FRANKFURT--Allianz SE (ALV.XE) and Volkswagen Financial Services AG, the financing arm of carmaker Volkswagen AG (VOW.XE), Wednesday said they plan to bolster insurance policy sales through the launch of a new motor insurance joint venture on Jan. 1, 2013.

The joint venture, named Volkswagen Autoversicherung AG, will offer Volkswagen's customers "tailor-made and inexpensive car insurance," the companies said. Allianz will hold 49% in the joint venture and the Volkswagen unit will hold 51%.

The Volkswagen financing arm has been selling property/casualty insurance policies with a guaranteed payout since January 2011.

Write to Ulrike Dauer at ulrike.dauer@wsj.com