BRENTWOOD, UK - Ford has entered the UK auto insurance market in a joint venture with the Norwich Union, an insurance company. The scheme will eventually spread to other European countries.
The partners claim that their new FordInsure policy - which covers new and used Ford vehicles - is the simplest on the market. The policy has dropped 21 of the most common exclusions in rival auto insurance policies, such as windscreen and tire damage. Drivers receive a credit-card-style insurance certificate.
Ford wants retail customers to be able to buy, finance and insure their cars in a single dealer visit.
FordInsure is a product underwritten by Ford Motor Credit Co., Ford's finance arm. Phil Hollins, Ford Credit marketing director, said the move put 'the final piece of the jigsaw in place to make the vision of a 45-minute sale to driveaway a reality.' Ford Credit aims to underwrite 25 percent of the 5 million Ford vehicles on UK roads by 2002.
FordInsure will be used as a blueprint for Ford insurance plans in additional markets.
'Nowhere else in Europe do we offer insurance of the high quality of FordInsure,' said Ford Credit Europe spokesman David Nash. In most other countries, Ford policies cover only collision and theft.