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Top 10 Reasons To Partner With A Specialist Auto Warranty Provider

Auto warranties increase revenue and member engagement while reducing repossession rates by up to 50%.

All credit unions understand the value in providing members with a vehicle warranty when financing a used vehicle purchase peace of mind, financial security, increased member engagement, additional revenue, etc.

What many may not know are the significant benefits that can be realized when partnering with a warranty provider that only offers vehicle service contracts to credit unions, versus an agent or firm offering a suite of products. In addition to having an intimate understanding of the credit union/member relationship, here are the top 10 reasons your warranty provider should be a specialist.

No. 1: Better Coverage and More Benefits

Specialty warranty providers can offer longer terms (up to 120 months / 150,000 miles), more extensive coverage options, and additional benefits (such as 150-mile towing, rental car, trip interruption, and roadside assistance). In addition, they can cover a broader range of vehicles including older, high-mileage vehicles to allow credit unions to better focus on the needs of their members.

No. 2: Increased Benefit Usage and Member Engagement

On average, warranties have a 60% usage rate, versus less than 5% for GAP insurance, providing a highly beneficial opportunity for member engagement and service.

No. 3: Greater Benefit per Loan

Auto warranties provide a benefit per loan that is significantly higher than other products almost twice as high for warranty vs. life and five times as high versus GAP.

No. 4: Ongoing Training Support

Specialty warranty providers deliver ongoing training and support, not just at launch, ensuring your members receive enhanced customer support through the life of their policy. An educated staff ensures members receive the right product with the right benefits, delivering happier members. Better yet, at no cost to you.

No. 5: Green Vehicle Coverage

Select specialty warranty providers offer Green Vehicle Coverage, including battery replacement and the home electric vehicle charging station.

No. 6: Policies Include Wear Tear Coverage

Unlike many vehicle service contracts, select specialty warranty providers include coverage for wear and tear and seals and gaskets in their policies, eliminating surprise charges and increasing member satisfaction and loyalty.

No. 7: Customizable Technology Provides Online, Real-Time Data on Claims

Specialty warranty providers provide superior and customizable technology that works with the leading credit union platforms delivering real time data on the claims process, allowing you to provide members with greater convenience, peace of mind, and satisfaction. Again, at no cost to you.

No. 8: Full Reimbursement upon Repossession

Having a warranty in place has proven to reduce repossession rates by as much as 50%. Understanding many repossessions result from personal hardship, Sentinel Warranty offers full reimbursement of the policy upon repossession, provided the policy had no claims to date.

No. 9: Full Reimbursement for Totaled Vehicles

By the same token, providers like Sentinel Warranty also offers full reimbursement of the warranty should a vehicle be totaled and written off by the insurer, again provided the policy had no claims to date.

No. 10: Better Service and Support Deliver Happier and Highly Satisfied Members

When your auto warranty provider specializes in getting the vehicle repaired and your member back on the road, you can deliver better service and your members are happier, satisfied with the quality of the offerings of the credit union, and ultimately more loyal.

For more information on how Sentinel Warranty’s policies are designed exclusively to benefit credit unions and their members, explore www.SentinelWarranty.com. Or contact Michael Seguin at (336) 207-8062 or by email at mseguin@sentinelwarranty.com.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
June 4, 2018

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