- Warrantywise has introduced a new electric vehicle (EV) warranty in response to growing consumer worries about EV reliability
- New EV plan aims to help car dealers sell used EVs and private customers who are concerned about potential EV repair costs
- EVs proven to encounter 79 per cent more reliability issues compared to their petrol or diesel counterparts, according to Consumer Reports [1]
- Standard EV plan includes components such as the AC power inverter, DC to DC converter, power regeneration braking system and the auxiliary battery
- Warrantywise’s EV Plus plan to include the drive battery
- Launched at a time when the average used EV costs under £20,000, to further incentivise savvy consumers to switch to electric [2]
- Used EVs are now around 8.5 per cent cheaper than ICE vehicles at three years, offering significant savings to buyers [3]
- Warrantywise authorised a recent repair request for a Renault ZOE that exceeded £5,000, underscoring the need for an extended EV warranty
- With 25 years of industry experience, Warrantywise offers transparent and reliable warranty plans, backed by insights including the annual Reliability Index and the expertise of final arbiter, Edd China
Based on data sets of electric vehicles (EVs), Warrantywise has designed its EV warranty specifically to meet the demands of, and boost consumer confidence in, used EVs. Its enhanced EV Plus warranty plan, launched this month, includes 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.
The new EV plan from Warrantywise acknowledges that EVs face 79 per cent more reliability issues than their petrol or diesel counterparts, as reported by Consumer Reports [1]. However, these issues can now be mitigated with an aftermarket warranty. As a leading warranty provider for used cars, Warrantywise has designed its EV plan to enhance consumer confidence in used EVs, which are becoming more affordable to run and decreasing in price. With the average cost of a used EV now just under £20,000, according to the AA [2], they offer excellent value for money for both private buyers and the trade. Additionally, recent data from HPI reveals that used EVs are now about 8.5 per cent cheaper than their internal combustion engine (ICE) counterparts after three years, with the price gap widening further the older EVs become [3].
For car dealers and trade buyers, the new Warrantywise EV warranty is set to be a game-changer, providing an attractive selling point that can help reassure and protect customers. By offering a robust warranty including the option to add the drive battery, an often-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.
“We understand that owning an electric vehicle can bring some reliability and cost-of-repair concerns, but there is help available,” said Antony Diggins, Managing Director of Warrantywise. “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 [4]. High costs like these really show why a robust extended warranty is essential to avoid financial strain and keep your vehicle running smoothly.
“Our EV warranty is specifically designed to ease these worries by including essential components. By offering this protection, we can help EV owners avoid unexpected repair costs and make their transition to electric smoother and more secure. At Warrantywise, we are committed to supporting the entire used car market, not just petrol and diesel vehicles. We aim to safeguard our future both sustainably and economically by protecting EVs, which are often more challenging to warranty once they become classed as ‘used’.”
A recent report by Cox Automotive suggested that the year-to-date share of battery electric vehicles (BEVs) in April was just 15.7 per cent, a mere three per cent increase from the previous year. This underwhelming growth underscores the need for a confidence boost within the automotive industry and suggests that government stakeholders must recognise that addressing the challenges faced by the sector requires more than just legislative measures. While OEMs are actively investing in electrification, it is clear that the zero emission vehicle (ZEV) mandate alone may not be sufficient to boost public confidence in EVs. [5] However, with used EV prices continuing to fall – sometimes by as much as £20,000 on models like the Jaguar I-Pace and Tesla Model X, according to HPI’s recent findings [3] – there are strong incentives for consumers to consider buying pre-owned EVs.
With 25 years of industry experience, Warrantywise prides itself on transparency, expertise, and offering reliable warranty plans and consumer insights into the used car market. Along with the addition of its annual Reliability Index, where Warrantywise aims to offer transparency and customer confidence when purchasing used cars, customers can expect clear, straightforward terms with no hidden surprises. Edd China, the renowned TV presenter and master EV mechanic, adds an extra layer of assurance as the final arbiter, ensuring that every warranty meets the highest standards of quality and reliability.
As EV technology evolves, so does Warrantywise’s commitment to protecting EV owners. The EV Plus package, which includes the drive battery as standard, also includes mechanical and electrical parts with specified exceptions. Additionally, customers can tailor their plans with EV warranty additions package and include items such as air conditioning, multimedia, and MOT failure protection, ensuring their warranty is the perfect fit.
Explore Warrantywise’s enhanced EV warranty options including its standard EV and optional EV Plus and EV warranty additions, and drive into the future with confidence. For more information, visit https://www.warrantywise.co.uk/ev-car-warranty/.
Sources
[1] Institute for Energy Research – EVs are less reliable than conventional cars
[4] All data used is from Warrantywise’s proprietary internal research. Warrantywise believes the information contained herein to be accurate at the time of release. However, the company may upload new or updated information if required and assumes that it is not liable for the accuracy of any information interpreted and used by the reader