Insurance giant, United General Insurance (UGI) has signed a Memorandum of Understanding (MoU) with Car Select, a local car selling company which will see the insurance company covering vehicles from the port of entry into the country.
Speaking in Blantyre during the signing ceremony, UGI Acting Chief Executive Officer Mc Donald Chibwe said the partnership with Car Select will offer convenience to Car Select customers as they would no longer need to source two separate quotations for vehicle purchase and insurance.
“What we have witnessed today is that two major brands have partnered to offer a unique service to customers in terms of affordability, convenience and fast service of claims. We feel this is timely and will offer convenience to the customers especially in these hard economic times,” said Chibwe.
He said Car Select offers customers, mostly the working class, good and affordable terms to purchase a vehicle where a customer pays 40% of the total value of the vehicle for the company to start the process of purchasing the vehicle and another 30% when the vehicle has reached the port of entry.
“The remaining 30% is paid through monthly installments of 10% each while the customer already has the vehicle. So, customers will now get the whole package where we cover them from the port of entry up to delivery of the vehicle to the customer which is convenient and as you can see the terms are affordable,” said Chibwe.
Car Select Managing Director Sarai Chimombo hailed the partnership of the two companies saying customers will benefit more.
“Car Select offers unique vehicle purchase solutions where customers do not need to pay a lump sum to purchase their vehicles. Our partnership with UGI will help our customers because their vehicles will now be covered from the port of entry up to delivery, a thing which was difficult to do before.”
“We thank UGI for the partnership and we encourage Malawians to buy vehicles from us because they will not be worried about where to get forex as we will handle everything and they will be flexible in terms of payments,” said Chimombo.
She touted Car Select, established in 2017, as the first of its kind car selling company which offers convenient car payment plans.
The insurance facility which UGI will be offering Car Select customers has been christened ‘AutoSelect’, a multi-branded comprehensive motor insurance product which has three package options namely AutoSelect Silver covering vehicles valued between K4 million to K10 million, AutoSelect Gold covering vehicles valued between K10 million and K20 million and the AutoSelect Diamond covering vehicles valued above K20 million.