AUCKLAND, 03 MAY 2016: Following the very successful collaboration between two Kiwi owned insurance companies last year to distribute motor vehicle insurance through registered motor vehicle traders (dealers), Co-op Insurance NZ and Provident Insurance Corporation Limited (Provident) have now extended their offering by launching a motor vehicle product for the luxury motor vehicle market.
Provident Luxury Motor Vehicle Insurance has been specifically designed to provide a distinctive offer for the premium and luxury end of the motor vehicle market. It is also a product that has specific appeal to all franchise dealers with its unique “new for old” policy, providing added benefits to dealerships for parts supply and vehicle replacement.
This latest launch builds on the successful collaboration whereby in April last year Co-op Insurance NZ provided a white label comprehensive motor vehicle insurance for distribution via Provident’s national network of dealers. That collaboration was quickly followed in July with the launch of an industry leading innovation that allowed customers to purchase motor vehicle insurance policies for up to three years at a time.
“Co-op Insurance NZ is 100% New Zealand owned and operated, offering insurance to New Zealanders all around the country, and was one of the first insurers to be licenced by the Reserve Bank of New Zealand when licencing was introduced back in 2013,” says Henry Lynch, Chief Executive of Co-op Insurance NZ.
“The partnership between Provident and Co-op Insurance NZ is a valuable and highly successful strategic alliance that has grown from strength-to-strength. The launch of Luxury Motor Vehicle Insurance builds on the robust foundations of our collaboration and allows Provident to cater to the needs of a discerning market segment that requires more from their vehicle insurance than standard market products provide,” adds Lynch.
Steve Owens, Provident Chief Executive, also adds, “We have had tremendous success working with Co-op Insurance NZ to build our standard motor vehicle insurance distribution. This new initiative continues to leverage each organisation’s unique skills and expertise to bring another product to the market to add to an exciting and comprehensive product range for our dealers and customers.”
He adds, “For the market we are targeting, it is important for customers to have an insurance product that provides more to complement their investment decision in their vehicle. Luxury Motor Vehicle Insurance has been designed with this in mind and includes three year replacement cover for new vehicles or twelve-month agreed value for used vehicles, and use of genuine manufacturer’s parts via an approved repairer network.”
Luxury Motor Vehicle Insurance will be provided under Provident branding but will continue to be underwritten by Co-op Insurance NZ, as is the case with the existing comprehensive motor vehicle insurance. Authorised dealers will access the product using Provident’s state-of-the-art online system, which can generate quotes and bind insurance policies at point-of-sale.