QBE Automotive Protection, in partnership with Repair Ventures, has launched a new product for original equipment manufacturers (OEMs) to provide customers with enhanced vehicle protection in the event of a total loss.
Vehicle replacement insurance offers drivers a brand-new equivalent vehicle following a total loss – regardless of the age or market value of the original car. The product is available following the purchase of a brand-new vehicle.
When a vehicle is written off, standard auto insurance typically pays out the current market value of the car — not what the owner originally paid for it.
Repair Ventures, a provider of marketing technology and services for the extended vehicle protection industry, is the exclusive distributor of QBE’s new Vehicle Replacement Insurance (VRI).
Key features include:
- Covers the difference between auto insurance payouts and the cost of a new vehicle
- Protects against immediate and long-term depreciation
- Offsets rising vehicle prices
- Optional benefit that reimburses a customer’s auto insurance deductible up to $1,000 annually
- Flexible Terms each with Fixed Monthly Premiums.
- Digital Purchase
SOURCE: QBE, Repair Ventures
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