Evolution Warranties has launched a first-of-its-kind product, called “The One”, to combine all coverage levels into one warranty policy.
The policy covers all mechanical and electrical parts on the vehicle, and it can be put on any car, of any age and any mileage for enhanced cover. It also covers wear and tear up to 125,000 miles and covers over 10,000 parts.
Sam Watson, national sales director at Evolution Warranties, said: “This is the product that Dealers have been waiting for, because it reduces complexity, improves reputation and offers greater simplicity.
“It also provides a much-needed product to fill a gap in the market and provide dealers with a genuine alternative to underwriting their own warranty.”
The product is being introduced as dealers struggle to absorb the new tax increases into their business. The One provides one level of cover for all stock and will pay out on claims, removing the worry that dealers and customers will be landed with a big bill.
Watson said: “Although The One will be a more expensive warranty, the reward is higher. We are increasing the amount that goes into our unique Dealer Discretion Fund to 25% from 15%, giving dealers more reassurance about the quality of the product.
“Now with up to 25% Dealer Discretion Fund, The One is unprecedented and will give dealers the assurance they need that they keep the profit they make on the car at point of sale and not be worried about a big repair bill coming back to bite their profits.
“It’s also a product designed to improve customer satisfaction and dealer reputation. We also believe that with so many cars on finance being rejected for faults early doors under the CRA, this product will give dealers peace of mind knowing it’s covered. when the recent FCA decision has caused so much worry.”
