HOUSTON, Aug. 23, 2022 (GLOBE NEWSWIRE) — Toco Warranty, the highest overall-rated provider of Vehicle Service Contracts (AKA Extended Automobile Warranty), as reported by the Better Business Bureau and Consumer Affairs, now offers plans directly to employers as an employee workplace benefit, in addition to their direct-to-consumer line. The announcement was made by Brad Basmajian, COO, Toco Warranty.
Toco Warranty’s expanded offering, called Toco at Work, now provides employers, for the first time, the opportunity to purchase coverage for their employees as a workplace benefit, to not only improve the employee experience but also to increase efficiency and productivity in business operations. The new offering coincides with the launch of an enrollment site with its service partner for billing and benefits administration, Genius Avenue, which has more than 20 years of experience in optimizing customer enrollment and engagement.
“There is nothing comparable to this in the market, and no other plan offers our range of coverage at this level and price,” said Basmajian. “We are the first and only provider in this space differentiated by our own plan with claims administered in-house, not through a third party, enabling us to control every aspect of the customer experience.” Backed by an A-rated insurance carrier, Toco’s services include direct payment to repair facilities for approved claims, 24/7 roadside assistance, towing and car rental reimbursement.
Toco at Work is a brand new service offering, founded and developed by the same senior level executive team that developed LifeLock, the global leader in consumer cyber safety, trusted by 80 million users in more than 150 countries, and the #1 most recognized brand in identity theft protection.
As many businesses are now returning to the office and requiring employees to increase use of their personal vehicles, employers are searching for new ways to increase employee retention in the time of the Great Resignation and historic inflation.
“Toco Warranty is the Gold Standard of vehicle service coverage,” said Brian Jund, Managing Partner for National Benefit Partners, an independent marketing organization for employee benefits and worksite insurance programs, which serves an elite group of member firms for select insurance carriers. “ Our mission is to deliver the most competitive and comprehensive benefit solutions to employees and their families through our partners across the country. Toco exceeds expectations by offering vehicle protection coverage at a fraction of the price that could be attained anywhere else, and elevating the employee experience while providing employers a tool in winning the war to attract talent.”
While launched in Los Angeles in 2012 as a direct-to-consumer vehicle service contracts provider, Toco Warranty shifted its business model to include offering service as an employee benefit in March 2020, at the height of pandemic. Toco developed its program by working closely with Human Resources professionals to identify optimum value for employers to increase productivity and retain employees, and offer highly impactful coverage for its employees, in a market estimated at approximately 180 million vehicles, with 69 million vehicle breakdowns reported annually.
This coverage is critical in providing continuity for business operations, particularly in outlying and rural geographic areas for a workforce reliant on personal vehicle transportation. While spanning virtually every sector of the economy dependent on coverage for older vehicles, critical areas include health care, first responders such as police, firefighters and EMTs, labor and supply chain workers, and retail employees from food to consumer goods. The plan is administered through an automatic payroll deduction similar to other employee benefit programs such as health care and retirement plans.
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 www.tocowarranty.com.
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