Once the warranty on your new car is over, unexpected breakdowns or repairs can burn a hole in your wallet. Extended warranty programmes are slowly making their way into the market and eAutoGen Capital is the latest with AutoGen Plus.
The program is an extended warranty specifically covering the engine and transmission for aged and used cars.
There will be four categories with the most affordable being for nation or Japanese cars that starts at RM 298 per annum and goes up to RM 1,688 for luxury continental rides.
|AutoGen Plus extended warranty cost|
|Category||National & Japanese car||China, Korean & others||Continental||Luxury Continental|
|Price per annum||RM 298||RM 528||RM 1,088||RM 1,688|
|Repair limit per visit||RM 5,000||RM 7,500||RM 10,000||RM 10,000|
|Repair limit per annum||RM 7,5000||RM 10,000||RM 15,000||RM 20,000|
Vehicles up to 10 years old and with mileage under 200,000 km will be eligible for the warranty. Of course, an inspection at one of eAutoGen panel workshops will be required before to ensure eligibility.
Once the policy has been purchased, there’ll be a cooling off period for the first 7 days or the first 500 km before coverage is activated and repairs are able to be carried out. The annual coverage period is 12 months or 30,000 km unless you exhaust the repair amount beforehand.
If requiring repairs, owners will be able to access a panel of over 200 workshops to conduct periodic maintenance and repair works.
AutoGen Plus is also transferable to a new owner should the vehicle change hands during the warranty period.
“AutoGen Plus is underwritten by Berjaya Sompo Insurance. Before activating the extended warranty program, it is compulsory for all cars under the program to undergo a short diagnosis test and inspection by appointed inspectors. This is to ensure both used car dealers and buyers are protected from risks associated with any pre-existing issues including checks if it is a stolen car or if the car is beyond economic repair. This will provide peace of mind for both parties especially when purchasing an aging car,” said Ray Khor, Managing Director of eAutoGen Capital Sdn Bhd.
The program is in partnership with the Federation of Motor & Credit Companies Associations of Malaysia (FMCCAM) and is open to the latter’s extensive network of more than 4,000 car dealers across nine states as well as individual owners looking for something to fall back on once the official warranty is over.
According to FMCCAM, the Malaysian used car sector is expected to grow at a CAGR of 10 percent over the forecast period from now till 2025. The forecast of retail sales of used cars for 2022 is 420,000 units while for the online wholesale dealer to dealer market sales is expected to close at 650,000 units by the year end. The growth is expected to continue in 2023 with a forecast of 450,000 units of second-hand cars sold to customers and 750,000 units for the online wholesale dealer to dealer.
Simultaneously at the launch, eAutoGen also inked strategic collaboration agreements with eAuto Sdn Bhd, Berjaya Sompo Insurance, Maybank, PG Mall, CARSOME and Revenue Harvest.
For now, AutoGen Plus can be purchased on the official website www.eautogen.my or via its e-commerce partner, PG Mall and at participating used car dealer outlets.