EFG launches 150,000-mile extended warranty exclusively for EVs

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.”

Source: EFG Companies via Green Car Congress

  • Vincent Wolf

    Only a matter of time before the EV manufacturers start making 100,000 mile bumper to bumper warranties and 250,000 warranties on drive train and battery. Competition once EV’s are mainstream will force this. Right now EV owners are getting screwed with lousy warranties considering how long the car’s likely will last.

    • unonuthin

      No kidding. There is virtually no maintenance with an EV and no real need for any type of extended warranty. Everyone should be aware of extended warranties and how they are pretty much useless and a cash grab. Keep your money, by setting aside another bank account and put aside money every month. You will be better off and richer in the long run.

      • Wayne Hobbs

        Agreed. Extended warranties usually come with untenable conditions, capped repair costs per repair and the need to use specified (read overcharging) service centres. Yes and on an ev the only big question mark is really on battery degradation which is inevitable but effectively makes a 10 year old ev suffer from massive circa 25% battery condition losses.

  • Wayne Hobbs

    Kia in Australia already offers a factory 7 year unlimited km warranty.