New Insurance Solutions for Used Commercial Vehicle Buyers
Traditionally, buyers of used commercial vehicles faced challenges in securing insurance for their purchases, often relying on the selling company for recommendations on insurance agents. This situation has changed since February when Ryder announced a partnership with InsurTech REIN to implement an embedded insurance program for their customers purchasing used commercial vehicles. Now, buyers can access REIN’s insurance options right at the point of sale, alongside existing services such as financing, warranty, and prepaid preventative maintenance.
Meeting the Needs of New Trucking Entrepreneurs
According to Eugene Tangney, Ryder’s vice president of used vehicle sales, the incorporation of additional services aims to position Ryder as a comprehensive resource for customers. This initiative is timely given the influx of new players entering the trucking sector. With ongoing supply chain issues and elevated freight rates, many individuals are starting new businesses in trucking, necessitating guidance to navigate the complexities of the industry.
Streamlining Insurance for Established Trucking Companies
For existing trucking operators, the introduction of REIN at the point of purchase allows them the opportunity to compare insurance rates effectively. Utilizing technology, the process for obtaining this insurance is designed to be swift and straightforward.
Technological Ease in Application
Customers can reach REIN through an online portal or at physical Ryder locations via a QR code or an 800-number. This convenience simplifies the process of getting insurance. In addition to insurance, Ryder provides a variety of essential services at the time of vehicle purchase, including financing options, warranties, and prepaid preventative maintenance, sourced both in-house and through partnerships.
Affordability and Flexibility of Prepaid Services
Ryder’s financing partners accommodate various credit levels, while warranty options offer both in-house and third-party choices for customers. Prepaid preventative maintenance can also be purchased in advance and included in the financing, allowing for manageable monthly payments and securing fixed labor and parts rates amidst rising inflation.
Bundling Services for Simplified Transactions
Customers purchasing a vehicle can bundle warranties and prepaid maintenance into their sales agreement, with insurance facilitated by REIN. Ryder ensures that all service providers are thoroughly vetted, providing customers with timely options throughout the vehicle purchasing process.
Making It Easy for Customers
Ryder aims to streamline the entire buying experience to help customers focus on their business effectively. “We’d obviously like the insurance to go the same way,” Tangney stated, emphasizing their commitment to simplifying the insurance process for their customers.
