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The Protector Warranty Corporation has served the needs of it's customers for over 20 years. Protector Warranty Corporation’s primary mission is the protection of it's customers against unexpected mechanical, electrical and high-tech component repair expenses after a manufacturer's warranty has expired
MyWarrantyMap.com is designed for vehicle service contract shoppers who demand complete transparency, upfront pricing, an online purchase alternative and peace of mind.
The Protector Warranty Corporation operates under the Florida State Department of Insurance (DOI) regulatory statute Chapter 634, which governs all approved Warranty Associations under its jurisdiction.
Florida Chapter 634 insurance legislation was designed to protect consumers against risk from “fly by night” Vehicle Service Contract Agreement providers. Under Chapter 634 every vehicle service contract company operating in Florida is obligated to reimburse a consumer for losses covered under policies (which must be approved by the DOI). These regulations also help insure that a company selling vehicle service contracts in Florida remains in business long term, when future repairs (covered under their policies) might be needed.
To eliminate both abuse and fraud, all Warranty Associations (Extended Vehicle Service Contract providers) in Florida, including Protector Warranty Corporation, are regulated as a form of insurance. Companies like Protector Warranty Corporation remain in business subject to the approval and over-site of the Florida DOI.
Protector, as with all Florida domiciled Warranty Associations, must be approved to operate and monitored for financial stability by the Florida DOI.
All Florida Chapter 634 Warranty Associations, including Protector Warranty Corporation must:
- Obtain and maintain a Certificate of Authority, and a corporate Auto Warranty License approved by the Florida DOI
- File Articles of Incorporation and By-Laws with the DOI.
- Post initial Working Capital Deposits with the state.
- Maintain Net Asset Ratios and Minimum Claim Repair Reserve Funds with the state, as required by the DOI.
- File and receive approval from the DOI of its vehicle service contract consumer retail rates for all mechanical repair coverage’s, and update these with the DOI as needed.
- File quarterly and annual financial statements with the Florida DOI.
- Be subject to Florida DOI audits of all corporate financials, as deemed appropriate by the department.
The motor vehicle service contract industry generates over $10 Billion in sales annually. Over one third of Florida's vehicle purchasers take advantage of this valuable mechanical repair protection. Under insurance department statute Chapter 634 Florida consumers can be assured that the state’s DOI regulation of Warranty Associations, including Protector Warranty Corporation, protects their interests as vehicle service contract consumers both now, and in the future.
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