Auto insurance agency Autosure has announced that it has extended its products through MARAC’s select network of more than 400 authorised motor vehicle dealers.
The insurance agency has been a provider for mechanical breakdown insurance (MBI) for a long time, but a new strategic distribution agreement between the two firms now also includes payment protection insurance (PPI) and guaranteed asset protection (GAP) products.
James Searle, group general manager of Autosure, said MBI can be invaluable when it comes to the cost of repairs.
“It’s not many New Zealanders who can afford a brand new car, and New Zealand has a high proportion of Japanese imports and an aging fleet of cars on its roads. This means breakdowns are likely to occur and the cost of repairs can quickly add up,” Searle said, as reported by Fuseworks Media.
“The cost of an MBI depends on a number of factors including car make and model, and dealer promotions at the time. As an example, the approximate cost of a three year MBI policy on a diesel double cab utility is around $520 per year - not bad when you consider it costs $5,300 to rebuild the engine following failure of the cambelt, as was recently covered under an Autosure policy.”
Autosure confirmed that MBI remains its most popular product but it has also started experiencing a growing demand for its latest PPI and GAP products as they provide customers with more protection and the policy documentation clarifies what is covered to avoid any surprises when customers want to claim on their policy.
The new partnership is expected to increase Autosure’s distribution network by 20% to more than 950 dealers across the country as well as delivering an additional $2 million in annual premium revenue in the 2021 financial year.
