Volkswagen To Offer Follow-Up Guaranty For New Cars
August 24 2010 - 4:29AM
Dow Jones News
As of 2011, Volkswagen AG's (VLKAY) financial services unit will
offer follow-up guarantees for new vehicles on its own, instead of
through its partner Allianz SE (ALIZF), to support growth with new
services for cars, Lars-Henner Santelmann, board member of
Volkswagen Financial Services said late Monday in Hanover.
The follow-up guaranty covers repair costs after the legally
compulsory two-year manufacturer's guaranty ends, if needed for the
entire lifetime of the car.
"We see great potential here," Santelmann said.
Around 42% of the buyers of new cars immediately book a
follow-up guaranty for their car to cover any unforeseen repair
costs, Santelmann said. Over the past six year, the number of
insurance policies quadrupled to around 900,000, he added. The
annual fee, which depends on the size and age of the car, is around
EUR100 on average, he said. Overall, the premium payments amount to
EUR90 million per year, he said, adding this is the business
Volkswagen wants to attract. The comprehensive and liability
insurance will still run through its partner Allianz.
-By Katharina Becker, Dow Jones Newswires, +49 69 29 725 500,
katharina.becker@dowjones.com
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