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Nationwide
launches new insurance Products in association with LV
__________________________________
1st
December 2008
With
effect from today, Monday 1 December 2008, Nationwide Building
Society will offer its customers a new range of travel, car,
small business and buy to let and property owners insurance
as part of its partnership with mutual insurance and investment
group LV=.
The
partnership between the two mutual organisations will help
to strengthen Nationwide’s position within the insurance marketplace
and provide its customers with a broader range of products
at very competitive prices. With its extended range and improved
pricing on car and travel insurance, there has never been
a better time to switch to Nationwide.
Robin
Bailey, Nationwide’s insurance director,
said: “We are delighted to launch these new products in
partnership with LV=, offering our customers comprehensive
cover with competitive premiums. With a broader range of products
now available and LV=’s extensive experience on board, we
are confident that this partnership will allow us to grow
further in the insurance arena.
“These
are excellent products that will allow us to appeal to a wider
audience with the addition of small business and buy to let
and property owners insurance. What’s more, as mutual organisations,
both Nationwide and LV= can ensure our customers’ needs come
first by focusing on products, prices and service to suit
their needs. Therefore, anyone looking to save money in the
New Year should consider coming to Nationwide for their insurance
where they can enjoy the competitive premiums and first class
customer service that our customers have grown to expect of
the Society.”
Travel
Around
20% of UK holidaymakers fail to take out travel insurance
ahead of their trip1. Without adequate travel insurance, holidaymakers
put themselves at risk from extremely high medical costs if
they need treatment overseas and financial loss if the holiday
has to end abruptly or is cancelled. For example, a scheduled
flight, stretcher and doctor escort from Australia can cost
between £15,000 and £20,000, while an air ambulance from the
East Coast of America could cost up to £45,0002.
From
1 December, holidaymakers will be able to benefit from improved
pricing on Nationwide’s Travel Insurance and insure themselves
from as little as £6.76 for a seven day trip in the UK and
£15.02 for a seven day trip in Europe. Key features of Nationwide
Travel Insurance include:
- single
trip cover lasting up to 366 days, or annual multi-trip
cover insuring the policyholder for up to 90 days per trip
-
cover for Europe and Worldwide
-
pre-existing medical conditions may be covered cover for
up to 10 people on one policy, suitable for families, couples
and groups of friends
-
cover available for people aged up to 79 years old cover
for cancellation, delayed departure and curtailment
Car
The UK has one of the worst records in Western Europe
for uninsured drivers, with an estimated one in every twenty
cars on the road being driven without insurance3. Currently,
around 5% of drivers in the UK are running the risk of prosecution
as they do not hold any insurance covering them in the event
of an accident4, while approximately 12% of law abiding motorists
have been involved in an accident with an uninsured driver5.
Car
insurance can provide protection in the event of accident,
injury or theft. As well as a very competitive premium, drivers
with Nationwide Car Insurance can also benefit from:
- up
to 75% no claim discount
- courtesy
car included as standard on comprehensive and third party
fire and theft policies
-
free European cover as standard – up to 180 days at a time6
- comprehensive
policies include up to £200 cover for personal belongings
in the policyholder’s car
- unlimited
third party injury liability
Small
business
Small businesses are exposed to a wide range of potential
risks. Without adequate insurance they could be faced with
expensive bills, which may put the future of the business
at risk. Numbers of personal injury claims are growing year
on year by 10% and there are now over 250,000 claims every
year in the UK 7. Compensation claims can run into tens of
thousands of pounds and the business owner alone is responsible
for paying these costs if insurance is not in place.
In
addition to personal injury claims, businesses may need to
ensure they are covered against unforeseen events such as
electrical or mechanical breakdown of equipment, the cost
of which can result in closure of the business.
Small business insurance is a new addition to the range of
products Nationwide offers and is available to shops, offices
and surgeries. Key features include:
- up
to £100,000 legal expenses cover for any one claim
- up
to £1,000 cover for theft of keys and lock replacement
- up
to £5,000 cover for theft by employees
- up
to £500,000 cover for electrical or mechanical breakdown
of equipment
- £10,000,000
limit of indemnity for employer’s liability
.
Buy
to let
and property owners insurance Owning and managing a let
property presents its own unique set of challenges and this
insurance is designed to reflect that. Buy to let and property
owners insurance is a competitive policy with the built in
flexibility to cater for either single or multi property portfolios
of residential, commercial or mixed occupancies8. Key features
include:
- up
to £100,000 legal expenses cover for any one claim
-
loss of rent cover9
- cost
of alternative accommodation up to 20% of the buildings
sum insured
- property
owners liability up to a standard limit indemnity of £2,000,000
-
cover for multiple properties on the same policy
Notes
about this Press Release:
1
Source: Mintel, Travel Insurance, UK, February 2008
2 Source: www.fco.gov.uk
3
Source: Motor Insurers’ Information Centre
4
Source: Mintel, Motor Insurance, UK, May 2008
5
Source: YouGov
6
Not applicable for third party policy holders
7
Source: The UK Bodily Injury Awards Study (October 2007)/ABI
8
Buy to let and property owners insurance is designed for landlords
who own or manage residential or commercial properties; are
responsible for insuring the building or freehold; let properties
with tenancy agreements of six months or more; let property
for commercial use; have a mixed portfolio of commercial and
residential properties.
9
For residential properties there is a limit of 20% of the
buildings sum insured with a 12 month indemnity period. This
cover is optional for commercial properties.
LV=
is a registered trademark of Liverpool Victoria Friendly Society
Limited (LVFS) and is a trading style of the Liverpool Victoria
group of companies.
Nationwide
and LV= (Liverpool Victoria Insurance Company Limited) announced
their partnership in June of this year. As part of the agreement,
LV= will manage sales, underwriting and administration of
the policies, as well as new business marketing. LV= will
also handle all quote and customer service calls from its
UK based call centres. Existing Nationwide customers will
be migrated to policies underwritten by Liverpool Victoria
Insurance Company Limited at renewal.
The new LV= brand identity was launched in March 2007.
Source
Nationwide Building Society
More
Information at Nationwide
Website
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