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Protection that’s tailored to electric vehicles

EVs are fundamentally different from internal combustion engine (ICE) vehicles. And that means their protection products should be different, too. For example, many traditional vehicle service contracts don’t cover critical EV components such as the lithiumion traction battery and other hightech items. Another key difference is that since EVs wear differently than ICE vehicles, they require different coverage considerations. This helps maintain long-term profitability while still preserving customer protection.

EV buyers require a convenient customer experience that allows a mix of online and offline buying options. The same is true for EV protection products. Dealers should look for future-forward products that offer seamless digital car care, contract management and claim updates. This will give your customers the convenience they want. And it reduces the administrative burden on your team. Premium brands like Tesla set the standard in this area. Dealers that can do the same stand to profit handsomely in the years to come.

“EV buyers require a convenient customer experience that allows a mix of online and offline buying options. The same is true for EV protection products.”

In a recent survey of EV buyers3, 92% of consumers reported needing at least some help in learning about EVs. That’s why dealers need to become consummate EV experts for their customers. And not just on the basics like range and features but on complex issues that go beyond the vehicle, like clean-car programme rebates and home charging infrastructure. This is where specialised F&I training comes in. And marketing that sets up your team for the win. Today, premier F&I products come standard with needs-based, omnichannel marketing tools that build value in your products by benefit and coverage. This not only helps to sell cars, but it gives your customers the information they need to make the most of their vehicle.

Flexibility is another must-have for EV protection. For example, flexible coverage options and pricing allows customers to purchase only the coverage they need so they get optimised, efficient coverage. This builds value in the F&I product and helps to maintain customer satisfaction and retention — customers who save money are more likely to come back for future vehicle purchases. Flexibility also applies to technology and brands — ensuring that your EV F&I applies to all types of EVs and OEMs is important to meeting diverse customer needs.

“The EV age has arrived in New Zealand. Now is the time for dealers to prepare for what will be a significant shift in dealership operations.”

Shifting gears — with the right F&I partner

Without a doubt, the age of the EV has arrived in New Zealand. Now is the time for dealers to prepare for what will be a significant shift in dealership operations. Having the right F&I partner is a critical first step in this process. Protecta has 30 years’ experience meeting the needs of our partners in New Zealand. And we’ve recently joined Assurant, the global leader in F&I. This enables us to offer a broader range of new and innovative products and services — including those that can help our partners thrive in the EV age. As the electricvehicle market continues to evolve in New Zealand, we look forward to supporting our partners as they deliver the kind of experience their customers expect.