15 March 2006
Consumers looking to take out payment protection insurance on a loan they have taken out are being offered a new online product.
Britishinsurance.co.uk says that its product offers a fixed level of premium over five years.
It also says that it is better than typical single premium insurance as consumers pay no interest of the monthly premium, which is £5 per £100 of cover provided.
Single premium products have been much criticised in recent times for being expensive. Consumers have to pay interest on their loan and their PPI premium, the company said.
Simon Burgess, managing director of britishinsurance.com, said: "I'm redressing the in-balance where lenders appear to have the power instead of the consumers.
"Too often, providers are unwilling to make a long-term commitment on the policies they offer - we've all heard horror stories of cover being withdrawn leaving people high and dry.
"The five-year guarantee demonstrates our commitment to provide competitively priced products that work to the advantage of the consumer."
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