Leveraging Your Vehicle Warranty to Save Costs
By Mary Gerard, Content Marketing Manager
“If you can get through doing things you hate to do, on the other side is greatness.” – David Goggins.
You might relate to this when thinking about filing vehicle warranties.
The process can be incredibly tedious and frustrating, and you likely don’t have time to dedicate to it.
But … vehicle warranties can provide much-needed cash to your operation. Like tens of thousands of dollars.
It can be harder and harder to be disorganized with your vehicle warranties and fail to take advantage of the benefits that they can provide. Are you in a position to turn down $10,000 a year? Probably not.
Here are five tips to get started with vehicle warranties.
Understand the Warranty
First and foremost, you need to understand what your fleet vehicles’ warranties cover – and how long they are good for. Take the time to familiarize yourself with the terms and conditions of the warranty so you can file a claim when needed.
Follow the Maintenance Requirements
Many warranties require that you follow a specific maintenance schedule to ensure the vehicles are being regularly inspected and kept in good condition. Make sure your preventative maintenance program is organized to ensure your vehicles are getting regular PM and are meeting the guidelines outlined by the manufacturer.
Keep Records
Keep detailed records of all vehicle maintenance and repairs performed on your fleet vehicles. In your records you should have all receipts and service records. You might need these to prove what work was done and that you followed the required PM schedule indicated in the warranty.
Know What Your Vehicle Warranty Offers
If you need repairs on a vehicle that are covered under warranty, it’s essential to understand what options the manufacturer will present to you. Some warranties might let you choose between having the vehicle repaired or replacing it. Make sure you know your options and understand the pros and cons of both options before you make your decision.
Use an FMIS
Using a fleet management software solution at your fleet operation can take the burden off your warranty claims program. Trying to manually keep track of each vehicle’s warranty, understanding the parameters for each one, and tracking when claims have been filed can be a lot to take on. With your day-to-day obligations, there is not a lot of time for you to spend organizing this paperwork. Instead, an FMIS can do the work for you. It can alert you when a vehicle is under warranty and keep all of the vehicle repair and maintenance records in one place to make the process easy for you. With these capabilities, you can put money back into your fleet operation and be able to tell upper management that you’re doing your due diligence to reclaim warranty money.
Putting a solid vehicle warranty program in place can save you time, and money, and give you confidence that you can tell upper management that you are fully taking advantage of vehicle warranties. These might seem like minor funds being added back to your operation, but it adds up. It can gain you more than $10,000 a year in some cases.
To learn how RTA’s fleet management software solution can help you organize your vehicle warranty program. Schedule a free demo today!