Vehicle Service Contracts
Vehicle service contracts, or “VSCs”, are an important and popular aftermarket product. The key point regarding a VSC is the fact that a vehicle service contract is not synonymous with a warranty or mechanical breakdown insurance, despite the fact that all three may cover essentially the same mechanical components. A vehicle service contract is not an extended warranty and should never be referred to as such. ** A VSC is a contractual agreement between an obligor and the owner of a vehicle to reimburse the owner for the cost of correcting qualified mechanical failures that occur during the term of the service contract, represented in months or miles, whichever occurs first. This lesson will begin our discussion of the features and benefits common to most VSCs.
Topics
Introduction to VSCs
VSC Administrators
Insurance Requirements
The Obligor
Bona Fide Insurance Companies
Underwriting Arrangements
What does a VSC Cover?
Deductibles
Eligibility Requirements
Eligibility Restrictions
Used Vehicles
Purchase After Delivery
Scope of Coverage
Exclusionary Coverage
Non-Covered Components
Exclusions
Time and Mileage Requirements
Common Features of VSCs
Rental Car Reimbursement
Roadside Assistance
Trip-Interruption
Prepaid Maintenance
Transferability
Customer Responsibilities
Cancellations
Refunds
Repossession
Total Loss
Pro-Rata Refunds
Calculating Refunds
Dealer Responsibility
Features
Deployable online with Mosaic's LMS
Track and retain employee completions
SCORM Compliant version available
Text summary
English closed captions
Lesson Stats
Video Length
39:07
Units
22
Quiz Questions
17
Estimated Time
to Complete