Chase has entered the UK insurance market with a bundled product that combines covers for worldwide travel, mobile phones and vehicle breakdown. It is available to Chase customers at a monthly fixed rate of £12.50 and the bank said it had designed the product to be a simple and convenient way to insure common risks. The cover is offered as an add-on to customers with a Chase current account.

The Collinson Group will provide the travel insurance, which offers multi-trip cover for the policyholder, their partner, and up to four children. It includes travel for up to 31 days per trip and up to £20m in emergency medical expenses.

The breakdown cover is from The AA and provides up to four roadside callouts annually, for breakdowns more than 400 metres away from home.

Assurant will provide the mobile phone cover, which offers protection against loss, theft, damage and technical faults.

Harish Iyer, head of insurance at Chase, said: “We’re excited to introduce Chase Protect, a simple and affordable way for our customers to safeguard what matters most. By bringing together essential insurance coverage in one easy-to-manage bundle, we’re helping make protection more convenient and better value – all via the Chase app.”