Is Your Powersports Extended Service Contract Really Looking Out for You? Here's What to Check…
Dealerships know that after-sales products earn more for them than vehicle sales. This is because such products and programs keep customers coming back, which means repeat business if they're happy with the service. F&I products like Powersports extended service contract, Tire & Wheel with Road Hazard coverage, and Lifetime Battery Program offer customers services that will make ownership an enjoyable experience.
Powersports extended service contract
What is an extended service contract? Briefly, an extended service contract is coverage for factory-installed mechanical parts where, when one or more of these malfunctions or breaks down, your coverage will pay for the repairs or replacement parts, the amount of which will depend on your specific contract.
How do you know it's got your best interests at heart?
Dealership admit that there are some extended service contracts that take advantage of customers; those with little coverage, high premiums, and deductibles, and those with an impossible claims approval process. These are the reasons a lot of customers are wary of such after-market products, and why they choose to walk away empty-handed, so to speak.
So how do you know the product being offered to you is worth your money? Here are a few things to check…
Covered parts
It's important to know the specific parts covered by your extended service contract. Typically, these are parts of the engine like bearings, crankshafts, and pistons as well as transmission, drive axles, suspension, and so on. Common exclusions are the wear-and-tear parts of the vehicle like the wheels and tires.
Pay attention to the inclusions and exclusions stipulations of the contract, so you'll know whether or not it's a good fit for you.
Deductibles and claims process
There are extended service contracts that offer zero deductibles on new vehicles and a minimal deductible on certified pre-owned units. Make sure to double-check this information as well, so you won't be surprised with hidden charges when you're claiming reimbursement for repairs or parts replacement.
Check, too, how long it will take for you to receive your payout. The best Powersports extended service contract will offer you a quick and painless claims process, where approval and payout take no more than 24 hours.
Customer service
Customer service plays a huge role in whether or not you will be satisfied with the extended service contract you purchased. Find out how helpful their customer support agents are when it comes to questions regarding eligible repair shops, covered parts, claims process, and so on. The provider's customer service should be worthy of a five-star rating.
Call Torque Group at (800) 859-0590 to further discuss how Torque Group's extended service contract will benefit your customers.
