There are a number of things in life that consumers simply don’t want to be without. This is true for those happy moments such as a camera when a baby takes her first steps. It is just as true for the sad ones as facial tissues are handy when the tears come running. Insurance works the same way, however, the purchase is often called a grudge purchase. This is because customers don’t really experience the value until something terrible happens. When disaster strikes, this is the product customers will want by their side. Lloyds Bank Insurance offers customers a range of products that make everyday dealings far simpler and will give them the peace of mind they deserve. This review takes a closer look to discover whether these products tick all the boxes in comparison to their peers.
A bank that takes its insurance products seriously, is Credit Agricole. The full review reveals whether they achieved a perfect score.
About Lloyds Bank
Apart from offering stellar insurance options to those in the UK, Lloyds is also known to underwrite policies across the world. With over 200 years in the financial services industry, this bank has managed to carve out its place in the financial world. Massive asset holdings and a solid client base mark this as one of the biggest banks in the world.
We recently did a full review of Lloyds Bank.
Lloyds Bank Insurance Product Offerings
This is the ideal type of insurance for those who require cover for their homes. This is for the structure of the building and only when specified, will it include contents as well. Furthermore, Lloyds customers are in the fortunate position to enjoy a slightly discounted premium.
Home Insurance Basic
With this options, customers are in the position to add a few extras to their insurance policies. This includes:
- Accidental Damage Cover
- Home Emergency Cover
- Outbuildings Cover, and more.
Home Insurance Premier
Those who need a little more than just the average insurance will find this option ideal. This policy type offers higher limits and more cover as the standard than the basic product.
- Customers have access to unlimited cover for their building insurance, content insurance, accidental damage cover, and more.
- Furthermore, the policy includes a generous alternative accommodation limit in the event of an emergency.
- Finally, there is also cover for contents of the garden and outbuildings up to a certain limit.
Lloyds Car Insurance
Customers who want to prepare for the unexpected should find this range suitable to their needs. Furthermore, customers can request their quotes online.
- This insurance range provides customers with affordable, quality cover.
- Customers have the option to pay their premiums on a monthly or annual basis.
- Furthermore, for the first 12 months, customers have guaranteed replacement car cover.
- Finally, there are also optional extras to choose from.
This cover is suitable for those with limited needs and who wish to keep their premiums as low as possible.
- The cover includes 60 days’ European Union Cover. This is at the same level of cover as they get in the UK.
- Customers have access to a 24-hour emergency claims helpline.
- Furthermore, the policy includes a no claims discount. There are minimum premiums that apply.
- Finally, there is also a 24-hour online Self-Service Centre to allow customers to change their policies whenever they need to.
This cover is suitable for those who wish to have a little bit extra added to their policies. Furthermore, this type of cover could be a bit more pricey.
- There is a 24-hour windscreen helpline for when customers need assistance.
- Customers also enjoy a new replacement car if they bought a new car in the last 12 months. This is when the car is stolen and not recovered.
- Also, there is a three-year guarantee on all approved claim repairs.
- Finally, the policy includes cover against uninsured drivers and acts of violence.
Customers who use their van for business or pleasure will find this a great option. Furthermore, this type of cover is both affordable and high quality.
- The policy offers a 24/7 emergency claims helpline through its UK-based call centers.
- There is also the option to add optional extras to the cover such as Tools and Van Contents Cover, and more.
A great option for those who prefer simple cover at reasonable prices.
- Customers have a choice between Fully Comprehensive, 3rd Party Fire & Theft, and 3rd Party Only cover.
- There is a 24-hour online Self-Service Centre where customers can update their policies any time.
- Furthermore, the policy includes 30 days’ European Union Cover. This is at the same level as the cover they get in the UK.
- Finally, with the Mirrored No Claims Discount, the insurance claim history and No Claims Discount are used to get a price from the insurers. With this option, minimum premiums apply.
For those who need a bit more from their insurance, this is the ideal option.
- Customers have access to a 24-hour windscreen helpline for when they need assistance.
- There is also a three-year guarantee on all approved claims repairs.
- Furthermore, customers enjoy personal accidents, medical expenses, and personal belongings cover.
- Finally, there is cover for loss or damage to accessories. This includes roof bars, racking and signage, and more.
My Life Insurance
Customers who wish to provide a lump sum to their loved ones in the event of their death will find this cover suitable.
- This cover pays out in the event of death or if the insured has a terminal illness and death is expected within 12 months.
- Customers will have peace of mind that their obligations are taken care of, such as outstanding debt.
- Also, customers enjoy a 30-day cancellation period.
- Furthermore, there is a cover cap of £500,000 across all products.
- Finally, customers choose between level cover or decreasing cover which will depend on their unique situations.
Landlords invest in their properties in order for these properties to work for them. When disaster strikes, sufficient cover should minimize the losses in this investment.
Specially Adapted Home Insurance for Landlords
This type of cover is ideal for those who require a bit more from their insurance.
- The standard cover on this insurance product is £500,000, however, can be increased to £1 million.
- Customers benefit from the loss of rent cover of up to £30,000.
- Furthermore, there is also a landlord’s contents cover of up to £5,000.
- The policy has a standard clause for subsidence, landslip, and heave.
- Finally, customers have the option of adding outbuildings insurance to their policy.
Landlord Insurance (Flexible Online Cover)
This is a great policy for those who don’t mind paying a little extra for additional benefits.
- The standard building cover on this policy is selectable up to £1 million.
- Customers have access to loss of rent cover of 36 months for up to 30% of buildings sum insured. There is also the option to increase this cover.
- Furthermore, customers also have access to alternative accommodation cover.
- The property owner’s liability cover on this policy is between £2 million and £5 million.
- Landlords also enjoy a contents cover of up to £50,000 as an optional extra.
- Subsidence, landslip and heave cover is an optional extra.
- Also, outbuildings on this policy are covered as a standard.
- The cover includes malicious damage by tenants or guests. This excludes tenants who are DSS/Asylum seekers or students.
- Finally, optional extras to this policy include accidental damage, employer's liability, and legal expenses.
Specialist Advice Landlord Insurance
Customers who have properties that are a little more complex will want the help of a panel of insurers for the best possible cover.
- The building cover levels vary by insurer to ensure customers are adequately covered.
- Customers enjoy loss of rent cover, which also varies by insurer.
- The policy includes property owner’s liability cover up to levels determined by the various insurers.
- Furthermore, customers have access to landlord’s content cover as determined by the insurer.
- There is also the possibility to add subsidence, landslip, and heave cover.
- Outbuildings cover, malicious damage cover, accidental damage cover and employer’s liability cover are also options.
- Finally, customers may also have access to legal expenses cover.
Apart from offering customers customized quotes in the Shop and Salon category, customers also have access to Working from Home Insurance. Other options that allow businesses peace of mind include:
Public Liability Insurance
This is the ideal type of insurance for any business that may be liable to pay compensation to third parties. The policy can also cover accidents in the workplace.
- Business owners who have customers visiting their shop will benefit from this policy.
- This is also helpful to business owners who work on the client’s site and cause damage.
- Finally, this type of of cover is essential to business owners who operate in public.
Professional Indemnity Insurance
This cover is essential to those who provide advice to their clients for a living, for instance, doctors or accountants. Furthermore, this cover assists in covering the costs associated damage claims when clients allege the business owner provided an inadequate service.
- Customers who give advice or offer a professional service that can be challenged should consider this cover.
- This is also handy for those who handle data or intellectual property.
- Finally, this cover is ideal for professionals, specialists, experts, or authorities in their field.
Mobile Phone Insurance
Customers who are prone to lose their phones or invest a lot of money to ensure they have the best will find this valuable. The insurance covers loss, theft, damage, and breakdown worldwide. This allows customers to have access to a new device or repair services with a simple phone call.
A backup savings account is also a good idea in the event customers need to pay an excess. The savings account range offered by Lloyds Bank is worth a look.
Critical Reviews Rating Lloyds Bank Insurance – 9 of 10
Insurance products range from one financial institution to another. For this reason, there is no cut and dried formula for ranking these products. However, what we do take into consideration is ease of use and accessibility. One of the most important aspects of a product range is that customers are able to get what they need at that institution. When they need to shop around, this creates the risk of starting a relationship elsewhere.
The Lloyds Bank Insurance range is impressive and has a good history to back it. What we are a little frustrated with, is that they no longer provide travel insurance. This is a product that gets used on a regular basis and will force clients to look at products offered by other institutions. For this reason, we have had to mark the range down.
Discover whether Lloyds Bank offered a stellar performance on their investment offerings.