Bank of Ireland has entered the car insurance market with the launch of two new products, offering its customers a discount of up to 25 per cent. Existing banking customers will receive a discount of 20 per cent on their car insurance policy, while home insurance customers will get a further discount of 5 per cent.

The bank says its new products are “competitively priced” and include features such as a monthly payment plan with no fees or charges; EU cover for up to 45 days and breakdown cover in Ireland. The “prestige” option offers extra cover such as no claims discount protection and replacement locks.

Customers will also be able to customise their cover by adding extra protections such as increased amounts for car hire and personal belongings, cover for sat navs, games consoles and child seats, and a top-up of € 1,500 in the event of a total loss and comprehensive driving of other cars cover.

The new products are underwritten by RSA Insurance Ireland.