Fortune General Insurance Corp. (FortuneGen) launched recently Extended Warranty for car owners who want to enjoy the peace of mind that a warranty offers. It is a product similar to a comprehensive insurance policy, only this time it covers not accidents but the mechanical breakdown due to wear and tear of the vehicle’s major parts.
FortuneGen president Michael F. Rellosa said the new product is expected to appeal to those with three-year-old cars whose manufacturer’s warranty has already expired.
"Given the high cost of car repairs nowadays, having an Extended Warranty is a wise investment," Rellosa said.
FortuneGen’s Extended Warranty is initially offered to owners of Honda, Isuzu, Mitsubishi and Toyota vehicles that are seven years old and below. The total aggregate limit of liability for vehicles up to five years old is P300,000 while vehicles over five to seven years of age are eligible to be insured for P150,000 or P100,000.
The premium for the Extended Warranty is a low percentage of the sum insured, with corresponding discounts given based on the car’s age, its maintenance record, and its overall condition as determined through a 10-point diagnostic check-up, at no cost to the insured.
Extended Warranty covers the entire engine, including the timing belt, manual or automatic gearbox, the radiator system, the engine’s electronic control unit, the starter motor or ignition coil, the fuel pump, the alternator/distributor, torque converter, the transmission, propeller shaft, casings, and even the oil and oil filters if it is essential to replace them due to mechanical breakdown of a covered part.