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BMW Financial Services Partners Allianz Retail To Launch 'BMW Protect'


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BRACKNELL, UNITED KINGDOM – June 19, 2009: BMW Financial Services has announced a five year deal with insurance company Allianz to offer income protection and shortfall cover to BMW customers in the UK, under the brand name ‘BMW Protect’.

‘BMW Protect’ comprises two separate categories of insurance cover, both enabling customers to control the amount of cover they require, and available as monthly or annual policies.

The first, ‘BMW Income Protection’, offers Life and Critical Illness cover, providing a lump sum benefit to the level of cover chosen. Accident & Sickness and Unemployment cover can give customers monthly payments for up to a maximum of 12 months. The second category, ‘BMW Shortfall’, is being offered to customers who purchase a BMW, MINI or BMW motorcycle and is designed to help bridge the gap between the purchase price (or the amount owed to a finance company) and the insurance payout, if the vehicle is stolen or involved in an accident.

The new partnership also involves Mondial Assistance, a sister company of Allianz Retail, who will administer each of the products that make up ‘BMW Protect’.

Keith Dye, Chief Executive Officer of BMW Financial Services, said: “Working with Allianz will mean we can provide our customers with first class insurance products that offer genuine reassurance in these uncertain economic times.”

Mike Caidan, Head of Sales, Allianz Retail Corporate Partners, said: “This is an exciting time for Allianz Retail. 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 customers.”

Lee Taylor, Automotive Director at Mondial Assistance, commented: “Our long standing relationship with BMW and our understanding of the customer experience it offers, places us in a knowledgeable position to administrate this valuable service in partnership with Allianz, supporting business growth for all parties.”