LV Insurance Renewal

morrisoscar

I have two cars insured with different companies, one a lease car on a fleet insurance policy the other my private car. Last year another driver hit my lease car causing minor damage to the bumper, at the scene the other driver admitted liability and apologised for damaging the car. The car was repaired and I heard no more. I have just come to renew the policy on my private car with LV on which I have full no claims bonus which is protected and have never made a claim in the several years I have been with this company. On Friday I received my renewal notice which was still within £5 of any other quote so I rang them to renew, the person I spoke to asked me if anything had changed, I said no but being honest I told them about the damage caused to my lease car. They thanked me for being honest and said it meant my quote was invalid and they wanted a extra £54.20 because I had had an incident. I refused to pay the extra and they eventually agreed not to charge the extra fee, however my document have just arrived and they show an incident in August of last year even though it was nothing to do with this policy. Is this just another way of making money?

blacksta

Unfortunately that is how the Insurance industry works - A claim is claim even when you are the victim - Have you tried searching again on the search engines and including the fact that you have claimed in the past.

morrisoscar

blacksta wrote: »

Unfortunately that is how the Insurance industry works - A claim is claim even when you are the victim - Have you tried searching again on the search engines and including the fact that you have claimed in the past.

Didn't see the point as they have removed the additional cost, just seems wrong as I have not claimed on the policy at all but the paperwork indicates that I have and they tried to charge me extra. When I said to the person at LV that using their logic I would have been better off hitting my lease car with my own car as my policy is protected and so would not have increased the premium it was met with silence.

pitkin2020

If you mean your NCB's is protected you still would have had a premium increase as you would have a claim on your record. The NCB system is a complete joke and having them protected is a load of rubbish IMO.

Bongles

It doesn't sound on the face of it that they've done anything unusual or unexpected. Protecting your NCD does not mean your premium won't change when you have an incident.

To calculate a price for you, the insurance company first calculates an underlying premium based on their assessment of how much of a risk you are, then they apply any NCD you have - which is a percentage discount on the underlying premium.

The NCD is specific to that insurance policy and can only be affected by claims made on that policy. The underlying premium on the other hand is based on the insurance company's assessment of how much of a risk you are - and that assessment quite reasonably takes into account all your driving history, not just things that happened under the policy in question.

It would appear that LV regard the incident you had as an indication that you are a hgiher risk than they previously thought. You may disagree .

Bongles

pitkin2020 wrote: »

The NCB system is a complete joke and having them protected is a load of rubbish IMO.

Why do you think it's a joke? I think the way no claims discounts work is - relatively - clear and uncontroversial.

Hiking someone's underlying premium just because they are a victim of an incident that was entirely someone else's fault though - that strikes me as a complete joke.