Good Ratings Go a Long Way in the Extended Warranty Industry
Reviews and an A+ Rating Matter to Consumers – Plus, There is Security in Backing
“Sticks and stones may break my bones, but words will never hurt me.” Remember that saying? It’s a children’s rhyme that some parents may have told their kids as a way to defend against name-calling.
In today’s digital world, that saying doesn’t hold true unfortunately. Words, in the form of bad reviews and/or low ratings, do matter and will hurt a business. As it turns out, 90% of consumers read online reviews before making a purchase or visiting a business or its website. And nearly just as many will trust an online review as if it were a personal recommendation. The same is true for accreditations. When businesses are accredited by the Better Business Bureau (BBB) or receive good reviews or ratings by Consumer Reports or Google, those telltale nuggets of information are priceless for consumers and businesses alike.
Ratings and reviews are more important than ever before
Nowadays, consumers are shopping online more than ever before. It’s convenient, and with computers and smart devices readily available, it’s as easy as a click away. Today, there are millions of Americans who are shopping online. Just five years ago, nearly 210 million people in the U.S. were online shopping. By 2021 that projection is expected to reach 230 million, and by 2023, it’s expected to reach 300 million. That means that more than 90% of the country’s population is shopping and browsing online for merchandise and services. They are shopping for everything online, from clothing to electronics to groceries. Consumers are shopping for travel-related goods, home-repair services and insurance, like extended warranties. Even the trend for automobile shopping online is accelerating.
While shopping online has its pros, there are also some downsides, like not being able to see first-hand the merchandise you are about to spend your hard-earned money on. This is why reviews, references and accreditations have become so important.
It makes sense…you wouldn’t purchase an item if it had poor reviews, would you? If you’re planning a birthday dinner, would you rather go to the Italian restaurant with 2 stars or 5 stars? Would you purchase your next vehicle if Consumer Reports reviews were negative? How about car insurance or extended warranty packages? Wouldn’t you feel more comfortable with the extended warranty product that is trusted by consumers and consumer advocacy organizations?
Consumers trust reviews and word-of-mouth endorsements
Ratings and reviews matter. They help consumers make smart, educated decisions when purchasing a product or a service. Ratings and reviews let consumers know that the product or service has been tested and that it can be trusted. And beyond trusting the product, customer reviews are powerful when they translate into hundreds of 5-star reviews, which can seem more genuine than an advertisement from the business itself claiming to be the “best” or “most trusted” in the industry. Generally speaking, ratings are calculated as the average of all the ratings and reviews that are submitted, taking into account the good, the bad and the neutral ones. When it comes to purchasing an extended warranty for your vehicle, a good review and a strong rating will help consumers make an informed decision and give some peace of mind.
The extended warranty industry – shady?
Today, there are many companies that are in the business of selling extended warranties for your vehicle. And there are a handful of auto warranty scams too in which scammers will pose as a representative from either a car dealer or insurance company explaining that your extended warranty is about to expire (or worse, has expired) and you should act quickly to not lapse in your coverage!
From the robo calls to the many extended warranty companies claiming to be the “best,” it can be hard to tell who to trust. And and quite honestly, it gives the “good guys” a bad reputation. Not all players in the extended warranty industry are untrustworthy, there are reputable companies, you just need to know what to look for and what questions to ask.
When looking for an extended warranty for your car, you want to know the product will be reliable and be there for you when you need it most. You want a company that will offer transparent coverage. One that explains the ins and outs of their extended warranty product, so that you know exactly what is covered, when and how, AND what isn’t covered so you are clear about the product. Most of all, you want to know they will be there if an issue arises. Of course not all extended warranty service providers are shady, but sometimes it can be hard to tell which ones are truly providing a product that consumers can count on. If it could only be that simple. Well, it can be with olive.
olive gets high marks
olive is an insurance solution provider, specializing in vehicle service contracts for consumers throughout the U.S., and in California specializing in Mechanical Breakdown Insurance (MBI). olive has redefined vehicle breakdown coverage by offering consumers a 100% online buying experience that includes a fully online quoting and fulfillment platform, leaving shoppers in the driver’s seat. With lots of players in the extended warranty industry, olive is a name you can trust. We invite you to see for yourself.
There is security in backing. olive has partnered with QBE, who provides both the insurance and claims services behind the olive offering. For many, it is important to know who is behind the warranty coverage. The worst scenario would be for a product to be backed by a carrier that is not well known. An insurance product is only as good as the company that backs it. olive’s products are backed by QBE, an integrated Specialist Insurer, who is one of the largest carriers and reinsurers worldwide. QBE insurance companies are rated “A” for Excellent by A.M. Best and “A+” by Standard & Poor’s.
It makes the grade. olive is an accredited business with the BBB and has earned an A+ rating. The BBB’s ratings represent the BBB’s opinion of how the business is likely to interact with its customers. The BBB assigns ratings from highest (A+) to lowest (F). We dare you to take a look at others’ scores for yourself to get a better picture of what the industry’s players look like out there.
It is recommended by consumers. olive consistently receives a Google 5-Star rating, which is based on consumer feedback. Google uses this rating scale to rank businesses based on their performance. Consumers use these ratings to determine whether a product or service can be trusted and/or is worth their investment. In a recent study, nearly 90% of people surveyed said they would recommend olive to a friend or family member.
Things to consider when shopping for a vehicle extended warranty
Even though there are tools and resources like online reviews, shopping for an extended warranty for your vehicle – sometimes called vehicle service contracts – can be overwhelming and confusing. Figuring out if a plan is fairly priced or even a good value continues to be a challenge that many consumers face. And then there’s all the fine print!
Buying the most reliable car you can afford will help you avoid having to pay later for costly repairs. But even the most well built vehicle still breaks down from time to time. There are many consumers who want more protection than just a reputation for reliability, so a vehicle extended warranty may be appealing. There are a lot of people driving older cars and/or those that their manufacturer’s warranty has expired, which is why one should consider extended warranty coverage.
Unfortunately, there are many companies offering extended warranties that may not be reputable or trustworthy so it’s important to do some research. If you’re in the market for an extended warranty for your vehicle, here are some considerations and questions to ask that will help you ferret out the sneaks from the legit.
- Are they registered with the BBB?
- What does their Google Business page say? What is their Facebook rating?
- Read their reviews – are they recommended?
- How do they treat their customers?
- Are there multiple ways of getting in touch with them?
- Do they have an online portal to answer questions and provide plan and policy information at the touch of a finger?
- Is their claim process complex?
- Are there multiple plans offered to fit any budget?
- Can you cancel at any time?
- How long until you are covered? Is there a waiting period? Is it immediate coverage or do you have to wait 30 days?
- Is the coverage transferable to a new buyer?
- Can you take your vehicle to a dealership or service center of your choice? What are the restrictions?
- Do you need to pay your claims up front, or is it reimbursable upon completion? Or even better, do they pay the service center directly?
- Are there different levels and deductibles to fit any budget?
- Are there plan types to choose from?
olive is shaking up the way drivers look at extended warranties. Get peace of mind with olive’s Mechanical Breakdown Coverage.
- There are no annual mileage restrictions, and we offer coverage across the U.S. and Canada.
- There are no contracts and you can cancel anytime which means olive is earning your business every month.
- You pick your coverage plan and your deductible with low monthly payments that allow you to pay as you go.
- Once you select a plan, your rate is locked in for a three-year term. That rate won’t increase for the three years you have coverage.
- There is no waiting period. You can buy today, and you’re covered tomorrow. With no waiting period or inspection required, get the peace of mind you deserve quickly.
- No fast-talking salespeople, just resources and tools online so that you can go from start to finish, 100% online. BUT if needed, there are Coverage Advocates standing by in case you need extra support or have any questions. You buy olive how you WANT to buy.
- olive is transparent and reliable and is backed by global insurer QBE who receives a consistent “A” (Excellent) rating from A.M. Best.
- Trusted and dependable, olive is an accredited business with the BBB has earned an A+ rating.