Tesco Bank Launches New Flexible Home Insurance Product

May 24, 2013, 07:44 ET from Tesco Bank

EDINBURGH, Scotland, May 24, 2013 /PRNewswire/ --

Unlimited buildings and £75,000 contents as standard

Tesco Bank has launched a new Home Insurance product, designed to make buying home insurance simpler and more flexible.

     (Logo: http://photos.prnewswire.com/prnh/20121017/568123 )

When purchasing insurance, customers often find it difficult to calculate the value of their home and its contents which may leave them under-insured. Tesco Bank Home Insurance offers unlimited buildings cover and £75,000 contents cover as standard, to help meet the needs of the majority of customers.

We know that customers often feel overwhelmed by the range of extra cover options available, so Tesco Bank Home Insurance allows customers to select the extra cover they need. The new product provides clear information, up-front, to help customers select and pay for the extra cover they want from: extended Accidental damage, cover for belongings away from home, Bicycle cover, Home Emergency cover and Family Legal Guard.

Karl Bedlow, Managing Director - Insurance at Tesco Bank, commented on the new product: "Customers' demands are changing; they increasingly want a home insurance policy which takes their lifestyle and individual needs into account.

This new, Defaqto 5-star rated, product offers customers the flexibility to tailor their policy around their needs, while maintaining the high quality customer service they have come to expect from Tesco Bank."

In addition, new customers with a Clubcard who purchase a combined buildings and contents policy direct from Tesco Bank by 13 August will receive a £40 Tesco gift card and benefit from an exclusive Clubcard discount. The discount does not apply to Home Emergency cover and Family Legal Guard. In fact, 60% of new customers with a Clubcard paid £195 or less* for their policy when they bought combined buildings and contents cover from Tesco Bank.  

Notes to Editors:

Tesco Bank Home Insurance is arranged and administered by Tesco Bank and is underwritten by a select range of insurers.

Family Legal Guard is provided by Ageas Insurance Limited. Home Emergency Cover is provided by Interpartner Assistance SA and claims are handled by Homeserve Membership Ltd.

Additional Gift Card Terms and Conditions: Quotes originating from and purchases via all price comparison websites (including Tesco Compare) are excluded. Clubcard number and promo code HOMEGC40 must be provided during quote.  One offer per customer.  Not to be used in conjunction with any other offer.  If you cancel your policy within the first 14 days you will not receive the Tesco Gift Card.  The Tesco Gift Card will be posted (no duplicates will be sent) to the policyholder's address within 6 weeks of the policy purchase date.

*Based on new policies sold and accepted between 01/12/2012 - 31/03/2013.  The premium customers pay will depend on their circumstances and the amount of cover they choose.

About Tesco Bank:

Our aim is to be a financial services provider of choice for Tesco customers by giving them good service, great value and by rewarding their loyalty for shopping at Tesco.

Tesco Bank offers a popular range of simple personal banking products, principally credit cards, personal loans, savings and general insurance, including car, home, pet and travel.

Last year we gave more than £100 million in Clubcard points to Tesco customers and give a Clubcard discount on some of our insurance premiums to Tesco Clubcard holders (discount does not apply to some add on insurance products and may be subject to a minimum premium).  

We were voted 'Best Home Insurance Provider' 2012 in the Consumer Moneyfacts Awards.

  • We opened for business in 1997 and since 2008 have been wholly owned by Tesco PLC. 
  • We now have approximately 4,000 staff based in Edinburgh, Glasgow and Newcastle.
  • Our customers hold 6.6 million accounts and policies with us.

Tesco Bank products and services are available online at tescobank.com and by telephone from our UK-based service centres which, like Tesco stores, are open 7 days a week.

We aim to be a valued part of the communities we operate in.

SOURCE Tesco Bank