Toco at Work, a New Employee Perk, Means 50 percent Discounts on Monthly Auto Insurance; Benefit Brokers Also Win With Four to Five Times Higher Revenue
Houston, TX (September 30, 2022) – Heading into Open Enrollment Season 2023, inflation, fear of a recession, and the ongoing impact of the Great Resignation have placed workplace benefits at the forefront of talent retention strategies for human resources managers, and have heralded in a new era of benefits for 2023.
Employees are increasingly concerned about protection for themselves and their families in the event of unforeseen circumstances, with transportation to and from work, associated costs and the need for auto insurance topping the list of anxieties. And employers are listening.
Enter Toco Warranty, the highest overall-rated provider of Vehicle Service Contracts, now providing employers the opportunity to purchase extended auto repair coverage for their employees as a workplace benefit plan. This plan, called Toco at Work, is offered to employees at a substantial discount relative to the price that could be obtained anywhere else, and for employees with older vehicles, this coverage is essential.
The potential audience for this plan numbers in the hundreds of millions, as an estimated half of all businesses are now returning to in-person work, requiring employees to increase use of their personal vehicles. With the costs of auto repairs up nearly 10 percent year-over-year, and supply and demand constraints limiting the availability and driving up purchase prices of older vehicles, the average age of used cars on the road has risen to more than 12 years.
The plan is ideal for cars that have fewer than 140,000 miles, and are less than 15 years old. This translates to monthly premiums half the price of plans that are available elsewhere.
“Additionally, the plan’s Open Bay partnership provides discounts of up to 25 percent or more with savings of hundreds of dollars per year on routine maintenance. With a network of over 40,000 service centers, it provides employees with the guaranteed best rates for all servicing needs around the country,” said Edward Sutton, Chief Sales Officer at Toco at Work.
“This is a workplace benefit plan that gives employers a chance to provide a benefit that will actually be utilized and appreciated by their employees, and targeted to employees that need it the most,” said Brad Basmajian, COO, Toco Warranty. “This is the first employee benefit plan of its kind that is sold, cared for, and administered by a single company with claims administered in-house, not through a third party, enabling us to control every aspect of the customer experience.”
Toco’s newest offering also delivers substantially higher commissions to benefit brokers, who can earn revenues of up to four to five times more than with any other non-traditional voluntary benefit programs.
Escalating prices of car ownership are only going to place greater value on extended auto warranty coverage, with affordable plans being ever more critical for employees’ wellbeing, peace of mind and ability to return to the office.
ABOUT TOCO WARRANTY
Founded in 2012, Toco Warranty is the highest overall-rated provider of extended automobile warranty plans (AKA Vehicle Service Contracts) as reported by the Better Business Bureau and Consumer Affairs. In 2020, Toco Warranty expanded its offering to include the first and only vehicle service plan offered directly to employers as an employee benefit program. Toco’s mission is to offer drivers comprehensive and simple-to use vehicle repair coverage that can be purchased using a monthly payment plan. Backed by an A-rated insurance carrier, the company offers vehicle service contracts nationwide, as well as mechanical breakdown insurance for California residents. Toco’s plans cover parts for a car’s engine, transmission, drive axle, electrical, cooling system, AC, fuel system, and more. Toco’s dedication to putting customers first is supported by industry-leading tools and benefits, from a customer portal and 24/7 roadside assistance to its concierge service, and the Ethos Council, which was designed to encourage transparency and ethical practices across the company.
For more information, visit https://www.tocoatwork.com/tocoatwork
