Warrantywise has launched a new EV warranty plan, the EV Plus, designed to meet the specific needs of used electric vehicle (EV) owners and enhance consumer confidence.
The warranty covers essential and often complex components such as the AC power inverter, DC to DC converter, power regeneration braking system, full electrical system, and both auxiliary and drive batteries.
This initiative comes in response to a report by consumer reports, which revealed that EVs experience 79% more reliability issues compared to their petrol and diesel counterparts.
However, the average cost of a used EV is now just under £20,000, according to data from the AA, while HPI indicates that used EVs are now approximately 8.5% cheaper than internal combustion engine (ICE) vehicles after three years, with the price gap expected to widen further as EVs age.
Antony Diggins, managing director of Warrantywise, said: “We understand that owning an electric vehicle can bring some reliability and cost-of-repair concerns, but there is help available. Our latest data highlights just how important an EV warranty is, and why we’re investing in a new plan for our customers.”
Diggins illustrated the potential costs of unexpected repairs, mentioning a recent case where a repair request for a Renault Zoe reached £5,043 due to an electrical fault. “High costs like these really show why a robust extended warranty is essential to avoid financial strain and keep your vehicle running smoothly.”
He said the new Warrantywise EV warranty provides a significant selling point for car dealers, as it reassures customers and protects their investments. By offering a comprehensive warranty that includes the option to cover the drive battery – often a costly replacement – dealers can demonstrate their commitment to customer satisfaction and long-term vehicle dependability.
This partnership with Warrantywise not only helps in building trust but also in driving sales and fostering loyalty,” Diggins added.
