The Benefits of offering Point of Sale Auto Insurance By Arceri & Associates, Inc.
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The Benefits of offering Point of Sale Auto Insurance By Arceri & Associates, Inc.
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Transcript of The Benefits of offering Point of Sale Auto Insurance By Arceri & Associates, Inc.
The Benefits of offering Point of Sale Auto Insurance
By Arceri & Associates, Inc.
Equals Success!
Bi-Weekly Car
Payment
Bi-Weekly Car
Payment
Bi-Weekly Car
Payment
You set up your customer with weekly or bi-weekly car payments to help them budget to coincide with their paycheck. This is a standard BHPH collection practice that reduces repossessions.
Many customers don’t have current auto insurance and come back with either the wrong coverage or incorrect lien holder or additional insured info. Your staff uses valuable time trying to close the deal.
Saleman requires
insurance before closing deal
Customer leaves lot to go buy a policy
Customer waits 1-hour in agent's office
Customer comes
back with proof of
insurance
Vehicle is finally
delivered after
delays
Equals Failure!
Monthly Insurance Payment
Monthly Insurance Payment
Month to Month Insurance PaymentMonth to Month Insurance Payment
Customer does not budget monthly for their auto insurance premium and as a result over 50% of repos are related to lapsed or cancelled insurance.
Monthly Car Insurance
Car Note
Partying
Gasoline
Monthly Utilities
Rent
Food
BHPH, LHPH and RTO Customers don’t budget monthly for Auto Insurance.
Finance Vehicle
Insurance Lapse
Repossess Vehicle
Repair & Detail Vehicle Loss Revenue
Without Point of Sale Insurance
How much does it cost?Repo Bomb
With Point of Sale Insurance
Finance Vehicle
Include POS Insurance
We Collect Bi-weekly
Eliminate Lapse
Notices
Increase Revenues
How does it work?
Start by having the customer initial and sign the
acknowledgement form.
1
2
Open USAgencies to begin the online quote. (Takes about 5 minutes from start to finish)
3
Choose either monthly EFT or 10-pay bi-weekly pay plan.
4
Print the documents for customer’s signature
5
Give Insurance ID Cards and proof of insurance to customer
6
Complete and send the FAX coversheet IMMEDIATELY
7
Pay online at: www.Dwolla.com
Example: 6 month quote: $800 total for full coverage insurance
Down Payment $200.00Processing fee $ 50.00Total DP $250.00
5 payments @ $130.00
The way to sell it:
Down Payment $200.00Processing fee $ 50.00Total DP $250.00Divide the DP in half…… $125.00 due today; $125 due Friday
5 payments @ $130.00We will collect 10 bi-weekly payments @ $65.00 each starting in week 2
Competitor might be:Down payment $200.005 payments @ $120.00
Success
Success
1. A Staff person to be trained with the online rater.2. Internet access with DSL or cable speed3. Open an account with Dwolla (it’s free)4. Optional separate checking account for insurance money only
Required to get started:
Summary of Benefits for offering Point of Sale Insurance
1. Reduce Lapse Notices2. Reduce Repos3. Write more deals – eliminate the BE-BACKS4. Bind Coverage 24/75. Customer’s can conveniently pay insurance at Walmarts or K-marts6. Insurance premium is billed/collected every 2 weeks7. Dealers earn an upfront processing fee8. Dealers can earn optional collection fees
Arceri & Associates, Inc. Christopher ArceriOffice.504.484.6393 | Fax. 800.411.3571 |Cell. 504-553-7680 www.arceri-insurance.com | [email protected] 3342 Esplanade Avenue, New Orleans, LA 70119
