U.K. Online Bank To Offer Auto Coverage

Drivers in the British isles will soon be offered another option for their automobile coverage following the announcement by Egg, the U.K.’s biggest online bank, that it will begin offering automobile policies through its Internet portal.

Egg’s principal shareholder, Prudential Plc, which recently sold part of its interest in an IPO, hopes to create an online supermarket, which would include a range of banking, insurance and financial services.

The actual policies will be written by nine companies, including Prudential itself, Norwich Union and Royal & Sun Alliance. The site plans to attract customers by offering significant rebates on renewal quotes.