Today’s GAP: The Evolution of Vehicle Protection in the Age of Electric and Extended Ownership | Allied Solutions 2023

The CU Lab with NAFCU Services

Your moderator Randy is back for today's episode in which I take a deep dive into the ever-evolving landscape of vehicle protection in the era of electric cars and extended ownership, and I have Patrick Lynch, VP of Sales of Automotive Solutions at Allied Solutions, joining me for this insightful conversation!

We reflect on the past four years since the pandemic hit, exploring how supply chain issues initially impacted vehicle values and gap claims, and Patrick takes us through the surprising shifts in the market, discussing the unique challenges posed by electric vehicles, from rapid depreciation rates to the staggering costs of repair.

However, it isn't just about EVs; we also touch on the broader trends affecting gap and mechanical breakdown protection. With rising repair costs and consumers holding onto their cars longer, we explore how credit unions can position these products to shield members from potential financial hardships.

Tune in as we navigate compliance changes, including insights on the new California Gap insurance law, and wrap up with a discussion on why credit unions offer a more member-centric approach to protection products compared to dealers or direct marketers!