With the new Purchase Guard insurance policy from NTUC Income, online buyers on Singapore online marketplace Qo010 can now insure against defective purchases worth more than S$100.
This insurance protection is a new partnership between Qoo10 and local insurer NTUC Income. Customers will have the option to add on Purchase Guard as a product warranty for over 250,000 items on the Qoo10 website, according to a joint press release by the two companies.
Besides giving protection to consumers who make purchases online, the insurance policy also provides a “leg up” for online retailers who may not be able to offer an international manufacturers’ warranty, said Annie Chua, NTUC Income’s head of personal lines. “Purchase Guard thus levels the playing field for online retailers as the insurance cover gives consumers a greater sense of confidence about their purchases,” she added.
To make a claim against Purchase Guard, the insured has to first seek compensation from the seller, and Purchase Guard will pay up to the sum insured (amount paid after any discounts) for the main item or the sum insured minus any compensation that the customer may have received from the seller or manufacturer.
“Customers often find it difficult to recover monetary loses should their purchase turn out defective, as they may not be able to seek compensation from Qoo10 sellers. With Purchase Guard, it instils a sense of trust and confidence in shoppers by enabling them to make better decisions about their purchases and be assured of their purchases,” said Hyun Wook Cho, Qoo10 country manager.