Have you ever felt helpless when your warranty expires and the next month your car airconditioner packs up? Or you are told by your mechanic tells you that your shock absorbers have to be changed and you are low on cash?
You are now told by your Insurance provider that your Insurance premium does not cover this. You now read the fine print that your Insurance cover only covers theft, accidents or fire.
This is where MyMotoShield comes in.
MyMotoShield is a Vehicle Repair Contract (VRC) or Extended Warranty that covers the costs of parts and repair services related to a pre-agreed set of vehicle mechanical and electrical vehicle components that stop working in the normal course of use.
MyMotoShield can be purchased for a vehicle that is currently in use by a customer or at the time of buying a brand new or used car from select auto dealerships to provide peace of mind on the quality of vehicle purchased.
Addressing a press conference introducing the service today, the founders – Wole Onasanya and Toyin Ajomale – explained that the goal of MyMotoShield is to improve vehicle ownership experience for vehicle owners in Nigeria.
According to Wole Onasanya, “A customer buys coverage and when the vehicle has a covered repair, he/she only needs to pay a pre-agreed deductible. MyMotoShield takes over the process from there.”
“We utilize high quality parts manufactured by reputable brands that meet the standards demanded in the United States and Western Europe. We provide a warranty of 6 months/6,000 kilometers on all replacement parts used. If a part fails during this period, we will replace it at zero cost to the customer. We also provide warranty on the labor to ensure that repairs are performed to the highest quality. There is a no-haggle policy between the customer and mechanics over repairs.”
MyMotoShield is partnering with foreign auto parts distributors and reputable vehicle repair companies to deliver its service locally.
When asked how much MyMotoShield costs, Wole Onasanya had this to say: “A 12-month VRC for a vehicle can start from about N30, 000, depending on the vehicle make/model/year, mileage, how the vehicle will be used (personal vs. commercial) and number of components covered (product bundle purchased). Additional options of roadside recovery and temporary replacement vehicle are available at extra costs. Luxury vehicles like Range Rover, Mercedes and BMW will attract a higher price relative to brands like Toyota due to the higher cost of maintenance while higher mileage vehicles will also attract a higher price to reflect higher likelihood of expensive repairs.”
MyMotorShield covers major and sub components ranging from about 300 to over 700depending on the product bundle purchased. Covered items include Engine components, Electrical components and motors, Transmission components, Steering components and many more.
In conclusion, Wole emphasised that MyMotoShield is not insurance. It is a warranty product that covers repairs that insurance does not cover. Vehicle insurance covers repairs that are due to accidents and not normal course of use. MyMotoShield specifically covers repairs that occur in the normal course of use – it does not cover accidents.
MyMotoShield will become available for sale in Q1 2016.
MyMotoShield is a product of MyMoto-Xe, a brand of Rivermews Limited, a Company incorporated in Nigeria. This company is partnering with Cornerstone Insurance to ensure that this product is available nationwide as soon as possible.
For more information, go to MyMotoShield website
