UK motor insurance news

Online car insurance site announces expected 1 year success

Jim Spowart has announced that his PeoplesChampion.com project is expected to be profitable in its first year.

PeoplesChampion.com, which offers comparisons for financial products, gas and electric services and online car insurance, has reportedly already nearly broken even less than six months after its launch in September 2006.

Mr Spowart, who was also the driving force for telephone banking services for RBS, Halifax and Standard Life, said that motor insurance quotes accounted for almost half of the business PeoplesChampion.com has thus far carried out.

It is reported that PeoplesChampion.com gets £2.80 for every online car insurance policy sold through the site. Its other main source of revenue at present is in its secured and unsecured loans department, which can net up to £400 for a successful £10,000 loan.

PeoplesChampion.com functions as a gateway to Moneysupermaket.com and USwitch and has recently sealed a five year deal with both of them.

Mr Spowart commented: "Even if we are sitting on their coat-tails going forward, PeoplesChampion is going to go well."

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