- UK used car warranty provider, Warrantywise, has introduced a new policy specifically designed for electric cars.
- The move comes as the used EV warranty in the UK hits record sales figures, owing to the relatively affordable price of used models.
- Whilst EVs are already 79% more reliable on average than their petrol or diesel equivalents, the need for a warranty in a worst case scenario is still there.
Driving EV adoption in the used market
The updated EV-specific plan from Warrantywise joins other providers such as the RAC and MotorEasy, who also offer warranty plans tailored towards electric vehicles. The new plan, called ‘EV Plus’, will cover all major components of an electric car, such as the AC power inverter, traction motor, and power regeneration systems. This plan will cover EVs up to four years in age, and under 40,000 miles, at the point of warranty purchase. This accounts for a significant proportion of the used EV market, with many of these being relatively new EVs having come to the end of their lease. For EVs above that mileage and age, the warranty provider is offering an alternative plan also.
Warrantywise hopes that the new plan will also encourage more dealers to sell EVs. Despite the record number of used EVs sold in the country, many dealerships are still hesitant to stock EVs, primarily around depreciation concerns, but also the issue of unforeseen repairs. EV-tuned warranties such as this one could go some way to further encourage both dealer and consumer confidence in used EVs.
Antony Diggins, Managing Director of Warrantywise, commented on the new plan:
“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. For example, we recently authorised a repair request for a Renault ZOE that cost £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.”
Whilst on the whole, EVs are more reliable than their ICE counterparts, those that do go wrong will still need someone qualified to fix them. Thatcham Research has warned of a UK EV skills shortage, recently launching a petition to encourage the government to do more and retraining mecahnics.