Meritz Fire & Marine Insurance Signs Business Agreement with Cheongan Holdings to Strengthen Used Car Warranty Insurance

Chairman Lee Hyun-jong (left) of Cheongan Holdings Co., Ltd. and Vice President Lee Beom-jin (right) of Meritz Fire & Marine Insurance are taking a commemorative photo.

[Asia Economy Reporter Changhwan Lee] Meritz Fire & Marine Insurance announced on the 24th that it has signed a Memorandum of Understanding (MOU) with Cheongan Holdings to provide insurance necessary for the operation and management of KC World Car Plaza, the largest used car trading complex in Gyeongsangnam-do.

The two companies agreed to apply Meritz Fire & Marine Insurance's industry-first 'Automobile Performance and Condition Inspection Liability Insurance Extended Warranty Endorsement' to vehicles sold at KC World Car Plaza for 90 days/5,000 km (including mandatory insurance of 30 days/2,000 km) to enhance consumer trust.

The extended warranty endorsement is a product that expands the existing mandatory insurance coverage period from 30 days/2,000 km to up to 360 days/20,000 km to broadly protect consumers who purchase used cars.

The company explained that by extending coverage from the vehicle delivery date to 90 days/5,000 km, 180 days/10,000 km, and 360 days/20,000 km by date and distance, it can minimize consumer damages from issues that may arise after the mandatory insurance period of 30 days/2,000 km.

KC World Car Plaza emphasized that it will do its best to protect the safety and property of consumers and tenant dealers by subscribing to safety-related insurance such as comprehensive property insurance and elevator accident liability insurance provided by Meritz Fire & Marine Insurance.

A Meritz Fire & Marine Insurance official said, “A sound market where consumers in the Gyeongnam region can trade used cars with confidence will be formed through KC World Car Plaza,” adding, “This agreement will contribute to improving customer satisfaction for used cars purchased with the extended warranty endorsement and to revitalizing the business of used car dealers.”

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