Retention high for BMW
BMW Insured Warranty has continued to achieve ‘exceptional’ customer retention success with over 50% of Insured Warranty customers renewing cover at the end of their first year.
A total of more than 36,000 vehicles on UK roads are covered by a BMW Insured Warranty.
Key to its success is the continual evolution of the offering as BMW Financial Services works closely with warranty experts Allianz Global Assistance UK to review and update the product. A latest addition to the warranty cover is Wear and Tear which is now included in Comprehensive BMW and MINI warranties, and Named Component level for Motorrad. Wear and Tear cover protects a range of components against failure caused by general wear and tear, up to 100,000 miles.
Richard Price, aftersales director for BMW UK commented, ‘It is hugely important to us that we offer our customers the best benefits a warranty can bring, and the inclusion of Wear and Tear adds a vital new level of cover. By continually exploring how we can add value to the services we offer our customers, we can evolve our extremely strong product portfolio whilst remaining competitive; our enhanced warranty offering is a key component of that.’
Another development introduced by BMW is the option of pay-as-you-go (PAYG) warranty cover. Of the 36,000 BMW Insured Warranty Customers in the UK today, 14,000 are taking advantage of the PAYG solution.