Budget will promote its three insurance brands, Budget and Dial Direct and motorbike specialist Bennets, in rotation for the duration of the contract.
The deal will also include sponsorship of the weather on ITV1 regions Anglia, Yorkshire and Tyne Tees, and was negotiated by MediaVest Manchester.
The sponsorship is part of the company's sizeable £14m marketing spend, aimed at growing its customer base during 2003.
Matthew Gledhill, marketing director at Budget, said: "The new marketing drive is part of Budget's ambitious plans to grow its market share of the UK's car, motorcycle and household insurance sectors and become the number one intermediary in the UK specialising in personal lines."
He added: "This latest TV campaign will help us to raise awareness and enhance communication of the three brands throughout the UK."
The ITV News Channel is the smallest of the UK's three main rolling news channels, behind Sky News and BBC News 24. In the four weeks to March 23, ITV News reached 8.1m adults, according to BARB InfoSys figures.
In a separate announcement, Suzuki Motorcycles UK is promoting its GSX R 1000 and SX 1000 models on the motorcycle strand of Granada Sky Broadcasting's Men & Motors channel to coincide with the launch of the channel's extended hours of motoring programming.
Men & Motors now broadcasts 12 hours of motoring and motorcycle output from 11am.
The deal includes two versions of a 30-second Suzuki commercial, each advertising a different model. The commercials will be rotated around the four hours of dedicated bike programming each day. There will also be a four-week on-screen and online competition on , where viewers will have the opportunity to win a Suzuki SX1000 motorbike.
The deal was negotiated by Tom Langshaw of Granada Enterprises and Dave Foster of Media By Design.
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