Alliance & Leicester has explained why it decided to launch a new car insurance product for its customers.
Last week, a car insurance policy was officially introduced into the market by the financial services provider, which already offers other banking services such as mortgages, savings accounts and business loans.
Among features included with the car insurance deal, customers will be able to take advantage of a replacement car if their vehicle is taken off the road when it is less than one year old.
Justifying the banking company’s decision to branch out into a range of insurance products including car insurance protection, Nathan Barber-Kebby, insurance manager at Alliance & Leicester, explained that it was responding to the needs of its customers.
“We have a real demand from our customers for this kind of offer,” he said.
“We have 5.5 million customers and most of them don’t have their main insurance with us so that is why we have decided to launch.”
Under current law, it is illegal to drive on UK roads without a minimum of third party car insurance cover.
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