Your auto insurance covers you in case of an accident, but Assurant is bringing protection to North America that covers the wear and tear.
While we already see many products from this company, they will be the first to bring a program that explicitly covers EV and hybrid models. This early rollout allows consumers to transition from regular gasoline-powered vehicles to having a plant that protects their new electric ride. It shouldn’t take long for other companies to jump into the mix, but Assurant is the first and could be at the forefront of the electric revolution.
Why do We Need this Protection?
Like insurance, you won’t truly appreciate the protection offered until it’s needed. Until that time, this could be a bill you pay every month, and you wonder if it’s worth the cost. As soon as your EV or hybrid stops working or needs significant repairs not covered under insurance, you’ll be glad you signed up for the Assurant program. Unlike auto insurance, you won’t be required to purchase one of these programs, but once the warranty runs out on your vehicle, it seems like a wise option to have coverage if your car stops working.
How Can this Work Well for Assurant?
Even though the number of electric vehicles in the market is still less than five percent of the worldwide market and much smaller in North America, those numbers are growing. When we analyze only the data for our country, we know there’s a strong push for more EV models to be sold over the next several years. By starting early, Assurant can be the protection leader in the market and give us a program we can trust. The latest program specifically covers EV and hybrid models, making it the perfect fit for the driving future.
Does this Company have a Similar Program Anywhere Else?
Yes, the Assurant EV One program launched in the UK early in 2020 will be the model for the program used in North America. This program provides wear and tear coverage, providing consumers with the peace of mind needed to avoid costly repairs. Unlike a gasoline-powered car, the parts that could break down on an electric vehicle will cause the repair bill to skyrocket quickly. This is not an expense many people prepare for, and this coverage can be the best way to ensure protection from an unexpected repair.
Will this Coverage Run Concurrent with the Warranty?
The plan is to have Assurant protection programs concurrent with the current warranty. As soon as your factory warranty runs out, the Assurant program begins. This can help you avoid the troubles associated with necessary repairs shortly after the warranty ends. The covers can extend to:
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- The EV propulsion system
- Navigation and entertainment systems
- Electrical systems
- Steering components
- Air conditioning
- Transmission
- Brakes
- Suspension
- Wheel alignment
- and much more
You’re going to buy an electric vehicle in the future; that’s pretty much a given. Will you protect your new EV with the Assurant program?
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