Insurance giant Allianz and captive
BMW Financial Services have joined to create a new insurance
product for BMW customers, called ‘BMW Protect’.
BMW Protect will offer two types of cover, income
protection and GAP insurance, on either a monthly or an annual
basis. The income protection policy provides life and critical
illness cover, paying out a lump sum, while the accident, sickness
and unemployment cover will make finance payments on customers’
behalf for up to a year.
The GAP policy, meanwhile, will make up the
shortfall between purchase price and the insurance payout, if a
customer’s BMW or Mini is written off or stolen.
Allianz’s sister company Mondial Assistance, a
warranty specialist, is to work with BMW Financial Services in
delivering BMW Protect to customers.
Mike Caidan, head of sales at Allianz Retail
Corporate Partners, commented: “This partnership demonstrates our
commitment to grow our business in this area and to help motor
manufacturers who are keen to meet the wider needs of their