AmTrust Specialty Risk and Axiom have come together to explore and better understand the modern consumer mindset when purchasing F&I protection products before, during and after the sale by conducting the 2019 Vehicle Protection Plan Consumer Survey. These powerful insights reveal how to improve overall satisfaction throughout the buying process by identifying major influencers of change as we move into the new era of digital retailing.
Results showed that confidence remains a key driver for consumers when making decisions regardless of platform. Some main reasons for buying a vehicle protection plans were: peace of mind (mentioned by 63% among top 5 reasons), coverage of plan (49%), length of coverage (41%), additional benefits (37%).
Making F&I product information readily available to consumers significantly influences their decision to purchase. Consumers who bought a vehicle protection plan, (59%) of people had done research prior to purchase and (73%) of people preferred the ability to personalize their extended warranty (e.g., deductible, type of coverage, term of plan).
There are also additional incentives consumers desired for purchasing a vehicle protection plan: cover multiple vehicles with a single protection plan based on mile usage (64%), obtain, print, download and store your purchased protection plans (66%), and keys returned if lost or found at no expense to customer (79%).
Consumers continue to purchase vehicle protection products to give them peace of mind throughout the ownership lifecycle and would be even more motivated to purchase an F&I product if given the opportunity to customize it as much as possible. Creating a frictionless process from start to finish and including a few value-added items, such as easy access to plans and returning lost keys, could go a long way in captivating a lifelong customer.