Bennetts motorcycle insurers has today confirmed that it is to be bought by Saga plc, the British insurance company most popularly known for its products targeted at the over-50s. Bennetts is set to retain its own separate identity, with the 85-year-old brand said to be ‘continuing to drive forward with its aim to be the holistic provider of motorcycling services to Britain’s riders.’
Commenting on the sale, Vince Chaney, Managing Director of Bennetts said: “The team at Saga is keen to learn from the Bennetts team’s expertise in growing a digital business and engaging customers through assets like Bike Social, while using the team’s retail experience with online motorcycle store Bike Nation.
“Bennetts will continue to further develop the brand into new areas at this exciting time in its long history. Bennetts has been well supported by the BGL group and we are at a place where we are now able to take the next step forward.
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“Bennetts will benefit from access to Saga’s wider database of customers by joining Saga’s growing stable of insurance brands, which already includes Saga and Direct Choice.
“Bennetts will be operating as an independent business within the Saga family, and the existing team will move over with the brand.
“We can assure customers there will be no change to our award-winning services as we make the transition to new owners, and we look forward to developing our existing products for all riders.”
Saga claims its company is built on ‘the highest standards of customer care and value for money’, seeing itself as ‘one of the most trusted brands among people aged over 50 in the UK’. The group’s revenue for the year ending 31st January 2014 was over £1.25 billion, with 2,100,000 customers, and a database of 8,400,000 – over half of the over-50s households in the UK.
Marc Potter is the Head of Community at Bennetts and Bike Social. We asked him how he saw the alliance between the two companies…
“Bennetts is recognised as an expert in motorcycling and a trusted brand and we’re sure that won’t change. It’s the same passionate team behind Bennetts with new owners. The great thing for customers is that with Bennetts they have a name they can trust, and with Saga’s ownership this won’t change. We’ll continue to offer our award-winning service to motorcyclists and develop new products.”
What will this mean for current customers of Bennetts – will it be business, and premiums, as usual?
“Yes. It’s very much business as usual for all Bennetts customers and we’re committed to offering a great customer service and protection for all motorcyclists.”
Saga has a background specialising in insurance for the over-50s. How do you see the more youthful biking attitude associated with some of Bennetts’ promotions fitting in with this?
“Saga also offer holidays and insurance for other age groups, so dealing with people under 50 is not something new to them, and after all, age is just a number isn’t it? Bennett’s customers are dealing with Bennetts as ever, we just have new owners, so nothing will change. And we’ll continue to offer insurance and services for motorcyclists of any age, on any kind of bike.”
With plenty of bikers in the over-50s age group, and Saga already offering its own policies for bikers, will we see the opportunity for even more competitive rates?
“We continue to offer great value to our customers as Bennetts always has over its 85-year history. As far as our customers are concerned, it’s business as usual and we’ll continue to work with our panel of insurers to provide value for money.”