Car Insurance increase

migeg49

Hi.

I have been a loyal customer of LV insurance for 7 years, the only claims I have made is for windscreen and a couple of years ago another customer os LV reversed into the side of my car, this didnt affect my insurance or my no claims.

However they want to now renew my policy and take the cost from £377.27 to a whopping £536.13, When I asked why this was their reply was.........and I quote.......the cost of living crisis ??????????, how are they allowed to get away with this ??....they did offer to reduce it to £509...Gee thanks.

So not only are energy companies & supermarkets making huge profits out of the general public during the cost of living crisis, insurance companies can smell a cash cow too.

very very angry.

oldernonethewiser

Read the news, lots of this going on.  There is no benefit in being a "loyal" customer.

Take your business elsewhere.

Slinky

Oh for heavens sake they are taking you for a ride. Stick your details into a price comparison website and you'll find out by how much.  My husband's quote with LV was £360 at renewal. I found him a 5* policy with Sainsbury's Bank through a comparison website for £242 with £40 cashback to come.

There's no special treatment for being loyal to an insurance company.

TheMilkmansDad

and how does the quote compare to over insurance companies? rules have changed recently meaning there are no benefits to being a loyal customer (if there ever were?). cost have gone up so I'd expect to be paying more insurance premiums. As a ball park guess maybe a 40-60% increase so the above quote might not sound to bad once you've shopped round.

Aretnap

Loyalty is an admirable quality in dogs, but it has nothing to do with your relationship with a multi-billion pound financial services company. If you think they are overcharging you take your business elsewhere, but be aware that insurance prices are up substantially across the board this year for reasons which have been discussed d nauseam, so there might not be as big a saving to be found as you might hope.

HumberFlyer

Yep, definately gone up.
Same car same company
No claims or anything changed

2020................ £404
2021................ £425
2022................ £327
2023...............  £697

113% increase on last year

dunstonh

 how are they allowed to get away with this ??

<snip>

So not only are energy companies & supermarkets making huge profits out of the general public during the cost of living crisis, insurance companies can smell a cash cow too.

I am guessing from your comments that you are not aware that inflationary issues affect businesses as well as consumers.

very very angry.

Probably better for you to get informed rather than rant.

key issues in car insurance:
1 - shortage of parts leading to cars being written off when they could have been repaired previously.
2 - high cost of second hand cars
3 - energy costs for their own offices (no price cap on businesses)
4 - staff wanting to be paid more.
5 - increase in claims

Also, during difficult times, insurance fraud and thefts go up.

migeg49

@dunstonh  1-2-5 are nothing to do with me ( not my fault ) neither is insurance fuad or thefts, so why should i be responsible for paying for it, 3 -4 i understand, but if they raise every customers policies by nearly £200 then they are clearly making massive profits....yet everyone seems to think thats ok that they are making suckers out of us all ?...........

oldernonethewiser

migeg49 said:

@dunstonh  1-2-5 are nothing to do with me ( not my fault ) neither is insurance fuad or thefts, so why should i be responsible for paying for it, 3 -4 i understand, but if they raise every customers policies by nearly £200 then they are clearly making massive profits....yet everyone seems to think thats ok that they are making suckers out of us all ?...........

Many things that are not directly your responbility affect prices, have you not noticed this before?

What makes you think everyone thinks that they are being made suckers and what makes you state that people think this is okay?

migeg49

oldernonethewiser, 

Beacuse everyone just accepts is as normal, they are all making huge profits on the back of 'the cost of living crisis' and the whole popuation are just letting them do it, even the government is begining to question the profits being made by the supermarkets and the extortionate bonuses they pay the CEO's.

We all sit here like the meek and mild and let them do it while we all struggle, Its so wrong.

oldernonethewiser

migeg49 said:

oldernonethewiser, 

Beacuse everyone just accepts is as normal, they are all making huge profits on the back of 'the cost of living crisis' and the whole popuation are just letting them do it, even the government is begining to question the profits being made by the supermarkets and the extortionate bonuses they pay the CEO's.

We all sit here like the meek and mild and let them do it while we all struggle, Its so wrong.

What are you going to do about it?

As already pointed out loyality to business is a mugs game.