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Vehicle Extended Warranty and Repair Contract Arrives In Nigeria

Dec 18, 2015

VEHICLE EXTENDED WARRANTY AND REPAIR CONTRACTS ARRIVE IN NIGERIA

MyMoto-XE partners with Cornerstone Insurance to manage vehicle maintenance costs and improve repair quality for Nigerian drivers

Victoria Island, Lagos: MyMoto-XE, a technology-driven warranty company is partnering with Cornerstone Insurance to introduce Mymotoshield, a first-of-its kind Vehicle Extended Warranty and Vehicle Repair Contract (VRC) product in Nigeria. MyMotoShield 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. It can be purchased for a vehicle that is currently in use or at the time of buying a brand new or used car from select auto dealerships. When purchased at the auto dealership at the time of buying a vehicle, it provides confidence about the longevity of the vehicle purchased and removes the anxiety that normally accompanies car buying in Nigeria. The product 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. It provides peace of mind to vehicle owners as they no longer have to worry about the quality of replacement parts used or the quality of repair services.

According to the Company’s CEO, Wole Onasanya “MyMotoShield significantly increases the useful life of vehicles through the use of high quality replacement parts backed by manufacturer warranty. It also provides customers with peace of mind when purchasing used (Tokunbo vehicles) from select auto dealerships that we will be working with”. The Company’s Chief Technology Officer, Toyin Ajomale added that “MyMotoShield has been a key missing piece in the Nigerian auto market particularly in the areas of protection against unforeseen expensive maintenance costs; access to high quality replacement parts; and knowledgeable and reliable service centers for vehicle repairs. Fusing all these into a single customer-friendly solution will put the mind of Nigerian drivers at ease, irrespective of the car they drive or the car they wish to purchase. It will be a game changer!”.

VRC (also known as Vehicle Service Contract) is a big industry in the United States, valued at about $17 billion and is particularly needed in Nigeria due to the prevalence of used (Tokunbo) cars, lack of easy access to high quality replacement parts and low quality of affordable repair service.

About Mymoto-XE: MyMotoShield is a product of MyMoto-Xe, a brand of Rivermews Limited, a Company incorporated in Nigeria. The goal of MyMotoShield is to improve vehicle ownership experience for car owners in Nigeria. The Company is made up of a dedicated team of professionals with expertise in insurance, information technology, vehicle repair contracts and operations. Visit www.mymotoshield.com for more information about the product.