Members of the Association of Insurance Intermediaries and Brokers (AIIB) will have exclusive access to a new windscreen product, the newest addition to the association's portfolio of members-only products.
The windscreen product, devsied by wholesale interemdiary Broker Brands and underwriten by NIG, will be available with free software, enabling the buyer to issue instant, branded policies.
Broker Brands market research has shown that the product, which will be sold at a net premium of £20, will appeal to 95% of the non-comprehensive, private motor sector. It has an insured limit of £225 and a £25 excess.
Broker Brands sales director Jon Britton said the product offered an attractive way of getting accidental windscreen damage cover without the higher cost of a comprehensive policy.
“For example, a 19-year-old driver paying £1,000 a year for third party or third party, fire and theft cover can add on the new £25 policy for accidental windscreen damage,” Britton said.
“Compared with a protentially huge premium for comprehensive cover, this product makes good economic sense.”
AIIB chairman Mike Slack said the product had already attracted considerable interest from association members, indicating that it is a much-needed addition for the private motor sector.
“This product featured high on the wish list of members and is a major step forward in the provision of accidental windscreen damage cover,” Slack said.
The AIIB and Broker Brands developed a members-only travel scheme earlier this year.