NEW YORK — AmTrust Financial Services Inc. and Endurance Dealer Services announced the launch of APEX EV, a vehicle service contract designed exclusively for electric vehicles. APEX EV is billed as the first of its kind to cover 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 product is designed specifically for the unique attributes of electric vehicles, covering parts and labor as well as propulsion battery coverage — a key component that is often not included in traditional VSCs, executives said. Coverage is available for “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, according to the announcement.
“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,” said Aaron Segal, managing director of Endurance Dealer Services. “Dealers within our network will now be able to offer this comprehensive coverage and purchasers will be afforded protection they can count on.”