Zurich, one of the world's largest property-casualty insurance companies, has announced that its Direct Underwriters business unit — which provides highly specialized products and services for the automotive industry — is making its vehicle service contracts available to the North America powersports market.
In describing these finance and insurance (F&I) products, Bill Stoothoff, VP of the F&I division for Zurich's Direct Underwriters business unit, says, "We have provided property and casualty insurance and other financial products to motorcycle dealers for more than 30 years. Our research shows there is a receptive market for F&I for powersports equipment as well. It is the next logical step to begin providing these products to this market."
Zurich is the leading provider of motorcycle dealership insurance in the U.S. Stoothoff says feedback from Zurich's annual motorcycle dealer council meeting played a key role in this new direction. The council, whose members are powersports equipment dealers, confirmed Zurich's belief that success could be achieved for F&I products in the powersports market.
"Zurich differentiates its products by the additional tools and training we provide," says Stoothoff. "We take a truly consultative approach with every dealership, with our ultimate goal of helping each manage its operations to make more money."
According to Stoothoff, along with vehicle service contracts for motorcycles (on and off-road), all-terrain vehicles and scooters, Zurich will offer reinsurance and retro programs for dealerships so they can supplement front-end income by sharing in underwriting profit and investment income.
These vehicle service contracts will feature benefits such as trip interruption, substitute vehicle, and pick-up and delivery coverage in connection with covered repairs.