Leading young driver insurance provider Marmalade has added Ageas UK to its underwriting panel for Black Box Insurance. Peterborough-based Marmalade, provides car insurance to young drivers, offering customers a range of policy options from learner driver insurance to black box insurance and Pay As You Go Insurance.
The addition of Ageas, which took effect from Monday, February 7, means Marmalade now works with two underwriters enabling it to provide some of the most competitive insurance premiums for young and learner drivers across the UK. The deal is expected to bring in around £5 million gross written premium for Ageas in the first three years. Commenting on the announcement of Ageas joining the underwriting panel, Crispin Moger, CEO at Marmalade, said:
“We’re delighted we’ve been able to bring Ageas onto our underwriting panel expanding our portfolio of insurer partners. At a time when learner drivers are having to spend an increasing amount of money on tuition as the driving test backlog continues to clear, it is essential we are able to provide our customers with the most competitive insurance premiums possible. By teaming up with a market leader in Ageas, we’ll be able to continue offering customers more comprehensive and cost-effective policies for young drivers insuring their own car.”
Adam Beckett, Chief Distribution Officer at Ageas, said:
“We see usage based insurance as a real growth area for the entire industry and we’re excited to join Marmalade’s panel for black box insurance. At a time when younger drivers are looking for products that provide good value and brilliant service when it matters, we’re proud to partner with Marmalade to offer exactly that.”