Warranty Solutions Group has launched a direct-to-consumer electric vehicle warranty as growing numbers of used EVs move beyond manufacturer cover.
The product is geared toward motorists buying or owning used electric cars after the unique warranty has expired, when concerns increasingly centre on repair costs relatively than battery range.
WSG said more former company cars and leased EVs were entering dealerships without long-term manufacturer protection, creating demand for greater certainty over ownership costs.
Its EV Market View Report found that specialist labour accounted for nearly one-third of the typical EV repair bill, with hourly labour rates averaging £92.04.
Charger faults drive high bills
Charging-port faults represented only a small proportion of claims but generated a mean repair bill of £1,881.66, in keeping with WSG’s claims data.
Battery failures accounted for just over 2% of warranty claims, while faults involving charging systems, electronics and vehicle sensors were becoming more common because the used EV parc matured.
Dennis Brett, claims director at Warranty Solutions Group, said: “Electric vehicles have matured enormously over the past decade, but so too has the conversation around ownership. Five years ago motorists wanted reassurance about battery range and charging infrastructure. Today they’re asking what happens once the manufacturer’s warranty expires, how much repairs are prone to cost and which vehicles are proving dependable in the actual world.
“Our recent EV warranty has been developed to present motorists straightforward protection at precisely the point where ownership becomes more uncertain. Whether it is a charging-system fault, vehicle electronics or a serious electrical repair, drivers want confidence that unexpected repair bills won’t undermine the advantages of switching to electric.
“As more used EVs enter the market over the subsequent few years, independent claims data and specialist warranty protection will turn into increasingly necessary in helping motorists buy with confidence.”
Used EV buyers seek reassurance
WSG said feedback from dealers, EV specialists and motorists showed that buyers were increasingly looking beyond vehicle range and performance to evaluate reliability and the long-term cost of ownership.
Sara Sloman, director of The EV Café, said: “The conversation around electric vehicles has matured significantly over the previous couple of years. Early adopters desired to understand how far an EV could travel and where they may charge it. At The EV Cafe, we’re seeing that today’s buyers are asking way more informed questions on long-term ownership, reliability and repair costs.
“With more used electric vehicles entering the market than ever before, giving motorists greater confidence once the manufacturer’s warranty expires is becoming an increasingly necessary a part of the ownership experience.
“The EV Cafe and its partners share insights and findings to assist in giving the EV community the arrogance to go electric, whether that’s with a brand-new or second-hand EV. Independent research that helps consumers understand reliability, alongside products that protect them from unexpected repair costs, will play a crucial role in supporting continued confidence within the UK’s growing used EV market. The simpler we will make ownership, the more confident people will feel about making the switch to electric.”
The warranty provides cover against unexpected repair bills and is supported by a direct claims process, in keeping with WSG. Its launch forms a part of a wider direct-to-consumer expansion covering petrol, diesel, hybrid and electric vehicles, in addition to motorcycles.
WSG works with almost 3,000 dealerships across the UK and said it protects a whole bunch of 1000’s of motorists annually.
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