LV house and contents insurance.
Discussion
Armitage.Shanks said:
I best lock in my price with Sky sharpish given all this interest in case they discover they're set their prices too low!
Their website makes it clear they are “ new “ to the market per se so need to “buy “their way in it seems.
They will need to sell an awful lot of £100 premium policies to pay for any losses though.
Be interesting to see what their average premium increase is in 12 months time !
But for now definitely cheap and as remarked already Zurich as the carrier are pretty decent.
Just to complete the story as the OP.
I took out a Halifax policy today with the same cover, I went through it very very closely for 49% of the renewal price LV wanted.
LV e mailed me again today saying there was still time for me to renew!
Not for me though. I wonder if they will keep our three cars over the next year too.
I took out a Halifax policy today with the same cover, I went through it very very closely for 49% of the renewal price LV wanted.
LV e mailed me again today saying there was still time for me to renew!
Not for me though. I wonder if they will keep our three cars over the next year too.
Our house contents insurance is with Axa, and we've had it there or with their predecessors for 30+ years. It is very comprehensive with low excesses etc, so it has never been really cheap.
I have received the annual renewal letter. From this I have calculated that they have increased the total contents sum assured by 7.5% and the premium by 94%. This represents an increase of 80% per £ of cover. This compares to 2023 when the total cover increased by 11% and the premium by 37%. This year's renewal premium is a whopping £1260.00! Never had a claim, don't live in a dodgy area (low crime rate for our postcode). I gave Axa a call. Their rep explained that it's all down to their rocketing incidence of claims, exceeding 100% of premiums on some lines of business, and that other insurers are experiencing the same thing, apparently. He even said I should try comparison sites to see how I get on, which seems to indicate confidence in his statement about claims. I also said to him that if Axa had a good year 2024 then would my 2025 premium reduce, and he said yes it would. Hmmm: I suspect it will more likely be the same on the grounds that they will seek to recoup prior years' losses.
Looks like I should see what the meercats have to say.
R.
I have received the annual renewal letter. From this I have calculated that they have increased the total contents sum assured by 7.5% and the premium by 94%. This represents an increase of 80% per £ of cover. This compares to 2023 when the total cover increased by 11% and the premium by 37%. This year's renewal premium is a whopping £1260.00! Never had a claim, don't live in a dodgy area (low crime rate for our postcode). I gave Axa a call. Their rep explained that it's all down to their rocketing incidence of claims, exceeding 100% of premiums on some lines of business, and that other insurers are experiencing the same thing, apparently. He even said I should try comparison sites to see how I get on, which seems to indicate confidence in his statement about claims. I also said to him that if Axa had a good year 2024 then would my 2025 premium reduce, and he said yes it would. Hmmm: I suspect it will more likely be the same on the grounds that they will seek to recoup prior years' losses.
Looks like I should see what the meercats have to say.
R.
Scabutz said:
I'm with LV. Last year the renewal came through, it was a decent increase, probably about 30% can't fully remember.
The renewal letter said this the best price we can give, don't phone us our agents won't be able to lower it.
They've always said the same for car insurance, and have refused when I've called, but I just renewewed my wife's - premium had gone up a massive percentage, called them and pretty well straight off they dropped the price. Then transferred me to someone else as I wanted to have the NCB transferred into my name, and she dropped the price again.The renewal letter said this the best price we can give, don't phone us our agents won't be able to lower it.
I should have tried on the house insurance too - that renewed in Dec, was £233 the year before, £332 at renewal.
I shopped around on comparison sites for both the house and car and no-one was cheaper. Wife's car insurance was coming out way dearer. Maybe someone has put a hex on our post-code!
I'm not really sure what LV is up to - on both the policies above the price had dropped a fair bit the year before - both the house and car had gone down to under £200 quid each. If they'd left them alone the increases wouldn't have seemed too bad!
The Leaper said:
Our house contents insurance is with Axa, and we've had it there or with their predecessors for 30+ years. It is very comprehensive with low excesses etc, so it has never been really cheap.
I have received the annual renewal letter. From this I have calculated that they have increased the total contents sum assured by 7.5% and the premium by 94%. This represents an increase of 80% per £ of cover. This compares to 2023 when the total cover increased by 11% and the premium by 37%. This year's renewal premium is a whopping £1260.00! Never had a claim, don't live in a dodgy area (low crime rate for our postcode). I gave Axa a call. Their rep explained that it's all down to their rocketing incidence of claims, exceeding 100% of premiums on some lines of business, and that other insurers are experiencing the same thing, apparently. He even said I should try comparison sites to see how I get on, which seems to indicate confidence in his statement about claims. I also said to him that if Axa had a good year 2024 then would my 2025 premium reduce, and he said yes it would. Hmmm: I suspect it will more likely be the same on the grounds that they will seek to recoup prior years' losses.
Looks like I should see what the meercats have to say.
R.
Here's a follow up.I have received the annual renewal letter. From this I have calculated that they have increased the total contents sum assured by 7.5% and the premium by 94%. This represents an increase of 80% per £ of cover. This compares to 2023 when the total cover increased by 11% and the premium by 37%. This year's renewal premium is a whopping £1260.00! Never had a claim, don't live in a dodgy area (low crime rate for our postcode). I gave Axa a call. Their rep explained that it's all down to their rocketing incidence of claims, exceeding 100% of premiums on some lines of business, and that other insurers are experiencing the same thing, apparently. He even said I should try comparison sites to see how I get on, which seems to indicate confidence in his statement about claims. I also said to him that if Axa had a good year 2024 then would my 2025 premium reduce, and he said yes it would. Hmmm: I suspect it will more likely be the same on the grounds that they will seek to recoup prior years' losses.
Looks like I should see what the meercats have to say.
R.
I used Moneysupermarket to get a comparison and was really surprised how less expensive than Axa I can get comparable cover for. Eg, Admiral has quoted £340.00. Seems almost too good to be true... something of a dilemma now.
R.
The Leaper said:
The Leaper said:
Our house contents insurance is with Axa, and we've had it there or with their predecessors for 30+ years. It is very comprehensive with low excesses etc, so it has never been really cheap.
I have received the annual renewal letter. From this I have calculated that they have increased the total contents sum assured by 7.5% and the premium by 94%. This represents an increase of 80% per £ of cover. This compares to 2023 when the total cover increased by 11% and the premium by 37%. This year's renewal premium is a whopping £1260.00! Never had a claim, don't live in a dodgy area (low crime rate for our postcode). I gave Axa a call. Their rep explained that it's all down to their rocketing incidence of claims, exceeding 100% of premiums on some lines of business, and that other insurers are experiencing the same thing, apparently. He even said I should try comparison sites to see how I get on, which seems to indicate confidence in his statement about claims. I also said to him that if Axa had a good year 2024 then would my 2025 premium reduce, and he said yes it would. Hmmm: I suspect it will more likely be the same on the grounds that they will seek to recoup prior years' losses.
Looks like I should see what the meercats have to say.
R.
Here's a follow up.I have received the annual renewal letter. From this I have calculated that they have increased the total contents sum assured by 7.5% and the premium by 94%. This represents an increase of 80% per £ of cover. This compares to 2023 when the total cover increased by 11% and the premium by 37%. This year's renewal premium is a whopping £1260.00! Never had a claim, don't live in a dodgy area (low crime rate for our postcode). I gave Axa a call. Their rep explained that it's all down to their rocketing incidence of claims, exceeding 100% of premiums on some lines of business, and that other insurers are experiencing the same thing, apparently. He even said I should try comparison sites to see how I get on, which seems to indicate confidence in his statement about claims. I also said to him that if Axa had a good year 2024 then would my 2025 premium reduce, and he said yes it would. Hmmm: I suspect it will more likely be the same on the grounds that they will seek to recoup prior years' losses.
Looks like I should see what the meercats have to say.
R.
I used Moneysupermarket to get a comparison and was really surprised how less expensive than Axa I can get comparable cover for. Eg, Admiral has quoted £340.00. Seems almost too good to be true... something of a dilemma now.
R.
Saleen836 said:
I have just cancelled my buiding/content insurnce with Admiral, compare the market came back with same cover plus outbuildings inc (£2.5k max) for £50 less than the renewal with Admiral, had to call them to cancel and straight away they price matched but the agent went a bit quiet when I said out of principal for attempting to charge me the additional £50 I will go with the other company
I agree with that sentiment. It probably results in those "wots ur best price" messages on Marketplace because everyone knows if you ask they'll reduce. Instead of playing games, wasting people's time and getting people stressed about having to pay more, just offer a decent price that means people won't need to ask.I suppose the reason why they continue to increase renewal prices is because many mugs will just pay it and not call the Meerkats.
Hoofy said:
I agree with that sentiment. It probably results in those "wots ur best price" messages on Marketplace because everyone knows if you ask they'll reduce. Instead of playing games, wasting people's time and getting people stressed about having to pay more, just offer a decent price that means people won't need to ask.
I suppose the reason why they continue to increase renewal prices is because many mugs will just pay it and not call the Meerkats.
Doesn’t necessarily work. I know of a company who tested it and ended up retaining fewer customers. I suppose the reason why they continue to increase renewal prices is because many mugs will just pay it and not call the Meerkats.
Lots of people want to feel like they’ve “won” or whatever. Humans are weird.
Dingu said:
Hoofy said:
I agree with that sentiment. It probably results in those "wots ur best price" messages on Marketplace because everyone knows if you ask they'll reduce. Instead of playing games, wasting people's time and getting people stressed about having to pay more, just offer a decent price that means people won't need to ask.
I suppose the reason why they continue to increase renewal prices is because many mugs will just pay it and not call the Meerkats.
Doesn’t necessarily work. I know of a company who tested it and ended up retaining fewer customers. I suppose the reason why they continue to increase renewal prices is because many mugs will just pay it and not call the Meerkats.
Lots of people want to feel like they’ve “won” or whatever. Humans are weird.
To complete from my earlier post, I have spoken with Axa, the current insurer, and they were not prepared to reduce their renewal premium of £1240 (been with them or their predecessor since 1974), so I've switched to Admiral at £410. Cover, policy terms etc, essentially no different.
R.
R.
stevemcs said:
LV seem to be losing a lot, they don't even come up on price comparison site in the top 20, i've just swapped both car insurance polices to Aviva for £470. It just seems odd when you call them and ask if they can look at the prices and just get a blunt no.
I think there are rules now that they have to offer the same price to new customers as existing. That's probably why they arent appearing in the top 20 because prices are up across the board. Does make you wonder though whats the business model, because it actually looks like they are trying to price themselves out of the market. Sky seem to be doing a similar thing and refusing discounts to long established customers who are then leaving.It's easy to say we have to put our prices up because we aren't making money but Iif that forces a bunch of customers away how does that help?
Gassing Station | Finance | Top of Page | What's New | My Stuff