LEASING brokers should take advantage of the breathing space following the highly charged September registration change by giving their customers access to a range of services that could help them look after their new vehicle.
“Brokers and dealers have been extremely busy delivering cars in September, which leaves October a bit flat. But they have the opportunity to give their customers access to a number of beneficial products for all the new 76-plate vehicles.”
Premia Solutions’ online platform, Look After My Car, gives leasing broker customers exclusive offers on a range of insurance products and services specifically designed for drivers of leased vehicles to help them look after their vehicles. This includes Smart Plus to cover repair costs, and GAP insurance.
Smart repair cover
Smart repair cover allows customers to get repairs done to their car when damage occurs during the term of the lease rather than being hit with an unexpected bill for damage at the end of their contract.
This is particularly important as repair costs have continued to rise this year, according to the latest report from the Association of British Insurers (ABI).
It points out that while modern vehicles are increasingly fitted with advanced technologies such as cameras, sensors and driver assistance systems that can improve road safety, these features can also make repairs and replacements more costly.
Rising repair costs are also pushing up the average end-of-contract damage charges. The latest FN50 research shows they rose 14% last year to a new record high of £421. The average charges among individual leasing companies range from £153 to as much as £894.
“Leasing brokers can help protect their customers from these costs with smart repair cover,” Robert continues.
“Our Smart Plus product includes bodywork protection for damage up to 40cm, 10 alloy wheel repairs, and windscreen excess cover. And, unlike the standard 36-month cover typically offered through dealerships, Smart Plus aligns seamlessly with the full term of most lease agreements up to 48 months.”
GAP insurance
GAP insurance can also prove invaluable if a new lease car is written off or stolen.Typically, the pay-out from a car insurance provider is the market value of the car at the time it’s written off, not its value at the start of the lease, which can leave the customer struggling to pay the remaining lease payments. GAP insurance bridges that ‘gap’.
Look After My Car’s GAP insurance also covers the loss of the initial rental. Customers often pay 12 months rental upfront, which could equate to £4,000 or more. Look After My Car covers the loss up to £5,000.
Benefits to brokers
“By introducing their customers to our exclusive membership platform, brokers can benefit from higher customer satisfaction, stronger loyalty, and an increased likelihood of repeat business,” Robert adds.
“Importantly, this can be done without the leasing broker requiring FCA permissions to sell or provide advice on insurance products, as that is exactly where we come in. By taking away the regulatory red tape, we are able to contact their customers directly and explain the products and services available to them.
“This gives the leasing broker the opportunity to introduce their customers to a number of valuable products and services for all the new 76-plate vehicles, while keeping the customer journey simple and compliant.”
How can leasing brokers make Look After My Car available to their customers?
It’s really easy, simply give Robert Sleat, Head of Leasing Brokers and Telesales, a call on 07708 480899 or email robert.sleat@premiasolutions.com. Robert is happy to have a chat to discuss any questions a broker may have and whether it would work for them.
Photo by Unsplash
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Sarah Tooze has been an automotive journalist for more than 15 years, specialising in the fleet and transport sectors. She has held senior positions at industry-leading B2B titles Fleet News and Smart Transport, and led campaigns championing motorists as consumer editor for online used car marketplace Heycar and motoring advice website HonestJohn.co.uk. In 2017 she won the Newspress Automotive Business Journalist award.
