Is Lloyds Bank a Good Insurance Company?
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Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodologyYou are considering buying an insurance policy at Lloyds Bank and are wondering if Lloyds Bank is the best insurer for you?
You've come to the right place!
In the below guide you’ll find everything you need to know about Lloyds Bank: expert and consumers reviews, insurance policies detailed, recommendation, contact and much more.
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Good to know
Safe's mission is to help anyone trying to get the best value for money deal on personal insurance making the right decision. We've analyzed over 1000 insurance companies and contracts. You will find below our independent and neutral rating and evaluation for Lloyds Bank.
Who is Lloyds Bank?
Lloyds Bank was founded in 1765 and has been serving the households, businesses and communities of Britain since then. The company is now one of the 'Big Four' British clearing banks, and the largest retail bank in Britain. It offers a range of financial and insurance products including home, life, landlord, van, mobile phone, business, travel and car insurance.
The company is part of the Lloyds Banking Group (Halifax, Bank of Scotland etc.).
Lloyds Bank plc is a British retail and commercial bank that is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.
What are the main insurance policies available at Lloyds Bank?
Let's discover below main insurance policies offered by Lloyds Bank.
| Safe overall rate | Our reviews | |
|---|---|---|
| Car insurance | Get to know more | |
| Travel insurance | Get to know more | |
| Home insurance | Get to know more | |
| Life insurance | Get to know more |
Lloyds Bank expert and consumers reviews: Defaqto, TrustPilot
Lloyds Bank is regularly audited by Defaqto expert rating. Defaqto ranks each company as well as policies with scores of 1 to 5 stars. Cover details, admin fees, value for money, claim and complaint process and more are analyzed and weighted.
Consumers, on the other hand, can write down their opinions on independent websites such as TrustPilot, Reevoo or Reviews which give great insights on claim process and refund as well as customer service at Lloyds Bank.
| Defaqto | |
|---|---|
| Car insurance | 3 |
| Home insurance | 5 |
Is Lloyds Bank a good car insurance company?
3,4 Safe overall rating for Lloyds Bank car insurance
Lloyds Bank offers two levels of car insurance which is the Standard and Comprehensive insurance policy. Extra cover options like Keycare cover, Motor Legal Protection, Breakdown Cover are provided. It however doesn't offer insurance policies for young drivers and learning drivers.
In addition to typical car insurance coverage choices, Lloyds Bank offers, among other options:
Breakdown cover
The breakdown cover is provided at a cost of £29.99 per year and it comes with different levels of cover which in turn offers different services. They are:
- roadside assistance: in the event that your car broke down at a distance not too far from your home
- at home: this cover is useful in the case that your vehicle doesn't start and it is close in distance to your home address
- recovery: this level of cover provides alternative sources of transportation for the driver and passengers if repair cannot be done immediately on the vehicle
- onward travel: this includes car hire services and provision for accommodation when needed
- EU: this provides breakdown cover in European countries.
Windscreen cover
Lloyds bank would cover the replacement or repair cost of broken glass in the windscreen or windows of your car and any scratching or damage done to the bodywork caused by the broken glass, in the event that there has not been any other form of loss or damage.
Claim on windscreen, window or sunroof doesn't affect NCB.
Motor legal protection
Lloyds Bank offers Motor legal protection services at a cost of £30.99 per year and in the case of any accident, provides the following services:
- cover for the lawyer’s fees
- cover for the provision of legal services
- cover for any other expenses so long as it has been agreed upon.
Personal injury policy
In the case of an accident, and also in the event that within 3 months, this accident leads to:
- death
- permanent loss of sight
- permanent loss of limbs.
Lloyds bank offers the injured person (the driver or the spouse) a benefit amount.
Besides main car insurance coverage, you can also get extra car insurance options at Lloyds Bank. Get to know more, read our complete review on Lloyds Bank car insurance.
Is Lloyds Bank a good travel insurance company?
4,4 Safe overall rating for Lloyds Bank travel insurance
The company's travel insurance policies come as standard when you open a bank account at Lloyds. The insurance covers may vary depending on the type of account you choose to open. There are 4 types of accounts available which represent the different levels of coverage you get: Silver, Gold, Platinum and Premier.
All accounts offer multi trip travel insurance but vary when it comes to destination coverage.
We would recommend Lloyd to anyone looking to open a bank account that comes with travel insurance coverage as standard.
For single and annual multi-trip cover, age and maximum number of days limits at Lloyds Bank are:
| Main travel insurance policies | Available at Lloyds Bank |
|---|---|
| Lloyds Bank maximum number of days limit | Silver: 45 days per trip |
| Lloyds Bank age limit | Silver: 64 years |
You will find Lloyds Bank cover details (compensations, deductibles, extras etc.) for single and annual multi-trip policies in our review.
Besides main travel insurance policies, Lloyds Bank also provides extra cover such as:
- backpackers travel insurance
- long stay travel insurance
- winter sports cover
- golf cover
- cover for business trips
- cruise gear
- gadget cover
The following upgrades are available:
- Excess Waiver
- Trip duration extension
- Upgrade of winter sports limit and coverage
- Additional adult or child cover.
>> MORE: read our complete review on Lloyds Bank travel insurance.
Is Lloyds Bank a good home insurance company?
4,3 Safe overall rating for Lloyds Bank home insurance
The company offers 2 levels of cover for home insurance: standard, rated 3 stars by Defaqto, and Premier rated 5 stars.
The standard building insurance offers low alternative accommodation cover of £30 000, and only up to £1M owner's liability. Standard contents insurance ranks a bit higher with up to £100 000 maximum sum insured, and up to £20 000 cover for items temporarily removed.
The Premier level of cover includes accidental damage as standard. There are no limits for maximum sum insured for both buildings and contents insurance. You will also get keys cover up to £10 000.
The company is embracing technology offering to customers customer portal, social media help supports, claim or cancel form online. However, customer reviews are below average which means that the claim process could be tedious.
Lloyds Bank building insurance
You will find below building main insurance details for the Standard Home Insurance cover at Lloyds Bank:
- Maximum sum insured for your property: £1 000 000
- Owner's liability: £1 000 000
- Alternative emergency accomodation: £30 000
- Period of home's unoccupancy cover: 60 days
- Trace and access: £5 000
- Keys cover: £250
- Subsidence excess: £1 000
Alongside building insurance, you can get additional cover such as:
| Home building insurance extras | |
|---|---|
| Home emergency |
|
| Boiler cover |
|
| Family legal protection |
|
Lloyds Bank contents insurance
You will find below contents insurance details for the Standard Home Insurance cover at Lloyds Bank:
- Maximum sum insured for your contents: £100 000
- Alternative emergency accomodation: £20 000
- Single item limit: £3 000
- Contents in the open: £1 000 (optional)
- Contents in outbuildings: £5 000 (optional)
- Money / credit card kept at home: £500 / £500
- Items temporarily removed from home: £20 000
Alongside contents insurance, you can get additional cover such as:
| Home contents insurance extras | |
|---|---|
| Accidental damage cover | Optional extra |
| Personal possessions cover |
|
| Mobile cover |
|
| Bike cover |
|
Standard excess to report a claim at Lloyds Bank is £100 - £1 000.
You will find exhaustive cover details, administration fees, contacts etc. on Lloyds Bank home insurance on our review below.
>> MORE: read our complete review on Lloyds Bank home insurance.
Is Lloyds Bank a good life insurance company?
2,4 Safe overall rating for Lloyds Bank home insurance
Lloyds Bank was founded in 1765, and has been serving the households, businesses and communities of Britain since then. Lloyds Bank offers only two types of life insurance, which are the Level Cover term insurance and Decreasing Cover term insurance. No cover is offered for critical illness and the only details available about the services provided are the ones listed on the website. They however have poor ratings on both Defaqto and TrustPilot and their maximum age of insurance which is 59 years is on the low side compared to other insurers. They have however been in service for a long time which indicates reliability. Although their services are recommended for this reason, there are other life insurance companies that can be used.
In summary, here are the main features you need to know when taking out life insurance with Lloyds Bank.
| Life insurance criteria | |
|---|---|
| Minimum age | 18 years |
| Maximum age | 59 years |
| Pay-out | Up to £500,000 |
| Extras | A life insurance calculator is available on the website. |
| Terminal illness | Yes |
You will find everything you need to know on Lloyds Bank life insurance in our review.
>> MORE: read our complete review on Lloyds Bank life insurance.
Lloyds Bank discount codes, promos and vouchers
| Discounts and promo codes available | |
|---|---|
| Car insurance |
|
| Travel insurance | There are no discouns mentioned on the website of policy documents. |
| Home insurance |
|
| Life insurance | Not stated |
How to contact Lloyds Bank?
Find out how to contact and log in to Lloyds Bank on our contact page.
