LV insurance warning

liveletlive

Please be aware that LV insurance comprises multiple separate companies that are completely unrelated but share the same branding. This can create significant difficulties when raising a complaint with them. Due to the identical branding, you may receive communication from one LV company stating that you are covered for specific situations, leading you to believe you are protected. However, if you need to make a claim, you may be informed that the company handling your policy is different and unrelated, not even part of the same parent company.

Additionally, I have observed that these companies often produce terms and conditions at the time of making a claim, which were not previously provided. To avoid this, ensure that you request all your documents immediately upon taking out a policy and ask for them to be included in an email. This will prevent the company from claiming they sent you documents by post that you did not receive.

I am uncertain how the Financial Ombudsman Service (FOS) allows this practice to continue.

While this information may seem random, I am confident it will be helpful to someone.

Sooler

Nationwide Building Society (company A) home insurance is similar.

Insurance is provide by company B, claim will be handled by company C, assessor will be from company D

Albermarle

Additionally, I have observed that these companies often produce terms and conditions at the time of making a claim, which were not previously provided. To avoid this, ensure that you request all your documents immediately upon taking out a policy and ask for them to be included in an email. This will prevent the company from claiming they sent you documents by post that you did not receive.

I have three LV= policies and they all confirm everything by e mail, including policy details etc . Nothing comes by post. Maybe I opted for that at some time in the past. I can not remember.
I actually have my first claim with them at the moment ( travel insurance), so will be interesting to see how smoothly it progresses ( or not) .

daveyjp

From my LV experience all documents are available for review before buying, all documents can be sent by snail mail if required, all documents are sent by email or snail mail as soon as a policy is purchased.

DullGreyGuy

liveletlive said:

Please be aware that LV insurance comprises multiple separate companies that are completely unrelated but share the same branding. This can create significant difficulties when raising a complaint with them. Due to the identical branding, you may receive communication from one LV company stating that you are covered for specific situations, leading you to believe you are protected. However, if you need to make a claim, you may be informed that the company handling your policy is different and unrelated, not even part of the same parent company.

Additionally, I have observed that these companies often produce terms and conditions at the time of making a claim, which were not previously provided. To avoid this, ensure that you request all your documents immediately upon taking out a policy and ask for them to be included in an email. This will prevent the company from claiming they sent you documents by post that you did not receive.

I am uncertain how the Financial Ombudsman Service (FOS) allows this practice to continue.

While this information may seem random, I am confident it will be helpful to someone.

LV sold 50% of its general insurance (home, motor, travel etc) business in 2017 and the remaining 50% in 2019. Allianz has since moved all of its direct insurance consumer business under the brand and its brokered business continuous under various brands. 

LV the protection mutual is still just that, its members rejected a proposed sale and demutualisation in 2021


Many companies do the same... RAC car insurance is just Budget insurance brokers rebadged, M&S sells Aviva home insurance rebadged. Pru (UK) used to partner with DLG for general insurance for many years. Pru UK no longer has anything to do with Pru PLC and Pru USA was never anything to do with the UK entity. 

In all cases the actual entities involved are identified, it's up to you if you can bothered to read who they are or not. 

maxmycardagain

Sooler said:

Nationwide Building Society (company A) home insurance is similar.

Insurance is provide by company B, claim will be handled by company C, assessor will be from company D

what, do we TRUST insurance companies now?

Dookdik17095

My friend Jamie  has had serious problems with LV and has contacted Ombudsman  who has   found that LV/Allianz  they are same company  were actually  blaming him for an accident where the Police had  prosecuted the other party who had caused the accident .

 worse they had inflated the repairs to the other  parties vehicle , actual repair cost £658   Insurance   put down £2860 against jamie  .

Jamies car cost £4600 to fix but between LV and Allianz they showed  £6800   again thats not correct  and Ombudsman is not happy

They could do this as other party Insurance is Allinz  and Jamies is LV but same insurer ,, Its a clear case of collusion and vested interests.

The Ombudsman  is sorting it out as jamie  should not have  lost his NCD  as he was the victim   , and Ombudsan is also making sure he is not penalised for  premiums etc ,, and  Is very unhappy about the inflated costs  and accounting  games.

Seems insurers are fraudulent  accounting  methinks ????

PHK

It went to an actual ombudsman? Then it will be published online.