LV= General Insurance Leeds

Name: Rik D
Rating: 1
Review: Renewal due soon. 2 cars, 2 drivers, full NCD, no claims, accidents or faults.Full comprehensive 2023 for the above was £512. There were cheaper quotes but used LV before and was easy to get cover online.Renewal price for 2024 as above conditions? £740.Erm what?!? I’ve only had insurance as it’s the law, and never used it, but it’s now higher? Surely it should be lower, for many reasons.But not those obvious reasons, no, it’s apparently because us good drivers have to pay to cover their losses by insuring bad drivers or rubbish cars that are easily stolen.Seems to be, from this email explanation they try to give in some dreadfully sounding ‘oh woah me, let’s work through this together and keep LV going’ type on nonsense.Below, is why if I want to be covered by LV for another year, I must pay 40 ish percent more:LV;Why is the cost of insurance rising?It’s no secret that insurers are dealing with an increase in claims and growing costs. So, let’s look at some of the reasons behind these challenges and explain what we’re doing about it.Challenges faced by the car insurance industry:Cost of vehicle repairs – up 46% since last year. Reflecting rising costs, energy inflation and more expensive repairs. (Source: Data from ABI).Vehicle theft – up 20.8% last year compared to the previous year, leading to increased claims. (Source: Data from ONS).Labour costs for repairs – up 50% since 2019, due to inflation, shortage of skilled workers and the energy crisis. (Source: Data from Auto Body Professionals).Here at LV= we’re doing everything we can to tackle these changes:Maintaining quality while driving down repair costs – We’re increasing the number of our body shops and garages, exclusively for LV= customers. With pre-agreed prices for repairs and quicker decision making, we ensure the highest standards while controlling costs.Expanding our team to get you back on the road – Investing in apprenticeships to grow our engineering team, so we can be there when you need us most.Tackling repair delays so you get what you need – We’re working with our suppliers to tackle the issue affecting everyone caused by a global shortage of high-tech car parts and other important materials.”So there’s the bottom line folks.LV perform poor due diligence checks on drivers and vehicle types, grabbing cash quick, but burning it on bad choices, expecting us to foot the bill.Why such a long rant? Not bothered about LV, or any insurance company. Don’t mean anything to me, no personal interaction.I’m just sick of doing the ‘gocompare’ or ‘mr meerkat’ each year wasting time, to get a quote, lower than last years premium, from, you guessed it, LV!!
Date: 5 months ago