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MINI Electric

What You Need to Know About Extended Warranties for Your Electric Vehicle

Extended warranties for electric vehicles are still pretty new. They first showed up on the market in 2019, and it used to be that the only way you could get one at all was if you purchased it when you bought your car brand new. Used extended warranties weren’t an option until recently.

What Is an Extended Warranty?

Extended warranties have been around for a long time for combustion-based vehicles. It’s standard practice to get a used car and purchase a warranty to cover any problems that can arise after purchase. In some cases, you can get an extended warranty from manufacturers, and you can always look for third-party coverage for a vehicle of just about any age and mileage.

With electric cars, your manufacturer-backed policies almost always need to be purchased upfront, like the Mini Cooper extended warranty. Unfortunately, third-party extended warranties were only available for petrol-powered cars. Still, since EVs have found their way onto a more mainstream market, consumers have been clamoring to get extended warranties for their cars, too.

Why Should You Want an Extended Warranty for an Electric Vehicle?

If you want to be good to the planet but you can’t afford a brand new electric car, used seems like an obvious way to go, right? You would think so, but until extended warranties came out on the scene, buying a used EV was tricky because you knew up front that you would be responsible for the replacement parts if anything happened.

Consider the fact that everything in an electric car runs on an electric circuit run by computers. It’s a very different construction compared to traditional vehicles. Because there are so many various electric components, all sorts of things can stop working. Even if breakdowns don’t happen often, they can still happen. If you were to lose your screen, you’re looking at up to several thousand pounds to replace it. Because of these costs, people didn’t want to buy a used EV since they could not buy an extended warranty with it.

That’s when Xcelerate began making waves as the first third-party company to offer an extended warranty for electric vehicles. You can buy it through dealers that sell used cars, and you can also buy it online on your own. When repair bills can get into the tens of thousands of pounds, you want to have that extended warranty to lean on. Tesla also has its own extended warranty available to extend coverage an additional four years or up to 50,000 miles.

How Can You Buy a Warranty From Tesla?

According to Tesla’s policy, you have a limited time to buy an extended warranty from them. Once the new car warranty expires, you have a maximum of 30 days or 1000 miles past the original mileage limit. After that, you can’t buy an extended warranty from the car manufacturer. On the bright side, you can transfer the warranty to a new owner if you sell your car, but only if you sell it yourself. The extended warranty does not transfer if you’re selling to a third-party dealer or using a dealer as a middle-person and selling to their customer.

After you buy the extended warranty, you can cancel it later to receive a refund based on your personal claims history. If you’ve made claims under the extended warranty, expect that to be a part of what goes against your refund. If claims have not been made, then you will be prorated for the remaining balance.

What About the Battery?

The battery is easily the most critical part of an electric vehicle. Typically, batteries are built to last, and most come with eight-year/80,000-mile manufacturer warranties. That’s great, but when your Mini Cooper EV battery decides it will have issues nine years down the road, you’re going to wish you had some extra coverage available because batteries are expensive. It might be a good idea to buy a used EV one in one of the states that follow California’s zero-emission regulations because those batteries include longer warranties of 10 years or 150,000 miles from the date of purchase.

You can purchase an extended warranty covering the battery, but it depends on where you buy it. EFG Companies is another recent addition to the third-party extended warranty market. They will provide coverage for batteries for up to 11 years and 150,000 miles, even if you buy a used car that is a maximum of five years old.

The Bottom Line

Since EVs are now becoming more common, extended warranties for electric vehicles are getting more widely available, although they still have room to grow. Thanks to some companies answering the call, you can now get an extended warranty for your electric car that can cover you for up to 150,000 miles. That’s quite a long time compared to combustion engine vehicles, and considering the price point for replacement, getting one is a good idea. You can buy one directly from Tesla if you get it in enough time, or you can start looking at third-party coverage to make sure you can replace your car’s battery if it ever needs to be replaced.