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Rental Insurance Offered To Customers?


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#1 misgur513

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Posted 30 August 2017 - 11:28 AM

Anyone out there offering rental insurance to your customers in case equipment gets damaged during their rental period?

 

If so, are you charging based on percent of the whole rental or a specific dollar amount?  I've had the question come up several times this season from customers willingly trying to purchase protection from us.


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#2 pall2509

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Posted 30 August 2017 - 07:14 PM

we don't but a friend of mine does, he adds to EVERY rental, no exceptions!



#3 Joel

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Posted 31 August 2017 - 07:16 AM

I know a lot of people do. It's typically called a Damage Waiver fee and I've seen it done as optional or mandatory usually with it being a % of  the rental sub-total.

It seems like a great way to increase profit. Probably just want to make sure you terms specify that it doesn't cover certain situations such as damage caused from moving the inflatable or something like that.


Edited by Joel, 31 August 2017 - 07:17 AM.


#4 moonrockrod

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Posted 05 October 2017 - 08:59 AM

We offer a damage waiver fee for 7% of the order total.  This doesn't cover intentional damage and is carefully worded.

About 30% of our customers opt in for it.  It's not a money maker, but for the season,  it usually covers the  $10 OFF we offer to all repeat customers.



#5 AkaReaper

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Posted 11 October 2017 - 07:13 AM

They said it, word it carefully to avoid intentional damage, and, more importantly, place the funds in an escrow account so if it does happen, the full amount of money is there to fix or replace the item.  Some just pass the funds into their regular accounts, but to lessen the sting if it happens, have money readily available in the escrow or separate account. You can create a savings account, that way with no checks or debit cards, you have to go to the bank to take the money out. A pain, but helps you keep it there.






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