Warranties - Setting the record straight...

How do we react to the world around us?

In the past four years, the world has seen a dramatic shift in the cost landscape. Global events and supply chain issues have caused parts prices to rise by 20-30%, while high energy costs and inflation have driven up labour prices by 15-25%. Consumers and dealerships have felt this most keenly, with market uncertainty leading to fluctuations in vehicle prices and ownership costs; stocking and owning cars is a much more uncertain prospect in 2024 than it has been for a long time. As enthusiastic car and motorbike owners we have suffered the same misfortunate that you have; everything is more expensive when you buy it, and a lot less expensive when you sell it. For us, that acts as motivation to reinject certainty into the conversation and strengthens our resolve to discover solutions to an equation that is out of balance. What you need from us is a partner who can help you stay ahead of those fluctuations; let's be proactive and not reactive. Our proprietary system looks at a broad body of data, to spot trends, and suggest adjustments that keep the equation balanced for all parties. In plain language, that means our prices are based on the real cost of protecting your vehicles, not a disguised pursuit of excess profit. We understand that because of the way the warranty industry is structured, assessing the true value of products is almost completely opaque to dealerships and consumers. We are entirely committed to changing that culture and showing you all exactly what you are paying for.

Focussing on Experiences not Products

As we’ve alluded to in the introduction to this blog, our own views on cars and motorbikes transcend their role as merely a method of transport. Clearly for a lot of people that is exactly what they are, and staying on the road to get where they need to go is their number one priority. Whether you are a motoring enthusiast or someone who relies on your vehicle, the impact of a mechanical failure or breakdown is the same; it is a deeply unpleasant experience that causes unexpected disruption. It may be a consistent factor in operating complex machines, but that doesn’t change the fact it stings when it happens. For dealerships, it is an essential requirement to have partners that recognise what motivates their customers, and for that partner to act in their collective best interest. We have built our entire claims and customer support process around that principle; we must turn a negative motoring experience into something resoundingly more positive. From the way we advertise and explain how our warranties work, to the way we respond to new claims, through to the moment we make a payout and get somebody back on the road, we’re always conscious of the customer experience. It would be easy to look at warranty as another essential automotive transaction, but in reality, it is one of the underpinning factors to whether or not someone is able to enjoy ownership of their vehicle.

A Year of Milestones and Achievements

Despite the challenges, as we enter our second year in business, Love Warranty continues to look at how we can do more, and over the next few weeks we will be making significant improvements to our systems and processes. We’re proud to have partnered with over 60 dealerships and provided coverage for nearly 3,000 cars and motorbikes already, but that is only the beginning. We draw confidence from the fact that the core values of our offering have clearly contributed to our rapid growth, but internally we always tell ourselves we can do more for our current and future customers. Talking about ‘New Horizons’ is more than just a slogan on an advert for us, it reminds us that change is necessary, and it is achievable. We truly want this to be a community of likeminded partners and customers who feel like they are part of something that is always better today, than it was yesterday.