Those thieves and LVE

MikeR71

Right I am very angry at LVE and I wanted to share the story with you.

I am insured with LVE on my last year's policy which runs out tonight. I already accepted a renewal quote from them a couple of weeks ago and was told that I could call in to pay the full amount before my renewal starts. So I phoned in today and offered to pay the full annual premium instead of monthly direct debit. To my surprise I found that they have added an additional £6.31 as interest, which apparently has been accrued for the first month's payment!!! This is eventhough the new policy hasn't started yet and the direct debit date would be the 2nd of November.

I was furious, not that £6 is any significant amount of money, but because they are trying to charge me that shouldn't apply. The fact is that I have paid for my cover to date and I owe them nothing. I am also happy to pay off the full amount for next year so I don't owe them anything, and yet they STILL want to charge me interest. On what I have no idea.

The stupid customer service person just repeated that this is the amount which comes up on the system and there is no leeway on it. She could not offer any measure of commonsense.

So now I want to know what my options are. If I cancel and find another insurer they can charge me £35. If I cancel my direct debit and not pay them anything, will that invalidate my insurance? I am really tempted to not pay them anything as the renewal doesn't start till midnight and I can easily find another provider by then.

What does everyone think?

InsideInsurance

Not paying results in the policy being cancelled for nonpayment and thus will approximately triple any future insurance for you. Plus if you think LV are poor service wait till you try the few that are willing to deal with people that have had insurance cancelled

dunstonh

If I cancel my direct debit and not pay them anything, will that invalidate my insurance?

They can void the policy and you will to declare cancellation due to non-payment on all future insurance applications (up goes premium and some wont even quote you). They can register it as a default and destroy your ability to get credit.

agrinnall

Non payment is a bad idea as the others have said. However, as the new policy has not started yet I don't see how they could possibly charge you a cancellation fee if you decided not to renew, if there's no policy then there is nothing to cancel.