Zurich, Caramel introduce vehicle protection products to digital used car markets
14 June 2023
Zurich North America is offering its Finance and Insurance (F&I) vehicle protection service contracts (VSCs) through Caramel, a digital checkout platform for independent dealers and private party car buyers and sellers. The move gives used car buyers access to Zurich's VSC products previously only available through new car dealerships. Zurich is one of the nation's leading providers of Property and Casualty (P&C) insurance and F&I solutions for auto dealers, offering a full suite of vehicle protection products for gas-combustion, hybrid and electric vehicles.
"The needs of car buyers continue to change rapidly, trending toward online vehicle sales with full-service support," said Vince Santivasi, Head of Direct Markets for Zurich North America. "We welcome the opportunity to address the evolving market, and our collaboration with Caramel allows us to do so through their modern, digital platform available to any used car buyer.
Launched in March 2023, Caramel's digital platform uniquely helps used car buyers, independent dealers and private sellers securely connect and complete transactions regardless of the channel they use to buy their cars.
In addition to car buying and selling capabilities, the platform provides direct access to related services needed as part of any car sale. Along with vehicle protection products offered through Zurich North America, car buyers can access financing options through third-party lenders and transport services for the vehicle. The platform also processes fund transfers, automates digital paperwork and manages Department of Motor Vehicles (DMV) tasks for both buyers and sellers. None of these services have previously been available through private party or independent dealer channels.
VSCs provide car owners added coverage for the cost of parts and labor associated with covered repairs based on the car buyer's plan selection. Traditionally, the best quality and most dependable VSCs have been available only to car buyers purchasing vehicles through franchise auto dealers. Now, used car buyers who purchase VSCs through Caramel's platform will experience the same customer experience and high-level claims handling well known to Zurich's franchise auto dealers and their customers. To access the Caramel digital platform, go to drivecaramel.com.
"The vehicle protection products and services Caramel provides have not previously been available to private party and independent dealer car buyers," said Craig Nehamen, Caramel co-founder and co-CEO.
"A vehicle purchase is the second biggest purchase decision after a home for most consumers. These buyers often need to protect their new purchase from breakdowns and unknown events. For the first time, they can do so with the highest quality products from a reputable industry leader such as Zurich," said Ed Brojerdi, Caramel co-founder and co-CEO.
"As the car buying market evolves, Zurich will continue to be forward-thinking, seeking innovative opportunities and new technology platforms to touch unique automotive segments," Santivasi added.
Zurich can trace its roots in the automotive industry to 1922 and has evolved alongside its customers, listening to their needs and challenges, and developing solutions that help accelerate their growth and protect their legacy.