What’s Happening
Xcelerate Auto, LLC, a premier player in electric vehicle (EV) financial products and services, has announced an expansion of its XCare vehicle service contracts. In collaboration with Endurance Dealer Services and AmTrust Financial Services, the company now covers EV drive batteries and drive units, augmenting its renowned warranty services.
Why It Matters
Since its debut four years ago, XCare’s EV extended warranty has been recognized as the first and only EV coverage explicitly crafted for EVs by EV professionals. This warranty is designed to fit seamlessly within the direct-to-consumer service model implemented by automakers such as Tesla, Lucid, and Rivian. The enhanced XCare plan aims to support the growing EV community by including battery and drive unit coverage, which further strengthens consumer confidence in acquiring used EVs or prolonging the lifespan of their existing EVs.
Key Points
Throughout the past few years, XCare has protected thousands of EV owners from the financial implications of unexpected service issues. “From the early years of Tesla, we’ve been developing products and services to expedite the mass adoption of EV ownership,” stated KJ Gimbel, CEO of Xcelerate Auto. “The inclusion of battery and drive unit coverage in XCare is a proud progression of our comprehensive EV coverage.”
The updated XCare coverage is pioneering in its approach, extending an EV’s manufacturer coverage while maintaining the same factory degradation standards. “Our mission is to drive EV adoption while adding value to the growing, yet aging, EV population for years to come,” shared Milad Davoodi, Xcelerate Auto’s COO.
Bottom Line
The expanded XCare coverage now includes electric vehicles up to 10 years old or 125,000 miles, with battery and drive unit coverage for EVs under 7 years old or 100,000 miles at the time of contract purchase. XCare’s unique benefits include 24/7 roadside assistance, towing, trip interruption, rental car reimbursement, and commercial coverage.
In the near future, Xcelerate Auto plans to collaborate with other organizations and financial institutions to provide novel benefits such as future financing and payment options. The goal is to allow XCare plan consumers to refinance their vehicles with XCare coverage included and offer XCare payment cards to expedite the claims process for both vehicle owners and manufacturers. For Xcelerate Auto, the journey towards progress and innovation continues unabated.
