Several companies are seeking dealer feedback and monitoring the policies that dictate where and when EVs will become more prevalent. Protective Asset Protection has adopted a wait-and-see approach to EV product development.
"We -- like every company in the space -- [are] evaluating the trend and trying to pick on the specific approach," said Rick Kurtz, senior vice president of distribution for Protective Asset Protection. "We're not there yet, and have a long way to go ourselves."
Kurtz said questions about EV battery degradation and residual values can only be determined with time and a larger proliferation of EVs in the marketplace.
Automakers most heavily involved with electrified vehicle sales, such as Volkswagen, Chevrolet and Nissan, have aggressive leasing programs that limit F&I product offerings.
Protective Asset Protection is also monitoring policies that impact EV sales before designing F&I products. The company is focusing on its California business first. The availability of tax credits for EVs and whether emerging EV models meet requirements for California's high-occupancy vehicle lanes are other considerations driving EV adoption in San Francisco specifically, Kurtz said.
"We'd prefer to just watch. We're not going to make a market or set a market. Our responsibility to our dealer clients is to watch the market as it evolves," Kurtz said. "It's certainly in the very infancy of the trend."
Zurich North America, a global insurance company and a major provider of F&I products and training services, also offers no consumer-facing EV products, and would not disclose any products in development.
The company is monitoring industry news, such as retail giant Amazon's $700 million commitment to EV startup Rivian Automotive, according to Rick Strifler, vice president of direct markets for Zurich North America.
To maintain high-quality consumer products and dealer profitability, r&d remain critical, he said.
"I would certainly say electric vehicles are on people's minds, particularly in what that will mean for service departments moving forward," Strifler said. "When we feel it's appropriate and necessary, we'll respond to that."