GENRIC Insurance Company Limited (GENRIC) has appointed Bosch Services as a preferred supplier under its Mechanical Warranty insurance product. The appointment of Bosch, which has a well-established pedigree in vehicle services and repairs, provides peace of mind and preferential pricing for GENRIC policyholders.
GENRIC’s Mechanical Warranty Insurance policy covers the repair of your car due to mechanical failures or breakdown once it falls outside of its factory warranty period. Over 30 components are covered such as the engine, transmission, gearbox, turbochargers, bearings, cooling system and electrical components. In the event that your car breaks down as a result of mechanical or electrical failure, the warranty will take care of repairing or replacing the parts subject to the policy limits defined per component, and subject to the benefit option you choose.
“A mechanical warranty solution pays out a fixed sum for specified mechanical failures or breakdowns, subject to a limit defined in the policy. Cover is also subject to the vehicle being serviced and maintained according to its service schedule. The benefit of working with Bosch as a preferred supplier is that GENRIC is able to secure more favourable pricing on behalf of our extended mechanical warranty policyholders. This could result in significant savings where such a repair done elsewhere may exceed the policy limit. The vehicle owner is also reassured of quality workmanship and parts from a Bosch Service centre with guarantees on workmanships and parts used,” explains Carl Moodley, Chief Underwriting & Claims Officer at GENRIC Insurance Company Limited. GENRIC is an authorised Financial Services Provider (FSP 43638) and licensed non-life insurer.
Another important aspect of a mechanical warranty insurance product is that the vehicle must be serviced and maintained according to the service schedule of the manufacturer, for any claim in respect of a warranty to be valid. “Having a track record of vehicle services is an important aspect when it comes to mechanical warranty insurance. A recent ruling by the Competition Commission means that, effective 1 July 2021, motorists may service their vehicle at any independent service provider and are not restricted to the original dealerships, without any risk of the factory warranty being voided. Whether the vehicle is in or out of its factory warranty period, it’s good news for motorists who now have greater choice in terms of the costs to maintain their vehicles and removes the monopoly that the OEM manufacturers had over independent service providers. As an insurer, having Bosch as a preferred partner means peace of mind for both our policyholders as well as GENRIC as the insurer in terms of the quality and standards of service work and parts provided,” concludes Carl.