A new initiative by Mymoto XE in collaboration with Cornerstone Insurance is aiming at offering Nigerian motorists a product that will complement vehicle insurance and assuage the poor maintenance culture in the country.

Indeed, the new product, Mymotoshield is expected to present a vehicle repair contract or extended warranty for used and brand new cars, which will cover the cost of parts and repair services related to a pre-agreed set of vehicle’s mechanical and electrical components.

Unveiling the product in Lagos, Managing Director of the organisation, Wole Onasanya said the company is working hard to make vehicle ownership pleasurable and easy in the country.

He said the products were designed to address issues relating to quality, cost, uncertainty and efficiency in vehicle maintenance as there is obvious need for improve after-sales services and spare parts across the nation.

Onasanya said: “MyMotoShield is a Vehicle Repair Contract (VRC) solution designed to increase quality (parts and labour) of repair outcome and manage the uncertainty related to repair costs. In Nigeria, we are collaborating with leading insurers and other stakeholders to introduce Certified Pre-owned (CPO) vehicles into the market and also make it possible for policyholder to pay their premiums in monthly installments.”

According to him the product can be purchased for a vehicle that is currently in use or at the time of buying a brand new or used car from selected auto dealerships to provide peace of mind.

Stating that the organisation’s relationship with leading spare parts manufacturer across the world is maintained, Onasanya said: “We utilize high quality parts manufactured by reputable brands that meet the standard demanded in the United States and Western Europe.”

He said the organisation provides a warranty of six months or 6000 kilometres on all replacement parts, nothing that the company would replace parts at no cost if it fails during the cover period.
Onasanya said the product covers car components, particularly mechanical and electrical parts ranging from 300 to 700 depending on the product bundle the customer purchase.

Listing the benefits of the package, the MD said, “it provides confidence about the longevity of the vehicle purchased and removes the anxiety that normally accompanies car buying in Nigeria; it helps customers to plan and control their repair expenditure by protecting against unforeseen high repair costs that occur in the course of owning a vehicle among other benefits.

The company’s Chief Technology Officer, Toyin Ajomale, who noted that the product was affordable, said that a customer can take 12 months vehicle repair contract or more depending on budget.
He said the product does not cover repairs arising from accidents scheduled service items, body and structural repair to the vehicle.