This insight comes as the bank offers a welcome gift for to customers signing up to the product to choose from1 – either a pair of Ear Buds worth £90, £40 cashback, or a night away – for those taking out the insurance.
With a choice of seven types of cover2, customers have a number of permutations to choose from to protect themselves, their family and the things they love, potentially saving hundreds of pounds3 on policies purchased individually.
HSBC UK’s insight shows:
James Hewitson, HSBC UK’s Head of Insurance, said: “Select And Cover’s first year has been quite a year. Through Select And Cover we can confirm the suspicion of the importance of mobile phones in our lives, with people taking out protection to cover their valuable device more than any other cover offered.
“Protecting the thing that could be a lifeline at this difficult time is tremendously important, and I think that is a significant reason for that being top of our list. Importantly, with all phones in a household covered under the policy, people can save significant amounts of money on having to buy four individual policies that would typically only cover one phone each.”
James Hewitson added: “Second most popular cover is our travel insurance which during this tumultuous time has provided customers with important peace of mind when with many holiday and travel plans have changed at short notice. With many more ‘staycations’ in the UK and the likelihood of long-distance drives to the south coast, Scotland or Wales for a break, it is understandable that motor breakdown cover features high on the list too.
“The great thing about Select And Cover is that if a customer’s needs or circumstances change, they can add and remove one option during the year, as long as they maintain a minimum of three, and they can change all their options once a year on the policy anniversary. Combining covers can reduce the aggregated cost, thereby saving customers money when compared to purchasing individual policies, which could be hundreds of pounds.”
Select and Cover is a pay monthly service and customers can cancel at any time without penalty. Each policy covers the policy holder, their spouse, domestic or civil partner and their children4.
More information https://www.hsbc.co.uk/insurance/products/select-and-cover/
Steve Gracey, HSBC UK | Media Relations: firstname.lastname@example.org | 020 7991 4118
Note to editors:
1This offer is only available to HSBC UK customers who are registered for online banking. The cover must be purchased for a minimum of 30 days to qualify. Terms and Conditions apply.
2Pricing options are as follows:
Three Options: £19.50 a month (£234 a year)
Four Options: £26.00 a month (£312 a year)
Five Options: £32.50 a month (£390 a year)
Six Options: £39.00 a month (£468 a year)
Seven Options: £45.50 a month (£546 a year)
3 One example of savings that can be made with Select And Cover vs purchasing individual policies:
|Policy||HSBC Select And Cover including Gadget, Mobile and Motor Breakdown||Gadget - Protect Your Bubble||Mobile - Protect Your Bubble||Motor Breakdown - Green Flag|
|Saving per year||(£257.88+£113.88+£241.92) - £234 = £379.68|
4 Children up to the age of 18 or 23 if in full time education and living at the policyholder’s address outside of term time.
5 Eligible HSBC UK customers must hold at least one of the following: a bank, savings, mortgage or credit card account
6Travel, Gadget, Mobile phone, Home emergency and Excess insurance provided by Aviva Insurance Limited.
Motor breakdown cover is provided by RAC Motoring Services and/or RAC Insurance Limited. Life insurance provided by HSBC Life (UK) Limited.
Mobile Phone: Cover at a glance:
Gadget: Cover at a glance:
Worldwide Travel: Cover at a glance:
Motor Breakdown: Cover at a glance:
Home Emergency: Cover at a glance:
Starter Life: Cover at a glance:
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,956bn at 30 September 2020, HSBC is one of the world’s largest banking and financial services organisations.