Assurant Expands Availability, Coverage of Assurant EV One Protection℠ Vehicle Service Contract as EV Ownership Grows in U.S.
07 November 2022 - 2:30PM
Business Wire
Assurant EV One Protection℠ now takes even more
worry out of electric vehicle ownership with expanded coverage,
including traction batteries, and industry-leading
transparency.
Assurant, Inc. (NYSE: AIZ), a leading global business services
company that supports, protects, and connects major consumer
purchases like automobiles, today 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, expanded benefits include more battery
health transparency, more protection and more value, making it the
most consumer-friendly product in the market. 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,” said 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 EV One Protection℠ is Assurant’s 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 extensive 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.
Assurant EV One Protection℠ provides added value by replacing wear
and tear items not traditionally covered by the factory
warranty.
Enhancements that Assurant EV One Protection℠ brings to drivers
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
“Assurant 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,” said
Jenns. “It clearly states all terms and conditions of coverage
without any guess work.”
Other notable features of Assurant EV One Protection℠
include:
- 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 EV service 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 Assurant EV One Protection℠ product is not only necessary
to support our automotive clients and consumers, added Jenns. “it’s
also an important example of embedding sustainability into our
product offerings.”
Assurant’s industry-first electric vehicle protection product,
Assurant EV One℠, debuted in 2020 and is now available in 10
countries, with work in progress to expand availability throughout
Europe. The new expanded and enhanced Assurant EV One Protection℠
product is launched and 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
Assurant EV One Protection℠ in the countries where Assurant EV One℠
is currently available, tailored to the specific needs of EV
drivers and market adoption in those respective markets.
About Assurant Global Automotive
Assurant, Inc. (NYSE: AIZ) is a leading global solutions
provider in the automobile industry for manufacturers, large group
and independent dealers, agents, third-party administrators,
financial institutions, insurance providers, and vehicle technology
companies. Assurant Global Automotive helps drivers protect their
vehicles and avoid costly repair. With over 50 years of industry
experience, Assurant is trusted by and works with nine of the top
ten global automotive manufacturers serving over 50 million
consumers in 17 countries. Providing innovative solutions like
vehicle service contracts, performance management and training,
participation options, ancillary products, guaranteed asset
protection, and more, Assurant Global Automotive helps clients grow
and thrive.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global business services
company that supports, protects and connects major consumer
purchases. A Fortune 500 company with a presence in 21 countries,
Assurant supports the advancement of the connected world by
partnering with the world’s leading brands to develop innovative
solutions and to deliver an enhanced customer experience through
mobile device solutions, extended service contracts, vehicle
protection services, renters insurance, lender-placed insurance
products and other specialty products.
Learn more at assurant.com or on Twitter @Assurant.
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version on businesswire.com: https://www.businesswire.com/news/home/20221107005084/en/
Media: David Biss (973) 953-0721
david.biss@assurant.com
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