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Warranty for used parts

buying used parts
Now with removal and re-installation costs payable for faulty goods, selling used parts just got a whole lot riskier!
According to specialist insurer, Sennocke, more than 95% of companies’ terms and conditions that they have seen are actually illegal. It is important that you realise that you are liable for costs and expenses of un-install, supply and re-install of parts for 6 months from date of purchase and you need to protect yourself. Sennocke have produced a list of FAQ’s for vehicle dismantling and salvage operators to explain the new scheme.

How can dismantlers protect themselves from the potential enormous costs?
In conjunction with the leading warranty insurer, Sennocke International Insurance Services can provide you with a 6 month insurance backed warranty to cover the potential costs relating to your legal responsibilities. The only excluded parts will be tyres, batteries, oils and consumables.
What’s in it for the dismantler?
An insurance backed warranty is a powerful marketing tool giving your customers the confidence they want and need, particularly if there is a strong/secure Insurer behind it.
Why should I have confidence in this scheme?
Public confidence in this growing market is crucial with more political pressure on recycling. If insurers realise that there is a 6 month insurance backed warranty on every part, Sennocke believe that this would give them additional confidence to insist on used parts being used, or for those insurers that struggle with the concept, it would perhaps make them realise that used parts are now more acceptable to their customers.
Is there a Premium Rebate?
Apart from increasing sales of green parts, by giving away this warranty (supported by Lloyd’s security) on every sale, participating dismantlers will also receive a premium rebate/profit commission. This will be based on premium paid, less any paid or outstanding claims at the renewal of the policy.
How simple is it to operate?
The insurance will be given away ‘Free of Charge’ to everyone, on every part, and although it is an insurance product there is no necessity for pages and pages of documentation. Once a month a return will be made specifying the numbers of parts sold and you will then receive a debit note for settlement. Your software should be able to manage this.
How much will it cost?
Premiums will be charged dependent on the Invoice Value of parts as follows:
Level 1 - Up to £200 value (£1 payable on each and every part sold and declared).
Level 2 - Over £200 value (£2 payable on each and every part sold and declared).
Exclusions will be Tyres, Batteries and Consumables. Terms and Conditions apply and subject to a satisfactory proposal form.

This sounds like it is worth finding out about. If you would like to know more then contact Sennocke on 01732 742102 or email them.


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