When it comes to investing in lift trucks and warehouse equipment, an important focus is often the forklift warranty. The network of independent Yale dealers provides warranty options to suit the specific operation, including an Extended Protection Program (EPP), to help provide peace of mind and maximise fleet investments.
There is sometimes confusion about what is covered in warranties, protection plans, and insurance. Here, the team from Yale Lift Truck Technologies answers some frequently asked questions about lift truck warranties.
What is a forklift Extended Protection Program (EPP)?
A forklift Extended Protection Program (EPP) is sometimes called an extended warranty. It is an option that provides coverage for a product or solution that goes beyond the standard manufacturer’s warranty. Or continues after this expires.
The EPP for Yale® forklifts is available to give enhanced warranty coverage across the range of Yale counterbalance lift trucks and warehouse equipment.
The program offers flexible plans, offering tiered coverage options to fit varying budgets and requirements. For example, when specifying a warranty, a customer may choose parts only, or parts and labour. It supports Full-Service Agreements and can include specific coverage for key components. The coverage duration is also flexible.
Do you need a forklift warranty if you’ve got forklift insurance?
EPP is an extension of the equipment’s standard warranty period. It not an insurance. It is typically recommended to have both a forklift warranty and forklift insurance because they each serve a different purpose.
An extended forklift warranty covers mechanical or electrical failures after the manufacturer’s warranty expires. Whereas an insurance policy covers financial loss due to accidents, theft, natural disasters, or liability.
What is the difference between a warranty and insurance for forklifts?
There are clear differences between an EPP (or extended warranty) and an insurance policy for a forklift. For example:
Type of coverage
- An extended forklift warranty covers repairs or replacement of specific vehicle components, like the engine or transmission.
- A lift truck insurance policy covers damage to vehicle, third party liability, personal injury, or theft, etc.
Trigger events
- A lift truck extended protection plan covers component failure due to wear and tear or manufacturing defects.
- Lift truck insurance is there to provide protection in the event of accidents, vandalism, theft, fire, flood, or other insured events.
Duration
- A forklift extended warranty is available for a fixed term. Such as for an additional 2 years or 5 years beyond the standard manufacturer's warranty.
- Insurance for forklifts is renewable, usually annually (but sometimes more or less often)
Cost structure
- To get an extended forklift protection plan, you typically pay a one-time payment or a series of instalments. These are often lower cost than insurance payments.
- Insurance for lift trucks requires regular payment of premiums. These premiums can vary based on risk profile.
Claim process
- If you encounter an issue while covered by an extended lift truck warranty, usually you can simply contact your forklift dealer or an authorised service or repair centre. A local Yale dealer, for example, can provide or arrange maintenance and service support covered by an EPP.
- Lift truck insurance claims may involve specific processes and paperwork. This may include different parties and evidence, and involve insurance adjusters, police reports, or independent repair shops.
Limitations
- An extended protection plan for a Yale forklift covers a lot, but it does not cover accidents, misuse, or cosmetic damage
- Forklift insurance policies often do not cover mechanical breakdowns unless bundled with mechanical breakdown insurance
Is an extended forklift warranty or forklift insurance better?
Neither is better than the other – they are different solutions to address different risks.
Fleet managers looking to reduce out-of-pocket repair costs will likely see benefits from an Extended Protection Program for their forklifts or warehouse equipment. Whereas forklift insurance will protect companies against unpredictable financial losses from accidents or liability.
What are the financial benefits of taking out an Extended Protection Program for forklift trucks or warehouse equipment?
An important consideration when acquiring materials handling equipment is the cost of ownership. It’s never just about the initial outlay. An Extended Protection Program from Yale, can help to reassure you that unexpected repair costs will be minimised. Planned maintenance, and the fact that general wear is covered, helps to remove any unwanted surprises.
Yale lift trucks and warehouse equipment are built to last, which means that many owners may want to sell them on when they are no longer needed or the lease finishes. The EPP for Yale equipment, alongside regular maintenance, can help to keep machines working smoothly, to enhance resale or residual values.
It is worth noting that an EPP is non-transferable and therefore stays with the truck if it is sold or bought by another dealer, for example.
Does extended forklift protection mean a forklift will last longer?
Yale Lift Truck Technologies has decades of designing equipment that is reliable enough to go the distance in intensive warehouse operations. Part of this enduring reliability is down to our global network of local, independent dealers who take care of the equipment with full maintenance and service support.
The EPP from Yale covers general wear and tear and can include the parts and labour needed to keep trucks in efficient operation. That means service by authorised, trained engineers and technicians that use high-quality Yale genuine parts.
How do I get an extended warranty for Yale lift trucks or warehouse trucks?
To discuss flexible warranty options for your Yale materials handling equipment, or to enquire about updating your warehouse’s forklift fleet, contact your local Yale dealer.
Your Yale dealer can also advise on a range of forklift finance options.
