Europe: Kia to offer 'job loss insurance' to new car buyers

According to a media report, Kia plans to offer an insurance plan to European car buyers that offers cover for monthly payments on a new vehicle if they lose their job.

As per Emilio Herrera, COO of Kia Motors Europe, the insurance plans cost between 15-20 euros. The scheme enables customers to delay monthly payments until they are rehired.

European countries are in lockdown since the outbreak of the Covid-19 pandemic. New car sales were down more than 25% in the first quarter. In April demand shrunk to around 70%.

At a time when the economy is slowing to a standstill, it is believed that measures like unemployment insurance could attract customers to showrooms.

Source