Peterborough insurance company agrees new deal with leading bank

A Peterborough company has just agreed a new deal with a national bank to launch a car insurance product.

Friday, 18th March 2016, 1:21 pm
Updated Friday, 18th March 2016, 1:22 pm
Bank of Scotland logo.

The agreement has been reached between Junction, which is part of insurance giant BGL Group, based in Orton Southgate, and financial services provider the Bank of Scotland, part of the Lloyds Banking Group.

It means the Bank of Scotland will be able to offer competitive car insurance with a range of benefits and extras.

The deal is an extension of Junction’s long-term partnership with the Lloyds Banking Group, through which it provide insurance products for Lloyds and Halifax.

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The move adds to the strength and range of insurance products available through Junction, which currently provides insurance for more than two million customers.

These are offered through high profile brands such as M&S Bank, Co-op Insurance, RAC Insurance, Post Office, Lloyds Bank, Halifax, and Santander.

It is likely to further fuel the growth of Junction, which, says the company, has enjoyed a record-breaking start to its financial year with year-on-year sales increases of more than 25 per cent.

Junction’s managing director, Gary Duggan, said: “We are delighted to extend our relationship with the Lloyds Banking Group.

“Our partnership has been extremely successful and the introduction of Bank of Scotland will further increase the strength of our insurance offering.

He said: “Junction continues to introduce new partnerships and products as part of our ongoing growth.

“We have enjoyed a strong start to 2016 and have cemented our position as the insurance partner of choice for the UK’s biggest brands.”

Paul Birkhead, head of motor and corporate partnerships for Lloyds Banking Group, said: “We are continually working with our motor insurance partners at Junction to improve our products and services to help customers protect the things most important to them.

“The launch of Bank of Scotland Car Insurance is an important milestone, giving our customers greater choice by offering comprehensive and competitive cover through an iconic and trusted brand.”

There are a number of key features of the new product.

It will allow Bank of Scotland’s internet banking customers to receive a 10 per cent discount on standard car insurance cover in the first year.

All customers will benefit from a three year guarantee on repairs carried out at approved garages and a 24-hour emergency and windscreen helpline.

The cover also includes 60 day European Union cover and no claims discount rewards for careful driving.

Customers taking out comprehensive cover will receive additional benefits such as a courtesy car whilst their car is being repaired, and new car replacement if their new car is stolen and vandalism cover, subject to terms and conditions.