Ceylinco introduces Warranty Cover for VIP customers | Daily News

Ceylinco introduces Warranty Cover for VIP customers

Ceylinco Insurance- General  MD/ CEO Ajith Gunawardena

Ceylinco Insurance announced yet another breakthrough in motor insurance with the innovative concept of providing a Warranty Insurance for their Ceylinco VIP Customers. Ceylinco VIP customers whose vehicles are less than 10 years from the date of manufacture will be entitled to this Warranty Cover without paying more in additional premium.

The advantage in Warranty Insurance is that it pays for the mechanical defects in the parts in brand new and re-conditioned vehicles that are covered under the insurance, until the vehicle exceeds 10 years from the date of manufacture.

Thus, brand new vehicles will be given an extended warranty of up to ten years, which will commence soon after the manufacturers warranty expires. Cover will be valid for new policies, whilst existing policy holders will be entitled for this new benefit from the date of their next renewal.

“This unique benefit is hailed as another industry first that enhances and adds value to the concept of insuring a vehicle. Regular vehicle insurance only settles claims if the vehicle has met with an accident. But combined with Warranty Insurance, Ceylinco VIP On the Spot offers the vehicle owners yet another opportunity to have a comprehensive cover for several mechanical and electrical parts of the vehicle against manufacturing defects.

This is yet another exclusive benefit for which our customers will be entitled to in addition to the host of other benefits they enjoy such as a similar replacement vehicle in the event the accident repair exceeding 4 days, emergency road side assistance, personal accident cover of up to Rs 200,000 for each passenger. entitlement to no claim bonus regardless of claims, insured value of vehicle increased by 10 % every year, compensation up to Rs 1 million to the vehicle leasing company and Rs 500,000 in case of death or total permanent disability of the insured due to an accident, payment of lease installments in the event of repair exceeding 30 days.

All Cars, Vans, Jeeps and Double Cabs under 10 years from the date of manufacture will be entitled to this benefit” said Ajith Gunawardena, Managing Director and Chief Executive Officer of Ceylinco Insurance – General. Under the VIP – Warranty Insurance, most parts of the engine, clutch, transmission, transfer case, coolant, steering system, pro-shaft, final drive, front wheel drive, brake system, casings, electrical system, air-conditioning and engine management system in petrol and diesel engines are covered against manufacturing defects.

‘This benefit undoubtedly will ease off the burdens of our customers to a great extent. With Ceylinco VIP enjoying a major share of the vehicle insurance market, most Sri Lankan vehicle users will be entitled to this benefit.

For the customer, who owns the vehicle, there is the added advantage of insurance coverage for mechanical defects. Since the cover can be transferred to another person, the vehicle can be sold with value-addition. Hence, it may be the norm in the future that Ceylinco VIP On the Spot cover will be sought by all vehicle owners”, adds Gunawardena.

“Of course the vehicle owners must ensure that proper maintenance is adhered to in regular servicing of the vehicle. Also, once a specified part is defective, the company must be informed at once about the defect. The Ceylinco VIP Warranty Insurance policy expires either on completion of ten years or the specified mileage”.

Having revolutionised the insurance industry locally and globally with the first ever On The Spot claim settlement, Ceylinco Insurance has always striven to deliver services that exceed customer expectations.

A world first, the VIP On the Spot claim settlement process ensured that customers had an unparalleled advantage – the service went on to set a new standard in the insurance industry with competition vainly trying to emulate the Ceylinco Insurance model.