John Lewis Money has given the green light to its new brokered motor insurance proposition after becoming a licensed insurance broker earlier this year. Its two-tiered offering, branded premier and essentials, is provided by its three-strong panel of insurers – Ageas, Axa and Covéa Insurance.

John Lewis Money says RAC, Arag and Premium Credit will offer breakdown cover, legal protection and premium finance options. The brokered proposition enables John Lewis Money to insurer a wider range of cars, which includes electric and high value vehicles.

Gary Davess, director of insurance for John Lewis Money, said: “Becoming an insurance broker has been a step change to our business, and is already driving more competitive quotes for our home insurance customers. We’re excited to launch this model across our car offer and have partnered with trusted names in the sector to deliver for customers.”

Sue Coffey, personal lines director at Covéa Insurance, added: “Following the successful launch of their home insurance panel earlier this year, this milestone further strengthens the long-standing relationship between our organisations and reflects our shared commitment to delivering exceptional outcomes for customers.”

Ageas, Axa and Covéa Insurance also sit on John Lewis Money’s home insurance panel, alongside managing general agent Prestige Insurance. The home insurance brokered proposition launched in April and John Lewis Money says seven out of 10 existing customers have seen lower quotes as a result.