QBE deal expands as Malayan embeds add-on into RCBC auto loans

Paramount Life and General Insurance Corporation acts as the local partner in the Philippines.

QBE Automotive Protection has partnered with Malayan Insurance in the Philippines, through its local partner Paramount Life & General Insurance Corporation, to offer extended warranty cover to Rizal Commercial Banking Corporation’s RCBC Auto Loan Plus customers.

Under the arrangement, QBE’s extended warranty is embedded into Malayan’s comprehensive motor insurance, extending vehicle protection to up to five years or 150,000 kilometres. 

This provides up to two additional years of cover beyond the standard three-year manufacturer’s warranty.

The extended warranty is designed to cover major mechanical and electrical components, including the engine, transmission and air conditioning system, addressing risks not covered by traditional motor insurance, which mainly focuses on accidents and theft.

RCBC Auto Loan Plus customers can add the cover through a small monthly top-up, with repairs carried out at authorised service centres using genuine parts. 

The cost of the protection is amortised over the loan term, making RCBC the first bank in the Philippines to offer an automotive protection product structured this way.

Albert Chow, General Manager for Automotive Protection Asia at QBE, said the partnership allows extended warranty protection to be built directly into the auto loan and insurance package, giving customers longer-term cover against unexpected repair costs from the start of vehicle ownership.