AXA Affin General Insurance has launched Guaranteed Asset Protection – Return to Insured Value (GAP-RTIV), a plan that protects the full value of a vehicle in the event of a total loss incident.
According to AXA’s Malayan general insurance business, a new car’s value depreciates around 10% to 20% in the first year. Also, any accident will have a significant impact to vehicle owners’ financial and emotional wellbeing, so the insurer decided to enhance its product offering.
“In the event of a total loss, a car owner may not be able to get back the same amount that he has paid for his car due to the depreciation value,” said AXA Affin General Insurance CEO Emmanuel Nivet. “It is therefore our goal to protect vehicle owners against such sudden disruptions to ensure that they do not have to bear the burden of paying for the uninsured outstanding value of their vehicle, but in return recover quickly and purchase a new replacement vehicle.”
GAP-RTIV, AXA said, will provide vehicle owners with financial protection against any financial shortfall or possible outstanding hire purchase loan in the event of a total loss due to accidental damage, fire or theft.
The plan will cover the difference between the claim payout from the comprehensive motor insurance policy and the insured value of vehicle at the time of purchase of the GAP-RTIV policy, which will allow the owner to purchase a new replacement vehicle.
It is available for vehicles up to five years, through a one-time upfront payment. AXA said that it will promptly settle the GAP-RTIV claim after the settlement of the comprehensive motor insurance claim and the owner’s submission of the required documents.
