New Vehicle Service Contracts Provide Employers A Reliable Benefit To Ensure Employee Productivity
LOS ANGELES, August 1, 2022 – Toco Warranty, a marketer and administrator of vehicle service contracts (VSC), now offers both voluntary and involuntary employee benefits in addition to their direct-to-consumer line. Toco Warranty’s new offering provides employers the opportunity to purchase coverage levels for their employees with the intention of benefitting business operations and improving employee experience and retention.
Toco’s services include direct payment to repair facilities for approved claims, towing and car rental reimbursement, and Toco’s award winning[1] Customer Concierge service. Employers are searching for new benefits in the time of the “Great Resignation” that increase employee retention, especially as so many businesses are returning to office and requiring employees to increase use of their personal vehicles.
Toco’s service is targeted at the “69 million vehicle breakdowns occurring in the U.S. each year, equivalent to 1 in 3 drivers”[2] that require companies to account for increased employee absenteeism and tardiness. The cost absenteeism includes “roughly $3,600 per year for each hourly worker and $2,660 each year for salaried employees” [3] for operational costs, lost production, and Human Resource management.
“At Toco, our guiding light in every decision is ‘Is it good for our customers, colleagues, and company’? If it checks those three boxes, we feel like we are making a good decision”, says Brad Basmajian, COO. “We believe that if every business looked at this new product under those views, every business in the country would offer Toco to their employees.”
Toco is the highest overall rated provider of Vehicle Service Contracts with the Better Business Bureau, Motor1, and Consumer Affairs. Toco’s VSCs are administered in house, not through a third party.
About Toco
Toco Warranty, Los Angeles, was founded in 2012 on the premise that auto-repair costs should be easy, affordable, and stress-free. Car repairs are often unexpected, expensive, and inevitable. Toco began as a third-party seller of vehicle service contracts (VSC) but decided that they wanted to own the customer experience at every touchpoint and became their own administrator in 2022. Toco’s Customer Concierge has won multiple awards and Toco is the highest overall rated provider of aftermarket VSCs. Toco offers contracts direct to consumer, through third-party sellers, and employee benefit programs.
Media Contacts:
Ed Sutton
Chief Sales Officer
Edward_Sutton@tocowarranty.com
Tranell Montague
Marketing Manager at Toco Warranty
Tranell.montague@tocowarranty.com
[1] https://www.globenewswire.com/news-release/2022/03/01/2394416/0/en/Winners-Announced-in-16th-Annual-Stevie-Awards-for-Sales-Customer-Service.html
[2] https://blog.agero.com/vehicle-breakdowns-cost-us-economy-41b-per-year
[3] https://www.investopedia.com/articles/personal-finance/070513/causes-and-costs-absenteeism.asp
