Assurant Expands Availability, Coverage of Assurant EV One Protection℠ Vehicle Service Contract as EV Ownership Grows in U.S.

Rhea-AI Summary

Assurant, Inc. (NYSE: AIZ) has enhanced its Assurant EV One Protection℠ product, specifically designed for U.S. owners of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). The updated offering now provides expanded coverage for traction batteries, EV-specific components, wear and tear items, and industry-leading transparency regarding battery health. This product is aimed at providing more value and peace of mind for consumers, enhancing their experience as electric vehicle adoption increases.

Positive

• Expanded coverage includes protection for traction batteries up to 200,000 miles.
• Comprehensive coverage for EV-specific components such as electric motors and regenerative braking systems.
• Unlimited replacement of wear and tear items, potentially saving consumers money.
• Terms available for up to four years post-OEM warranty.
• Enhanced consumer transparency regarding coverage terms.

Negative

• None.

Assurant EV One Protection℠ now takes even more worry out of electric vehicle ownership

with expanded coverage, including traction batteries, and industry-leading transparency.

NEW YORK--(BUSINESS WIRE)-- 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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View source version on businesswire.com: https://www.businesswire.com/news/home/20221107005084/en/

Media:

David Biss

(973) 953-0721

david.biss@assurant.com

Source: Assurant, Inc.

FAQ

What enhancements has Assurant made to its EV One Protection product?

Assurant has expanded the coverage to include traction batteries, EV-specific components, and improved transparency regarding battery health.

How long does the Assurant EV One Protection coverage last?

Coverage lasts for up to four years after the OEM warranty expires.

What types of vehicles are eligible for Assurant EV One Protection?

The protection is available for Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) that are less than eight years old and have fewer than 80,000 miles.

What is the significance of the expanded traction battery coverage?

The expanded coverage for traction batteries helps provide EV owners with more peace of mind, protecting a critical component of their vehicle.

Why is Assurant EV One Protection considered consumer-friendly?

It offers comprehensive coverage, transparency of terms, and replacement of wear and tear items not typically covered by factory warranties.