WHY OFFER EXTENDED PROTECTION?
Three
major reasons: (1) Removes the FEAR and reluctance
customers have in purchasing a used piece of equipment
(2) Locks your dealership into the account because
the Lift Shield Warranty program requires the customer
to place the equipment on a PM program with your dealership
and not let anyone else work on the unit (3) Greatly
increases your parts and service business.
WHO TAKES CARE OF THE CUSTOMER WHEN A FAILURE
OCCURS?
Your service department takes care of the customer
and is then reimbursed at full retail for Parts
& Labor on repairs covered, and we pay your
dealership immediately by credit card or by check
within 48 hours.
DOES THE DEALERSHIP HAVE TO PROVIDE AN INSPECTION
REPORT OR OIL SAMPLE?
YES, Lift Shield does require an oil sample
for most heavy equipment warranties.
WHAT IS NOT COVERED BY THE LIFT SHIELD WARRANTY?
Any part that is not listed in our terms and conditions
and general insurance exclusions such as, Collision,
Fire, Theft, Lighting, Earthquake, Misuse, Abuse,
Normal Wear and Tear, Lack of Recommended Maintenance,
Continued Operation After a Failure Has Occurred,
Alterations, Use in a Manner Not Recommended by
the Manufacturer, Any Liability for Property Damage,
Injury or Death Resulting From the Operation or
Maintenance, Operation Without Sufficient Lubricants
or Coolant, Tampering With or Modifying the Hour
Meter.
WHAT ARE THE ELIGIBILITY REQUIREMENTS FOR EQUIPMENT
TO BE COVERED?
The equipment must have less than 4,000 original
hours and be less than 5 years of the current model
year.
WHAT'S THE BEST WAY TO SELL THE LIFT SHIELD
WARRANTY? Include it in the price of the
equipment and state that the equipment comes with
an extended warranty.
WHAT'S THE PURPOSE OF INSURANCE?
In most all states, extended warranties are viewed
as insurance by the State Department of Insurance.
Therefore, dealers must be licensed to sell extended
warranties to protect the consumers.
WHEN
DOES LIFT SHIELD BEGIN AND END?
Lift Shield coverage always begins at expiration
of the manufacturer's warranty, or on the date the
unit is delivered to the customer. Lift Shield
coverage ends after
the
expiration of the hours or years listed in the
policy.
IS THERE A DEDUCTIBLE ON LIFT SHIELD CLAIMS?
Yes, $200. This helps reduce nuisance warranty calls
to the dealer.
ARE THERE LIMITS TO LIFT SHIELD COVERAGES?
Lift Shield will pay up to 50% of the purchase price
of the equipment over the life of the warranty.
DOES THE CUSTOMER HAVE TO PAY FOR ANY PORTION
OF A LIFT SHIELD COVERED REPAIR?
Almost always. The customer has to pay the deductible,
plus the cost of any non-covered Parts and Labor,
cleaning, hauling, mileage, sales tax, environmental
changes, etc. Generally the customer pays any costs
other than the Parts & Labor.
HOW DOES THE DEALER GET REIMBURSED WHEN
THERE'S A LIFT SHIELD CLAIM?
If a Mechanical Failure meets the criteria for
being covered by Lift Shield, the reimbursement for
Parts & Labor will be the same as you would have
billed the customer: normal shop Labor rate & retail
prices for Parts, less any deductible. When the
repair is completed, send a copy of your standard
Repair Invoice to Lift Shield to be processed for
payment. It's simple and requires less effort and
paperwork than a manufacturer's warranty. Most
claims can be handled via fax or e-mail. Lift Shield
pays dealers usually within 10 days of receipt of
invoice.
WHAT'S THE "CRITERIA" FOR A MECHANICAL
FAILURE BEING COVERED?
Coverage is provided for: "sudden and unforeseen
mechanical breakdown of covered components."
A breakdown must result from the failure of a covered
part or component. The breakdown must occur in normal
use of the machine and be sudden and unforeseen.
There must be no evidence of abuse, misuse or overloading.
Lastly, if requested, there must be evidence of
proper maintenance.
CAN CUSTOMERS HAVE REPAIRS DONE ELSEWHERE?
No, the customer must have your dealership perform
all repairs unless you authorize otherwise.
WHAT IF MY DEALERSHIP GOES OUT OF BUSINESS?
Lift Shield stays with the machine and remains intact
until the coverage expires. The customer can contact
another authorized servicing dealer if the repairs
can no longer be provided through the original dealer
selling the warranty (see above).
IS LIFT SHIELD TRANSFERABLE?
Yes. Once a machine is covered, Lift Shield simply
stays with the machine. It doesn't matter if the
machine is traded, re-sold or changes ownership.
Proof of ownership and a transfer fee may be required
at the time of a claim should there be a subsequent
owner.
HOW PROFITABLE IS LIFT SHIELD?
The amount of mark-up/profit is up to each dealer,
but we suggest a minimum of 50% to a maximum of
100%. Experienced dealers earn 100% mark-up. Salespeople
should have a pre-determined RETAIL percentage readily
available. Lift Shield provides a positive negotiating
tool as a sale moves to closing.
WHAT IF THE CUSTOMER'S NOT INTERESTED IN
EXTENDED PROTECTION?
Once your salesperson has briefly explained the
benefits and informed the buyer of the Lift Shield
availability, let it go. Ask again only as final
paperwork and/or financing is being completed. Simply
negotiate it "into" or “out of”
the deal. Contrary to the opinion of most salespeople,
a majority of customers will appreciate knowing
Lift Shield is available, and will purchase it!
WHICH CUSTOMERS SHOULD BE OFFERED LIFT SHIELD?
Every customer who purchases a machine from your
dealership, and every customer who has a machine
in your shop before the manufacturer's warranty
expires should be offered the Lift Shield warranty.
For measurable success, Lift Shield needs to become
a part of your everyday sales efforts. If consistently
offered, you will be surprised at how many customers
will purchase the Lift Shield warranty and how much
profit it can generate.
HOW COMPLICATED IS LIFT SHIELD?
It's really very simple. The cost for coverage is
calculated as a percentage of the machine's
Retail Selling Price. You see, it's easy to calculate
the cost of a coverage plan.
HOW DOES LIFT SHIELD HELP OUR SALES FORCE?
Salespeople receive a $250 commission for every
Lift Shield Warranty sold.
Salespeople will soon understand that many customers
will purchase an Extended Protection Plan and are
willing to pay for it. Lift Shield ties customers
to your dealership for service and pays full retail
for covered Parts and Labor, with no extra paperwork.
Priced correctly, the sale of Lift Shield can significantly
increase the overall profit margin and salesperson's
commission on a sale. It's a win/win for your customer,
your dealership, and your salespeople.
WHAT IF MY SERVICE MANAGER OR TECHNICIANS
ARE SKEPTICAL?
It's less hassle than any manufacturer's warranty.
If a mechanical breakdown occurs, fax an estimate
and we assist from there. Covered Parts & Labor
will be reimbursed at full retail, providing your
service department a full profit on any repairs
performed under Lift Shield's coverage. With a full
profit on the covered repair and prompt payment
for the claim, there is no reason to be skeptical.
COULD A DEALER JUST DO HIS OWN PROTECTION
PROGRAM?
Yes, but not without great risk. Without being able
to spread risk beyond your dealership, or knowing
how to build and adjust rates, reserve funds, write
coverage, create proper documents, and without insurance
& administrative support, it's a very risky
business. Your expertise is selling and servicing
equipment. Let Lift Shield provide a ready-made,
secure program with full administrative support
so you can make even more money at what you do best.
HOW STABLE IS LIFT SHIELD?
Lift Shield is backed by the Lloyd's of London
Insurance Company. One of the largest insurance
companies in the world.
CALL “Lift Shield” TOLL-FREE
@ (800) 655-9499.
We will be happy to answer any questions you may
have. It is important that our dealers, their sales,
service & office staffs, are informed and comfortable
with the requirements and benefits of Lift Shield's
exceptional Equipment Protection Plans. We are here
to help you any way we can, whether it's with calculating
cost or selling prices, making quotes, providing
sales tips or claims administration and support.
Our goal is to help you be as successful as you
dare to be.
