LV Building Insurance Increase

CIPFAMAN

Have used LV for many years and this year thay tried to increase my Buildings and Contents insurance by 75%! Never claimed and nothing changed other than LV are no longer a Mutual and are 100% owned by a foreign Company Allianz, perhaps they thought the time was ripe to really cash in with huge premium increases. Phoned LV  to try to ask for a reduction but a surly advisor seemed to take pleasure in giving a definite no. The comparison sites offer an 18% increase, which in these times is reasonable, so thats where I am going.

DullGreyGuy

CIPFAMAN said:

Have used LV for many years and this year thay tried to increase my Buildings and Contents insurance by 75%! Never claimed and nothing changed other than LV are no longer a Mutual and are 100% owned by a foreign Company Allianz, perhaps they thought the time was ripe to really cash in with huge premium increases. Phoned LV  to try to ask for a reduction but a surly advisor seemed to take pleasure in giving a definite no. The comparison sites offer an 18% increase, which in these times is reasonable, so thats where I am going.

LV= are probably a mid tier policy, comparison sites are full of bottom of the barrel policies and providers. As long as you are comfortable that the new policy provides adequate cover for your needs and you like the provider.

Cheap insurance can become very expensive when you realise your budget policy doesn't have matching set cover and so they'll only replace the damaged kitchen unit and you have to replace all the rest if you want to keep having a matching kitchen. 

Likewise a quick search on here will show the mechanisms that some are using to drive up premiums after purchase by ensuring every detail you gave them was exactly accurate. 

citori

I have just had my renewal quote through from LV. The premium has increased by 43% 
I have been with them for years and my circumstances have not changed, no claims made etc. 
I'm just stunned by this huge increase.
I think it's time to start using the comparison sites.. 

A._Badger

citori said:

I have just had my renewal quote through from LV. The premium has increased by 43% 
I have been with them for years and my circumstances have not changed, no claims made etc. 
I'm just stunned by this huge increase.
I think it's time to start using the comparison sites.. 

My LV renewal quote more than doubled this year - even the broker was aghast! No claims, no changes, just a greedy insurance company which relies on customers being too lazy or too dim to shop around. Naturally, that's exactly what I did. 

Linton

A._Badger said:

citori said:

I have just had my renewal quote through from LV. The premium has increased by 43% 
I have been with them for years and my circumstances have not changed, no claims made etc. 
I'm just stunned by this huge increase.
I think it's time to start using the comparison sites.. 

My LV renewal quote more than doubled this year - even the broker was aghast! No claims, no changes, just a greedy insurance company which relies on customers being too lazy or too dim to shop around. Naturally, that's exactly what I did. 

Insurers cannot be too greedy as they would lose all their business.  It could be that they dont really need you as a customer because of their balance of risk regarding location, cost of house, type of house etc etc.

I always use comparison sites when I receive a quote from my current insurance provider.  In most cases the current provider is cheaper  or at least no more expensive than other mainstream insurers.

A._Badger

Linton said:

A._Badger said:

citori said:

I have just had my renewal quote through from LV. The premium has increased by 43% 
I have been with them for years and my circumstances have not changed, no claims made etc. 
I'm just stunned by this huge increase.
I think it's time to start using the comparison sites.. 

My LV renewal quote more than doubled this year - even the broker was aghast! No claims, no changes, just a greedy insurance company which relies on customers being too lazy or too dim to shop around. Naturally, that's exactly what I did. 

Insurers cannot be too greedy as they would lose all their business.  It could be that they dont really need you as a customer because of their balance of risk regarding location, cost of house, type of house etc etc.

I always use comparison sites when I receive a quote from my current insurance provider.  In most cases the current provider is cheaper  or at least no more expensive than other mainstream insurers.

Then you must lead a charmed life. I haven't claimed on an insurance policy for over 15 years, live in a low risk, rural, area. have no motoring or other 'issues' and yet every year I have to switch companies for both car and home insurance, via the comparison sites. Reports from around the country suggest that I am not alone this year, so the usual excuses simply don't wash.. 

DullGreyGuy

A._Badger said:

Linton said:

A._Badger said:

citori said:

I have just had my renewal quote through from LV. The premium has increased by 43% 
I have been with them for years and my circumstances have not changed, no claims made etc. 
I'm just stunned by this huge increase.
I think it's time to start using the comparison sites.. 

My LV renewal quote more than doubled this year - even the broker was aghast! No claims, no changes, just a greedy insurance company which relies on customers being too lazy or too dim to shop around. Naturally, that's exactly what I did. 

Insurers cannot be too greedy as they would lose all their business.  It could be that they dont really need you as a customer because of their balance of risk regarding location, cost of house, type of house etc etc.

I always use comparison sites when I receive a quote from my current insurance provider.  In most cases the current provider is cheaper  or at least no more expensive than other mainstream insurers.

Then you must lead a charmed life. I haven't claimed on an insurance policy for over 15 years, live in a low risk, rural, area. have no motoring or other 'issues' and yet every year I have to switch companies for both car and home insurance, via the comparison sites. Reports from around the country suggest that I am not alone this year, so the usual excuses simply don't wash.. 

The fact that as a whole sector both motor and home made underwriting losses last year you think is a poor excuse?  If it was costing Tesco £1.10 to produce/sell a loaf of bread how long do you think they'd continue to sell it for £0.99?

A._Badger

DullGreyGuy said:

A._Badger said:

Linton said:

A._Badger said:

citori said:

I have just had my renewal quote through from LV. The premium has increased by 43% 
I have been with them for years and my circumstances have not changed, no claims made etc. 
I'm just stunned by this huge increase.
I think it's time to start using the comparison sites.. 

My LV renewal quote more than doubled this year - even the broker was aghast! No claims, no changes, just a greedy insurance company which relies on customers being too lazy or too dim to shop around. Naturally, that's exactly what I did. 

Insurers cannot be too greedy as they would lose all their business.  It could be that they dont really need you as a customer because of their balance of risk regarding location, cost of house, type of house etc etc.

I always use comparison sites when I receive a quote from my current insurance provider.  In most cases the current provider is cheaper  or at least no more expensive than other mainstream insurers.

Then you must lead a charmed life. I haven't claimed on an insurance policy for over 15 years, live in a low risk, rural, area. have no motoring or other 'issues' and yet every year I have to switch companies for both car and home insurance, via the comparison sites. Reports from around the country suggest that I am not alone this year, so the usual excuses simply don't wash.. 

The fact that as a whole sector both motor and home made underwriting losses last year you think is a poor excuse?  If it was costing Tesco £1.10 to produce/sell a loaf of bread how long do you think they'd continue to sell it for £0.99?

Yes, I do think it's a poor excuse for the sort of ridiculous increases being charged this year. Insurance companies are, in essence bookmakers. They are betting the policy holder won't make a claim. Every now and again they get it wrong (or, at least, they say they do). One year of claimed losses should be seen in the context of the profits made over many years. Remind me when the last insurance company went broke. I have very little time for them,  

DullGreyGuy

A._Badger said:

DullGreyGuy said:

A._Badger said:

Linton said:

A._Badger said:

citori said:

I have just had my renewal quote through from LV. The premium has increased by 43% 
I have been with them for years and my circumstances have not changed, no claims made etc. 
I'm just stunned by this huge increase.
I think it's time to start using the comparison sites.. 

My LV renewal quote more than doubled this year - even the broker was aghast! No claims, no changes, just a greedy insurance company which relies on customers being too lazy or too dim to shop around. Naturally, that's exactly what I did. 

Insurers cannot be too greedy as they would lose all their business.  It could be that they dont really need you as a customer because of their balance of risk regarding location, cost of house, type of house etc etc.

I always use comparison sites when I receive a quote from my current insurance provider.  In most cases the current provider is cheaper  or at least no more expensive than other mainstream insurers.

Then you must lead a charmed life. I haven't claimed on an insurance policy for over 15 years, live in a low risk, rural, area. have no motoring or other 'issues' and yet every year I have to switch companies for both car and home insurance, via the comparison sites. Reports from around the country suggest that I am not alone this year, so the usual excuses simply don't wash.. 

The fact that as a whole sector both motor and home made underwriting losses last year you think is a poor excuse?  If it was costing Tesco £1.10 to produce/sell a loaf of bread how long do you think they'd continue to sell it for £0.99?

Yes, I do think it's a poor excuse for the sort of ridiculous increases being charged this year. Insurance companies are, in essence bookmakers. They are betting the policy holder won't make a claim. Every now and again they get it wrong (or, at least, they say they do). One year of claimed losses should be seen in the context of the profits made over many years. Remind me when the last insurance company went broke. I have very little time for them,  

Other than they made an underwriting loss the prior year and are anticipated to make another one this year despite the price increases.

UK insurers dont go out of business regularly because Solvency II requires them to hold sufficient capital to survive a 1 in 200 year event and most insurers hold at least 50% above this. When capital starts getting depleted the PRA start monitoring the Management Action Plan before taking more proactive steps themselves even before it hits 100% of the required capital. 

 What typically happens is rather than going insolvent they simply stop trading and go into runoff and then at some point a run off specialist like Enstar will buy or reinsure the remaining liabilities.

As such you dont get large numbers of insolvencies but just under 2 years ago we had MCE going insolvent which caused a lot of issues for the motorbike riding members of this forum and three other small insurers went down in that 12 months. 

4leafclover_2

My LV buildings and contents quote is up by nearly 80%, not made any claims, good area, small house, came on here to see if it was just me, reading this thread seems not …