Beautiful South Martin 24 Posted May 13, 2020 Like probably most people in lockdown at the minute, I'm looking at changing a few things when we eventually get back to trading again. I know this subject has been discussed a few times on here but I'm seriously now thinking about using an in house warranty. At the moment we put a 3 month underwritten warranty and try and sell up to a 12 month, not very successfully I may add. As we all know half the time we end having to pay for repairs ourself as they are not covered when the claim goes in. I've just totted up how much I've paid out to said warranty company in the last 12 months and I know who's in profit!! So who are the main players in this field, the only one I been offered is Black Star warranties but it was last year when the rep called in and I can't remember the ins and out. Happy to put say a £100 a unit into a pot and see how it goes. Any pointers would be appreciated. Share this post Link to post Share on other sites
trade vet 704 Posted May 13, 2020 We started doing our own in 95.It depends on how many you do for it to be worthwhile.Having your own workshop also helps.More info required. Share this post Link to post Share on other sites
Beautiful South Martin 24 Posted May 13, 2020 Hi Trade vet No workshops just sub contract everything. 120-150 per annum but hoping to increase that to 200+ as just took on additional storeage facilities. Thanks Share this post Link to post Share on other sites
trade vet 704 Posted May 13, 2020 39 minutes ago, Beautiful South Martin said: Hi Trade vet No workshops just sub contract everything. 120-150 per annum but hoping to increase that to 200+ as just took on additional storeage facilities. Thanks Doing 120 and putting in £100 per car you should be slightly better off over the year but you won’t build up a pot of money.Just do it yourself and get your own books printed and call it a ‘ breakdown agreement’.Unless things have changed you can’t call it a warranty unless it is underwritten by an insurance company.No need to use a warranty administration company,you can manage any claims yourself and customers do appreciate that. Share this post Link to post Share on other sites
Anglo9 26 Posted May 13, 2020 100% happy with A1 Approved (they manage your own fund) over the years , if you prep your cars properly you should build a nice pot . Share this post Link to post Share on other sites
Gone & Long Forgotten 2 Posted May 14, 2020 14 hours ago, trade vet said: Doing 120 and putting in £100 per car you should be slightly better off over the year but you won’t build up a pot of money.Just do it yourself and get your own books printed and call it a ‘ breakdown agreement’.Unless things have changed you can’t call it a warranty unless it is underwritten by an insurance company.No need to use a warranty administration company,you can manage any claims yourself and customers do appreciate that. Good advice from Trade Vet... We also run a 'warranty' fund at £100. x 250 units (circa) and administer ourselves, last year we spent £13700 and shared the surplus as dividends. Although, as another contributor commented, we are meticulous on mechanical prep. Prevention is better than cure every time. Share this post Link to post Share on other sites
Beautiful South Martin 24 Posted May 14, 2020 What about policy books do you have those printed professionally or is it just designed by yourself and given to your customer. I've just looked at Crystal clear warranties on line and its up £22 a policy for 3 months roadside assistance, books etc and then £350 + VAT up front for POS Share this post Link to post Share on other sites
trade vet 704 Posted May 14, 2020 10 minutes ago, Beautiful South Martin said: What about policy books do you have those printed professionally or is it just designed by yourself and given to your customer. I've just looked at Crystal clear warranties on line and its up £22 a policy for 3 months roadside assistance, books etc and then £350 + VAT up front for POS Get a handfull of warranty books from other companies to give you a few ideas.Then adjust to suit yourself.Then get some books printed ( not to many as you will be making changes) ,it has to be easy to read and in clear understandable language.Sorry but I cannot send you one of our booklets to copy but if you get in touch,I will give you some tips. Share this post Link to post Share on other sites
A & S 20 Posted May 14, 2020 We have been doing self funded warranties for about 15 years. We have alongside done the odd one through a warranty company. The self funded warranties - we use Lawdata books, scheme 3, 3 months cover and £200 claims limit per claim, we put £50 away in a reserve account. We usually have a balance built up in there which usually pays some of our vat bill. Since last year (march 2019) we have moved to larger premises, from 25 cars to 70 cars, all the descent stock we advertise with 6 months warranty and 12 months mot, working quite well. These warranties are through a warranty company. Make sure the cars go out on good order you wont have a problem doing self funded warranties. Share this post Link to post Share on other sites
david gott 58 Posted May 16, 2020 On 5/13/2020 at 4:33 PM, Beautiful South Martin said: Like probably most people in lockdown at the minute, I'm looking at changing a few things when we eventually get back to trading again. I know this subject has been discussed a few times on here but I'm seriously now thinking about using an in house warranty. At the moment we put a 3 month underwritten warranty and try and sell up to a 12 month, not very successfully I may add. As we all know half the time we end having to pay for repairs ourself as they are not covered when the claim goes in. I've just totted up how much I've paid out to said warranty company in the last 12 months and I know who's in profit!! So who are the main players in this field, the only one I been offered is Black Star warranties but it was last year when the rep called in and I can't remember the ins and out. Happy to put say a £100 a unit into a pot and see how it goes. Any pointers would be appreciated. I always self warrant, might be worth having a listen to this there’s plenty of chat about warranties on this podcast we done the other day with nick from small cars direct https://podcasts.apple.com/gb/podcast/car-dealer-pro-podcast/id1506252764?i=1000474472263 1 Share this post Link to post Share on other sites
Bmx Bandits 52 Posted May 16, 2020 10 hours ago, david gott said: I always self warrant, might be worth having a listen to this there’s plenty of chat about warranties on this podcast we done the other day with nick from small cars direct https://podcasts.apple.com/gb/podcast/car-dealer-pro-podcast/id1506252764?i=1000474472263 Thanks, really enjoyed the podcasts, Nick is a good lad but I was really surprised when he said he didn’t offer a warranty. We’ve only ever used an underwritten warranty and we have never been great at up-selling it. It’s when you look at what I’ve spent over the years, it’s really surprised me. I’ve never used Lawgistics, are they a good company to get involved with? do you use their managed warranty service or administer yourself? Share this post Link to post Share on other sites
david gott 58 Posted May 16, 2020 I administer them myself, I normally buy 100 booklets a time and they are great if customers just want our compIimentary warranty (normally 1 - 3 months ) I can’t remember exactly how much but I think it’s around £300 for 100 booklets so well worth the money. I up sell the warrantywise 12 month warranty, when a customer leaves a deposit I’ll give them a leaflet to ponder on it, I offer them it at cost price, if it costs the customer £120 for 12 months they know they are getting a really good deal, if they were at a main dealers it would be double. Share this post Link to post Share on other sites
d3matt 0 Posted July 27, 2020 Try https://www.warrantyadmin.co.uk// Warranty docs for each vehicle, plus roadside cover - £10 each. Share this post Link to post Share on other sites
dickdv 0 Posted March 2, 2021 If anyone is looking for Lawgistics warranty booklets I have a stack of unused booklets for sale. https://www.ebay.co.uk/itm/233916486145 Share this post Link to post Share on other sites
LawJaw 50 Posted March 2, 2021 7 hours ago, dickdv said: If anyone is looking for Lawgistics warranty booklets I have a stack of unused booklets for sale. https://www.ebay.co.uk/itm/233916486145 You have absolutely made my day dickdv. I personally designed these booklets ten years ago (obviously there has been some updates along the way) and never imagined a day when I would see them sold as a second hand item on eBay – fair play to you. I am sorry they didn’t work out for you, we know hundreds of dealers who have saved thousands of pounds using them. If you have trouble selling them, please get in touch as we would be happy to consider taking them in as a PX against any of our stationery or legal services. 3 Share this post Link to post Share on other sites