AmTrust Financial Services, Inc., a specialty commercial property and casualty insurer, together with Endurance Dealer Services, a provider of extended vehicle protection, has announced APEX EV, a Vehicle Service Contract (VSC) exclusively for electric vehicles that covers propulsion batteries.
“As electric vehicles continue to gain popularity, we saw an opportunity to develop a specialized extended warranty that is a first for the automotive industry,” said Bruce Saulnier, president of AmTrust Specialty Risk. “AmTrust is committed to innovation and offering niche products where we can add significant value. This new contract is a great example of how we are working with exceptional partners like Endurance to pioneer new offerings and we’re excited to be the first insurer to underwrite an electric car VSC that covers batteries.”
The VSC is designed specifically for the unique attributes of electric vehicles. This extended warranty includes parts and labor as well as propulsion battery coverage — which is often not included in traditional VSCs — but a key component for electric vehicles as the battery is critical to the functionality of the vehicle. The contract covers virtually all U.S. electric car models such as Honda Fit EV, Chevrolet Bolt, Nissan Leaf, BMW i3, Ford Focus Electric, Volkswagen e-Golf and others, with the exception of Tesla models and hybrid vehicles.
Aaron Segal, managing director of Endurance Dealer Services said, “Through our relationships with 3,500 new and used car dealers, we have seen firsthand the clear and growing need for an extended warranty for electric cars. Dealers within our network will now be able to offer this comprehensive coverage and purchasers will be afforded protection they can count on.”