Up to 6 months extended warranty for items bought online

KUALA LUMPUR, 16 Feb 2023:

An extra warranty is making its way onto shopping portals in Malaysia, providing additional confidence to consumers for protection – not only against fake goods and scams – but also for damage up to six months after receiving the products.

This unique post-purchase compensation scheme is being offered by PolicyStreet with its Damage Protection Plan.

In a statement, the fintech is offering – for less than RM1 – damage protection of up to RM10,000 on more than 800 categories of items available on partnering e-commerce platforms.

This warranty – same like travel insurance or extended warranty options – is available at the payment checkout display when delivery choices are offered. PolicyStreet has already begun this offering with an online shopping portal – with more to come in the near future.

“Online shoppers are typically concerned with ensuring that their purchases arrive in good condition, but they frequently overlook that the risk of product damage does not end there,” explained Lee Yen Ming, co-founder and chief executive officer of PolicyStreet.

“Rather than proactively encouraging Malaysians to insure their belongings, we’re incorporating damage protection into their online purchase journey, so online shoppers can be protected from the moment they receive their purchase.”

The Damage Protection Plan protects shoppers’ purchases against accidental damage, fire, flood, and theft for up to six months after delivery.

Baby clothing, furniture, travel and luggage, mobile phones and gadget accessories are also eligible for wear and tear damage compensation up to three months after purchase.

Wear and tear coverage in the Damage Protection Plan acts as a quality assurance policy, allowing customers to be compensated when gradual damages such as shrinkage, rust, or damage by rodents or insects occur due to the nature of the product itself.