National Auto Care has more than 20 classes of products for internal combustion vehicles.
There are just four classes of F&I coverage for EVs — based almost entirely on new-vehicle MSRP and the used-vehicle sales price.
“To me, it was easier to look at MSRP versus complexity of the vehicle,” Wanderon said. “Because the more complex — the more expensive and the longer the term.”
New classes of coverage include Supercharged for vehicles priced from $45,000 to more than $110,000 and Recharged for used EVs priced from under $35,000 to more than $90,000.
Some hybrid vehicles are included in the new coverage model as well, Wanderon said, depending on the type of hybrid.
As the company moves forward, reducing the number of coverage classes is a way to simplify the complexity of traditional plans.
“I think it’s really kind of learning from the past and trying to take old habits and put them away,” Wanderon said.
“It’s easier to tell the customer what you have and what you’re offering and there doesn’t have to be 50 different iterations of it.”