#USA #Chicago #QBE Automotive #Repair Ventures #Vehicle Replacement

New Vehicle Replacement Insurance from QBE and Repair Ventures

In an exciting development for car owners, QBE Automotive Protection, in collaboration with Repair Ventures, LLC, has unveiled a new insurance product specifically designed for Original Equipment Manufacturers (OEMs). This pioneering solution, known as Vehicle Replacement Insurance (VRI), aims to provide enhanced protection for customers who face total loss of their vehicles.

What is Vehicle Replacement Insurance?

Vehicle Replacement Insurance addresses a significant gap in the current auto insurance market. Traditionally, standard vehicle insurance policies only offer payments equivalent to the market value of a car that has been declared a total loss. However, this does not reflect the original price paid by the owner. With VRI, if a vehicle is totaled, the driver is guaranteed a brand-new equivalent car, regardless of the previous vehicle's age or market worth. This insurance becomes available immediately following the purchase of a new vehicle, ensuring continuous coverage.

Key Features of VRI

This new insurance product offers several crucial benefits:

• - Coverage Gap: It covers the disparity between insurance payouts and the actual cost of a new vehicle.
• - Depreciation Protection: VRI safeguards against both immediate and prolonged depreciation, ensuring that drivers do not suffer financial losses when their vehicle is written off.
• - Inflation Offset: As vehicle prices continue to rise, VRI helps mitigate the financial impact of these increases on consumers.
• - Deductible Reimbursement: An optional benefit allows policyholders to recoup their auto insurance deductible, providing up to $1,000 annually.
• - Affordable Terms: Customers can enjoy flexible payment options, all featuring fixed monthly premiums, making it easier to budget.
• - Digital Convenience: The entire purchasing process is streamlined for digital access, enhancing user experience.

A Partnership Focused on Customer Needs

Shaqeel Hussain, Global Head of QBE Automotive Protection, expressed that the introduction of VRI aligns with their shared vision of creating innovative products tailored to drivers' needs. “By teaming up with Repair Ventures, we can offer exceptional eCommerce tools, AI-driven marketing automation, and top-notch customer support, thus ensuring a seamless experience for consumers,” Hussain stated.

Alejandro Cabrera, Chief Marketing Officer at Repair Ventures, reiterated this customer-centric approach, saying, “Often, car owners receive a payout that fails to cover the true replacement costs of their vehicle. Our Vehicle Replacement Insurance transforms this norm by ensuring that customers receive a brand-new vehicle in case of total loss. Our strategy combines smart technology with strong human connections to empower OEMs in not just protecting their customers, but building lasting loyalty.”

Behind the Scenes: QBE and Repair Ventures

The launch of VRI is the result of a collaborative effort that merges QBE's robust underwriting capabilities with the digital innovations from Repair Ventures. This partnership follows QBE's strategic minority investment in Repair Ventures last year, which marks a significant milestone in both companies' growth trajectories.

Mike Wymard, President of Repair Ventures, highlighted the transformative potential of this initiative: “Our platform is designed to yield measurable outcomes for OEMs, such as improving conversion rates for protection plans and enhancing customer lifetime value. With QBE's support, we are positioned for accelerated, smarter growth.”

Conclusion

The introduction of Vehicle Replacement Insurance by QBE Automotive Protection and Repair Ventures is a game changer for car owners facing the unpredictability of total vehicle loss. By addressing the limitations of existing auto insurance policies and offering a practical solution, VRI is set to redefine vehicle coverage in the automotive industry. This partnership exemplifies how innovation can directly serve the changing needs of consumers, paving the way for a more secure and reliable driving experience.

For further inquiries or to learn more about this innovative product, contact the media representatives from QBE and Repair Ventures.