Dealerships considering tapping into the electric vehicle (EV) market as an additional source of revenue could benefit from a suite of vehicle protection products being offered by Zurich North America to meet the needs of EV owners.
According a Zurich release, the company’s products offer coverage for the repair and replacement of rechargeable batteries and roadside assistance for recharging batteries in the event they run out of power during a trip.
"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," Vince Santivasi, head of Direct Markets for Zurich North America, said in a release.
The products cover virtually every EV manufacturer -- including Tesla, Rivian and Polestar -- and can meet the needs of a growing segment of the auto industry.
"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,” Santivasi said, according to PR Newswire.
EVs, according to Zurich, operate on electric circuits operated by computers and the repairs can run into the thousands of dollars. The replacement of a high-voltage battery can cost $5,500. The Zurich products can help dealerships offer peace of mind to EV buyers.
“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,” Santivasi added.
The Zurich EV-specific contract includes vehicle service contracts, guaranteed auto protection (GAP), road hazard protection for tires and wheels, environmental protection plan, paintless dent repair, key replacement, select production, Universal Security Guard, and lease wear and use.
The company’s Finance & Insurance products can be made available to customers through its national network of franchised auto dealers, and the protection options are available for both electric- and gas-powered vehicles, as well as hybrids.
Zurich also hopes to reduce its carbon footprint in the coming years by switching its own fleet to electric and hybrid vehicles.
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