John Lewis Money has relaunched its car insurance proposition as it moves to a broker model for the first time.
The financial services arm of John Lewis Partnership will now compare quotes from a panel of insurers to help customers find a more competitive option.
The new car insurance panel launches with Ageas, Axa and Covéa Insurance, while RAC, Arag and Premium Credit will provide additional services.
John Lewis Money said the wider network would allow it to insure a broader range of vehicles, including electric vehicles and higher-value cars.
The move follows the relaunch of John Lewis Money’s home insurance earlier this year, after it became a licensed insurance broker in March. The business said seven in ten existing home insurance customers had received cheaper quotes since the switch.
John Lewis Money insurance director Gary Davess 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.”
As part of the relaunch, John Lewis Money has introduced a new two-tier car insurance proposition, giving customers the choice between Premier and Essentials cover.
The Essentials tier offers comprehensive cover at a lower price point, while Premier provides a higher level of protection.
John Lewis Money said Essentials would still include windscreen cover and a courtesy car as standard, positioning it as a value option without moving away from its service-led approach.
The relaunch also includes a new vandalism promise, designed to protect customers’ no-claims discounts against vandalism and pothole damage.
Customers will also be able to access optional breakdown cover through RAC and legal protection through Arag.
Those paying monthly will benefit from a reduced interest rate compared with previous policies through John Lewis Money’s new partnership with Premium Credit.
Ageas UK managing director for broker and partnerships Adam Beckett said: “We’re delighted to be strengthening our powerful partnership with John Lewis Money, just weeks after joining their home panel.
“This further collaboration builds real momentum while showcasing our personal lines expertise, giving customers greater flexibility to protect both their cars and homes.”
Axa UK Retail managing director Julie Barbey said: “We’re pleased to be further strengthening our partnership with John Lewis Money to now also offer car insurance customers across the UK a range of valuable cover options.
“With our support, its customers will have access to high-quality protection from brands they can trust for both their home and car insurance needs.”
Covéa Insurance personal lines director Sue Coffey added: “John Lewis is one of the UK’s most trusted and respected brands, and we are proud to be part of a panel that combines high-quality insurance solutions with outstanding customer service.”
John Lewis Money has more than 1.4 million active customers across products including the Partnership Credit Card, insurance and travel money.
The business said the relaunched insurance proposition was a key part of its strategy to serve existing Partnership customers and reach new audiences.
Click here to sign up to Retail Gazette‘s free daily email newsletter
