds.
Zurich reports that it plans to switch its own fleet to electric and hybrid vehicles and be internal combustion engine-free in the coming years. The company offers a full suite of vehicle protection products for gas-combustion, hybrid and electric vehicles. Zurich’s F&I products are available to consumers through a nationwide network of franchised auto dealers.