LV eventually taking the ****, or not?

[numtumfutunch]

Having spent a lifetime playing the renewal game with car insurance I chanced upon LV a few years ago who refreshingly send me a new quote each year for broadly the same price as I have previously paid so I just auto renew. Ive never had to claim but their prices are good and customer service always excellent when Ive spoken to them about a small number of boring things

Until today

Apparently there has been a cost of living crisis relating to Putin and so they have hiked my premium by 20%
There are zero changes to anything about the car, me or the policy details and I certainly havent had a 20% pay rise either

Groan - it was good while it lasted..........

[Pintofbest]

I've been with Esure for the past 3 years and the auto renew this year would have changed me from £505 to £850 a year! I've got the same cover through AA for slightly under £500 but Esure wouldn't even explain the hike when I spoke to them.

[numtumfutunch]

Pintofbest said:

I've been with Esure for the past 3 years and the auto renew this year would have changed me from £505 to £850 a year! I've got the same cover through AA for slightly under £500 but Esure wouldn't even explain the hike when I spoke to them.

LV have explained it as Putin

[Lester H]

numtumfutunch said:

Having spent a lifetime playing the renewal game with car insurance I chanced upon LV a few years ago who refreshingly send me a new quote each year for broadly the same price as I have previously paid so I just auto renew. Ive never had to claim but their prices are good and customer service always excellent when Ive spoken to them about a small number of boring things

Until today

Apparently there has been a cost of living crisis relating to Putin and so they have hiked my premium by 20%
There are zero changes to anything about the car, me or the policy details and I certainly havent had a 20% pay rise either

Groan - it was good while it lasted..........

Agreed, entirely. Until six of seven years ago, LV and NFU (Farmers) were cheaper than most, and certainly any of which I had heard. Autocar used to push LV. Sadly, as people latched on, it all changed! The Covid excuse is wearing thin, now.

[Philvrs]

Also left LV earlier this year after 3 years. Mine was a multicar policy with 2 vehicles, they give a separate price for each vehicle and both were exactly 38% increase on last year.

[CraigyMc]

Insurers are having to price in the cost of repairs which went mental due to the lack of parts availability, the cost increases for garages (you might not have had a payrise, but mechanics have) - and they are needing to price in the inflation for the next year.

I'm not a shill for insurers, but I can see how this stuff would add up to 20%.

[911Spanker]

My Admiral policy went up a lot. Called them and they refunded a chunk (shouldn't have to do that) but still a lot more than last year.

Shopped about and it's in the ballpark of others so stayed.

[alscar]

OP , if your premium has been broadly the same for the last few years and only now gone up by 20% then I think you might still be ahead.
Putin / Ukraine / Inflation factors are usually mentioned in any such bill increase these days.

[rigga]

Just renewed my two cars , one went up by £20, and the other was exactly the same price as last year.

It's a lottery.

[anonymous-user]

Likewise, my LV policy went up considerably this year, however when I benchmarked it on some comparison sites the renewal was in-line with the best alternative prices.

[Bennet]

Just spend 10 minutes on a price comparison site and there's your answer. Go Compare is my personal preference.

[ARHarh]

One of my policy's was for renewal into its 3rd year and they wanted 30% more so changed to a policy that was 60% cheaper than the renewal quote. The other which was due renewal into its second year went up 0.75%. So I guess that the insurers now realise people will just change insurers if they put it up on first renewal but may just except an increase on the 3rd year. I always do a comparison every time a renewal comes up be it energy, insurance, broadband etc. After all it only takes a few minutes, especially if you set up an account with you favoured comparison site. And insurance quotes tend to be cheaper if you get them a few weeks before renewal is due, not sure why but I guess there's a reason

[mikeiow]

Only 20%?

MrsMikeIOW had her car - Kona EV - insured with Privilege last year.
Renewal came in: up 77% Zero changes to circumstances.

A shop around found all quotes pretty awful, but actually found LV the cheapest option for same cover.
£70 cheaper than Privilege - still over 45% rise - plus a chunk on TopCashBack to ease the pain

Feels like price gouging on the part of the insurers this year

[HJG]

Same experience with Direct Line.
Been with them 7 years.
This year premium was + £130
Rang them to discuss and the length of time it took to get through had already made my mind up for me.
Did it as a new customer out of interest and it was
+£330

Obviously my car / profile doesn't fit their business strategy anymore.

[Old Merc]

I`ve been with LV= for years, multi car, classic and home policies. All premiums have stayed almost the same each year. Until this year, our two daily drivers went up from £413 to £478. I checked around online for a better price, could not find one.

One other thing, last year LV= stopped providing classic car policies, so I had to go elsewhere and pay more.

[Dingu]

Would sir prefer they go bust and it be a long painful process to recover any money or have any claim paid? Thought not.

[RazerSauber]

numtumfutunch said:

Pintofbest said:

I've been with Esure for the past 3 years and the auto renew this year would have changed me from £505 to £850 a year! I've got the same cover through AA for slightly under £500 but Esure wouldn't even explain the hike when I spoke to them.

LV have explained it as Putin

Putin up the prices!

The threat of nuclear war might hike insurance prices. Not sure it'll be worth it though. If my car is nuked, it's not like I'll be in a position to make a claim!

[ziggy328]

Same for me - been with LV a while - always the same (ish) price - this year up 40%. Checked on comparison sites though and even with the 40% hike it's still cheaper than the cheapest the site finds!

[LuS1fer]

Nothing to do with LV but went on a price comparator to play with insurance prices for a speculative Fiat Panda for the other half.

So with zero no claims (as it's used on another car), it came out at £169. Out of interest, I thought I would try a "mirror NCB" so added on 10 years NCB and it came back as £159. Same company.

[J4CKO]

I understand costs have gone up but does seem like there is something else at work here,

"Lets ramp it by 10 percent to cover our costs, best make it 20 percent, actually, ok, fk it 40 percent"

A Bit like Alan Partridge,

"I wasn’t expecting that Lynn. That was a negative and right now I need two positives. You know, one to cancel out the negative and another one so I can have a positive"