Quotes for AFVs continue to rise
Analysis of extended warranty quotes-to-buy requests through Intelligent Motoring has revealed significant growth for electric and hybrid vehicles.
Warranty quotes for alternative fuel vehicles (AFVs) grew by 575% in 2022 compared to 2017. In contrast, quotes for ICE vehicles increased by 97% for the same period.
The data also found that warranty quotes for ICE vehicle rose five per cent year on year compared to 70% for EVs and 40% for hybrids.
Duncan McClure Fisher, CEO of Intelligent Motoring, said: “Overall, AFV extended warranty quotes-to-buy accounted for five per cent of all queries we received in 2022, either through our direct-to-consumer car ownership platform, MotorEasy, or through our white-labelled partner schemes. However, whilst ICE warranties still account for almost all quotes we provide, we can see the balance is beginning to shift at pace.
“There is clearly greater recognition amongst AFV owners that the cost implications of maintaining a new tech vehicle are not dissimilar to ICE vehicles and should be financially planned for, which is why we are seeing increasing levels of quote-to-buy activity from our MotorEasy members.”
