LV Home Insurance

Options
D_P_Dance
D_P_Dance Posts: 11,503 Forumite
First Post Name Dropper First Anniversary
in Insurance & life assurance
I have just received a renewal notice from LV. It is to be increased from £100 pa to £160. I have thus renewed with Direct line with similar cover for £87.00.

I phoned LV for an explanation and asked them why Confused.com were quoting an annual premium with LV at £87.00. All they could offer was that due yto flooding and bad weather claims had been considerably higher in the last year.

I wonder how long they will stay in business.
You never know how far you can go until you go too far.

Comments

  • Martyn_H
    Martyn_H Posts: 457 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    LV wanted a 75% increase on my car insurance renewal when there were no changes to my circumstances so I went elsewhere. My wife's insurance with Saga increased by only £20 so she's still a customer.
  • dunstonh
    dunstonh Posts: 116,395 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    I phoned LV for an explanation
    And you genuinely think a call centre worker is going to know the mechanics behind pricing?

    I wonder how long they will stay in business.
    LV general insurance hasn't been owned by LV for some years.    Its just a badge now and the current owners will be fine.     In reality, you taking an £87 annual premium elsewhere has probably saved them money.


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • DullGreyGuy
    DullGreyGuy Posts: 10,464 Forumite
    First Post First Anniversary Name Dropper
    Options
    dunstonh said:
    I phoned LV for an explanation
    And you genuinely think a call centre worker is going to know the mechanics behind pricing?

    I wonder how long they will stay in business.
    LV general insurance hasn't been owned by LV for some years.    Its just a badge now and the current owners will be fine.     In reality, you taking an £87 annual premium elsewhere has probably saved them money.


    Its a bit more than that now as Allianz has moved it B2C business to be under the LV= brand name now so there is probably some harmonisation of the two rates. 

    Absolutely agree that a call centre agent sees no more information on pricing than is presented to a customer if they self serve a quote on the website.
  • D_P_Dance
    D_P_Dance Posts: 11,503 Forumite
    First Post Name Dropper First Anniversary
    Options

       In reality, you taking an £87 annual premium elsewhere has probably saved them money.

    Please explain

    You never know how far you can go until you go too far.
  • DullGreyGuy
    DullGreyGuy Posts: 10,464 Forumite
    First Post First Anniversary Name Dropper
    Options
    D_P_Dance said:

       In reality, you taking an £87 annual premium elsewhere has probably saved them money.

    Please explain

    £87 premium is £77 once IPT has been paid. 

    Confused.com charge £50 per sale so LV= are now only getting £27

    Take off IT costs, staff costs etc etc and you'll be lucky to have anything left to put towards any potential claims. 
  • Jaybee_16
    Jaybee_16 Posts: 428 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    My experience last year was the opposite. I was with Direct Line but moved to LV as they were £100 cheaper.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.4K Work, Benefits & Business
  • 608.2K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards