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Mechanical Repair Coverage Now Available Through CUNA Mutual’s MemberCONNECT™ Program
Today’s automobile buyers know the price of a good vehicle, but fewer may realize that many cars today cost the same as the amounts paid by previous generations for their homes. Despite continued calls for reduced oil consumption, automobiles are and will remain a vital part of your members’ lives, even though the costs of owning and maintaining those vehicles are rising.
Based on 2005 data from the Federal Department of Labor’s Bureau of Labor Statistics, personal transportation costs are a significant annual household expense. Owning and operating an automobile constituted 18% of the average household’s expenditures, according to research. That was the second highest level after home mortgage or rental costs (32%) and just ahead of food (13%). The rising cost of automobile maintenance is a significant part of that equation.
Helping members manage their personal expenses is a core service your credit union can provide its members. In particular, providing members with a way to manage and control the costs related to unexpected vehicle repair needs may be considered critical to your credit union’s mission. It also presents one more opportunity to tie members more closely to your credit union through increased service offerings. CUNA Mutual can help turn what is often the most unexpected cost of automobile ownership into the least painful one.
MEMBER’S CHOICEä Mechanical Repair Coverage (MRC), now part of CUNA Mutual’s MemberCONNECTä direct marketing program, protects credit union members from unexpected and costly vehicle repairs while generating non-interest income for the credit union. The program is designed for flexibility, allowing members to choose the coverage they want and the size of the deductible that best meets their budgetary needs. In addition, MRC coverage is transferable, and can follow the vehicle if the member sells it to a private party.
CUNA Mutual can market MRC to your members via direct mail with no effort on the part of your credit union, using its industry and product knowledge to identify and select members by creating a demographic profile. We apply this profile to your membership file, mailing offers only to members who will be receptive to and interested in the program. MRC is available to members with vehicles up to 10 years old with 100,000 miles or less. The program’s Silver, Gold, and Platinum levels of coverage and choice of mileage and deductible options allow us to match coverage to your members’ specific needs.
Your first priority as a credit union is meeting your members’ needs and doing everything you can to help them build a secure financial future. With the rising costs of automobile ownership and maintenance, programs like MRC become a more important part of the mix. CUNA Mutual gives you the flexibility you need to offer the program in the way that best suits both your members and your credit union.
For more information on Mechanical Repair Coverage through MemberCONNECTä, contact your CUNA Mutual Sales Executive at 1-800-356-2644.
This is only an outline of the coverages, exclusions and limitations of the Mechanical Repair program. For exact coverages, exclusions and limitations, please review the Mechanical Repair Agreement/Insurance Policy itself. In those states where MEMBER'S CHOICE Mechanical Repair Coverage is offered as an insurance product, it is underwritten by Virginia Surety Company, Inc., Glenview, IL. The Mechanical Repair program is administered by Consumer Program Administrators, Inc. and Automotive Warranty Services of Florida, Inc., Florida License #60023.
© CUNA Mutual Group 2007. Used with permission.
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