John Lewis Money has relaunched its car insurance proposition after becoming a regulated broker.
The retailer’s financial services arm is working with Ageas, Axa, Covea to provide the cover and will compare motor quotes from the three insurers.
It has also partnered with the RAC and Arag to give customers optional access to breakdown cover and legal protection.
As a result of the expanded network, John Lewis Money said it will now be able to insure a much wider range of cars, including electric vehicles and higher value cars.
Gary Davess, director of insurance for John Lewis Money, said: “Becoming an insurance broker has been a step change to our business and is already driving more competitive quotes for our home insurance customers.
“We’re excited to launch this model across our car offer and have partnered with trusted names in the sector to deliver for customers.”
Cover details
The car insurance proposition will have two tiers.
The essentials tier provides comprehensive cover, bringing John Lewis Money services at a lower price point, while the premier tier offers even greater protection.
Essentials cover offers windscreen cover and courtesy car as standard and introduces a new vandalism promise, protecting customers’ no-claims discounts against vandalism and pothole damage.
Customers paying monthly will also get a reduced interest rate compared to previous policies, through John Lewis Money’s new partnership with Premium Credit.
Owen Thomas, chief sales officer at Premium Credit, said: “Being chosen by John Lewis Financial Services highlights the appeal and strength of our proposition and the experience we have in delivering market-leading premium finance solutions.
”We look forward to working closely with the John Lewis team and are committed to providing their customers with flexible payment options that allow them to manage the cost of their insurance with ease.”
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.