Comparing Car Insurance annual cost with LV - My experience

MarkLakes

Ok so been with LV (& house insurance) for several years. Always been happy but, like many other folk, car insurance on a multi car policy has increased by 54% from £283 to £446 per annum. This is after the additional policy discount.

Did comparison last year but nothing came close. However comparison site quoted again automatically and I also used the new Martin Lewis comparison tool and both came up with LV cheapest albeit higher than renewal premiums from them (individual car quotes).

Tried others direct (e.g Hastings, Admiral) and hugely more expensive. 

Gave LV a call but even with a bit of friendly haggling could only get a £14 reduction.

Adviser said they recommend people do shop around but it seems no amount of doing this will help me reduce the sizeable increase and I've come to the conclusion that I'm wasting my time even bothering now.

Anyone similar experience? Do LV have a 'Retentions Team' who may give bigger reduction? Or are LV more than confident they can't be beaten?  Trouble is I can't find anything cheaper so I'm thinking I haven't got too bad a renewal deal anyway despite a 50% plus increase!

Only option appears to be to renew and take increase on chin but be happy it is still a reasonable deal by comparison. Such a large increase however does grate as it will to others!!!

We are both retired, clean licences, no claims, max NCD, low mileage per annum etc...

As an aside this is going to push up inflation over coming months is it not? 

DullGreyGuy

You increase is fractionally above the average increase seen last month and the predictions are that premiums will continue to increase into next year. 

most insurers dont have retention teams, its accepted that customers are increasingly promiscuous and its better to stick to your pricing than slash your prices for those that wont be loyal the next year 

Pete99

I'm in the same position, been with LV for a couple of decades for both car and house insurance, last years car insurance was £216, renewal this year is £322 with no explanation as to why, it seems to be that as we're a captive audience, we've got to have car insurance so they charge what they like and anyone who is older than 85 can't really shop around anyway because apparently the insurance companies won't accept a new customer over 85 so they're stuck with the one they're with.

DullGreyGuy

Pete99 said:
it seems to be that as we're a captive audience, we've got to have car insurance so they charge what they like 

Mass market consumer insurance is a highly commoditised product with generally thin margins that only work because of volume.

Seems those glasses have gotten rose tinted, you are paying significantly less for your insurance now (inflation adjusted) than you did in the 70s and 80s even with this years large hikes. If they could charge what they want why haven't they achieved above inflation increases?

Abergeordie

The last time i looked, inflation wasn't 60%!