Amex joins motor insurance market

22 June 2006
Traditionally a provider of credit card products, American Express is branching out into motor insurance with the launch of several new products.

However, despite being a big name brand, the company has not announced itself with quite the "big bang" that was expected, according to insuresupermarket.com.

The insurance comparison site has said that the products on offer from Amex have "some nice features" but are "not competitive on price".

"The no-claims discount up to 70 per cent, although competitive, is not an exclusive feature and other providers such as Sheilas' Wheels and Tesco also offer this cover," said Richard Mason, director of insuresupermarket.com.

"Amex's policy insures imported and classic cars and will also appeal to those sports car enthusiasts. But for those looking to make maximum savings it will still make sense to shop around for the best deal on each vehicle individually."

Mr Mason also noted that Amex's insurance cover might be more attractive to new car owners, as the company offers a new car if a new vehicle is written off or stolen within the first year of registration.

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