Leading warranty provider WMS Group, with the backing of parent company Opteven, has launched a series of new asset protection products under its market-leading Safe & Sound brand.

The new products are designed to complement a motorist’s warranty and include Guaranteed Asset Protection (GAP), Tyre & Alloy Insurance, SMART Repair Insurance and new SMART and Alloy Repair Insurance.

The new GAP product replaces WMS’ existing GAP offer, whilst Tyre & Alloy and SMART Repair Insurance are being revamped to meet market needs. SMART and Alloy insurance is a brand-new product for WMS. All four represent the first asset protection products to be launched under WMS’ Safe & Sound brand – WMS’ quality warranty and insurance product brand, which brings together a range of after-sales products under one, easy-to-use programme – and offer a greater level of protection to vehicle owners.

The new complementary products are designed to appeal to dealers looking to meet customers’ needs through additional after-sale protection products and are available to dealers trading in all new and used cars.

Neil Monks, Retail Sales & Customer Services Director at WMS Group, said:

“The used car market is currently experiencing an unprecedented demand with the average used car price higher than we’ve ever seen before. With increased demand comes the increased need for a range of warranty and after-sale solutions, so we’re delighted to be launching four new asset protection products at this time, to support retailers in meeting the demands of used vehicle customers.

“In a volatile market that is subject to rapid price changes, these products provide customers with an added layer of protection from unforeseen events such as theft and accident, wheel and tyre damage and minor bumps and scratches. For dealers, these products can offer an additional revenue opportunity that provides greater cover level and enhancements to customers, increasing trust and reassurance to those investing in a second-hand vehicle.

“GAP, Tyre & Alloy Insurance, SMART Repair Insurance and SMART and Alloy Repair Insurance are the first four asset protection products we’re launching as part of our Safe & Sound suite of services. We look forward to working with retailers to continue to improve customer confidence and provide solutions for keeping their vehicles in the best condition possible and keeping them on the move in the event of a write-off.” 

The new GAP product, which replaces WMS’ existing GAP offer, includes ‘Return to Invoice Insurance’, and is designed to cover any financial shortfall in the event of a vehicle’s total loss – particularly important when considering vehicle depreciation can result in motorists owing more to financial lenders than an insurance pay-out if a vehicle is written off or stolen. This allows motorists to insure against the value between an insurance company pay-out and a financial agreement, with a higher level of contribution towards the motor insurance excess of up to £500 and a manufacturers’ fitted accessories package to the value of £1,500.

Tyre & Alloy Insurance covers the cost of repairing alloy wheels and the repair or replacement of tyres if they’re damaged during everyday driving – ensuring ultimate peace of mind when it comes to both safety and ensuring a vehicle is kept in showroom condition. WMS’ Tyre & Alloy Insurance covers alloys refurbishments, repairs and replacements of tyres for up to 36 months, to a combined value of £2,750.

SMART Repair Insurance ensures small scratches, scuffs and dents can be repaired as they happen. Minor, albeit unsightly, damage can deplete the value of a used vehicle quickly, however SMART Repair Insurance ensures cosmetic damage can be dealt with quickly, easily and without delay to the value of £3,000.

Finally, the new SMART and Alloy Repair Insurance product covers the cost of sudden and unforeseen scratches, scuffs, chips or dents to a vehicle’s bodywork or alloy wheels. It is a combined product, with separate claim limits to the value of £250 per claim, to the maximum aggregate limit of £3,000.