AXA LAUNCHES FIRST-OF-ITS-KIND PLAN TO PROVIDE FINANCIAL RELIEF UPON TOTAL LOSS OF VEHICLE

KUALA LUMPUR, April 1 (Bernama) -- In line with its commitment to provide peace of mind and protect what matters to customers, AXA Affin General Insurance Berhad (AXA) has launched Guaranteed Asset Protection – Return to Insured Value (GAP-RTIV), the first-of-its-kind plan in the market that protects the full value of a vehicle during any unforeseen total loss incident.

Emmanuel Nivet, Chief Executive Officer of AXA shared that a newly purchased car is estimated to depreciate around 10-20% after just one year.¹ Any accident will inevitably impact vehicle owners financially and emotionally. Realising that there is such protection gap in the market, AXA has enhanced its product solutions to support its customers.  

“In the event of a total loss, a car owner may not be able to get back the same amount that he has paid for his car due to the depreciation value. It is therefore our goal to protect vehicle owners against such sudden disruptions to ensure that they do not have to bear the burden of paying for the uninsured outstanding value of their vehicle, but in return recover quickly and purchase a new replacement vehicle,” Emmanuel added.

With GAP-RTIV, vehicle owners will be provided with financial relief and protection against any financial shortfall or possible outstanding hire purchase loan in the event of a total loss due to accidental damage, fire or theft. The plan covers the difference between the claim payout from comprehensive motor insurance policy and the insured value of vehicle at the time of purchase of GAP-RTIV policy, allowing car owners to purchase a NEW replacement vehicle again.

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