Kwik-Fit Insurance Services (KFIS) is launching a motorcycle insurance division as part of its growth strategy.
KFIS has formed an alliance with specialist motorcycle insurer Motor Cycle Direct to provide the cover.
KFIS managing director Martin Oliver said the company would offer policies covering comprehensive, third party, and third party fire and theft risks.
He said the company expected to see 5,000 policies within its first year, helped by the option to cross sell the new product to KFIS's existing motor, home, travel and pet policyholders.
Oliver said: “2003 was an outstanding year for KFIS. But we want to grow further and are always looking at introducing new products. Launching motorcycle insurance comes as a direct result of customer demand.
“We estimate that there are about 20,000 existing bike owners within our rapidly expanding private motor customer base of 310,000. These customers will be targeted by direct mail and other advertising.
“Following further research, we have found that Sports, Touring and Supersport bike model sales are up 5% on 2003, indicating that more people are taking up biking as a hobby.
“The number of females riders has also been revealed as a growing contingency with reports indicating that up to a third of people taking Compulsory Basic Motorcycle Training are female and 12% of the readership of Motorcycle News can also be attributed to the fairer sex.
“Inevitably, launching motorcycle insurance seemed like the next logical step for the business.”
