Internet retailer Priceline.com and insurer W.R. Berkley Corp. plan to offer car insurance online through a new joint venture called Priceline.com Auto Insurance Agency Inc. The new venture will pay Priceline.com an annual licensing fee based on revenues generated, the companies said. W.R. Berkley is to oversee underwriting and recruit other car insurers to participate in the service.
“Soon, customers will be able to name their own price for one of the most competitively shopped insurance categories in America — auto insurance,” said Ben Ness, senior vice president of financial services for Priceline.com, which allows customers to bid online for air tickets, car rentals and other services, under the slogan “Name your own price.”
“Auto insurance will further expand our financial services offerings, which currently include mortgages and home equity loans. We plan to offer term-life insurance later this year, and then auto insurance early next year,” Ness said.
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