Warranty provider EFG Companies has launched a new extended warranty specifically for EV owners, which it calls the Motorist Assistance Plan (MAP) EV Protection. The Texas-based company says it designed this new exclusionary vehicle service contract to both meet the needs of EV owners and help dealers diversify their revenue streams through the Finance & Insurance office as well as the service drive.
The new warranty provides coverage for all assemblies and parts, the manufacturer-installed battery, and the motors, although certain specific parts are excluded. It also provides roadside assistance, rental reimbursement, and trip interruption benefits.
While most EV manufacturers provide EV battery coverage for eight years or 100,000 miles, the MAP provides coverage for up to 11 years and 150,000 miles. The warranty is available to all electric vehicles made in the last five years.
As EVs continue to gain market share, EFG says that dealers are concerned with profit potential per unit and service drive retention, since EVs have thousands of fewer parts than ICE vehicles. EFG hopes its new warranty addresses these concerns.
“Rather than providing a one-size-fits-most vehicle service contract, dealers selling MAP Electric Vehicle Protection are better positioned to differentiate themselves in the EV market with a program tailor-made for their electric vehicle customers,” said Eric Fifield, Chief Sales Officer of EFG Companies. “The market-differentiation, built- in loyalty, and service drive revenue provides dealership owners with a critical return on investment.”