LV insurance hike - quick sense check

[spon88]

It's insurance time again and LV have hiked around £155 to £565 - this is for a MYP 2023. I know insurance prices have gone up and it's a minefield but I guess that's par for the course at the moment? A quick run through the comparison sites suggests over £700!

Anything I'm missing or just grin and bear it and press the button? I'll make the usual call to try and get a bit off but looks like I'm probably stuck with it? We're both long term drivers, decent area and no claims for a good while.

Cheers

 

[yessuz]

I think you will find that this sub-forum is full of people who would actually sell their mothers to get insurance price below 1k...

 

[spon88]

I think you will find that this sub-forum is full of people who would actually sell their mothers to get insurance price below 1k...

That's what I thought. I made the annual call back and got a £30 reduction - the guy didn't even have to think, he just applied it. A great illustration of the insurer gouging every last quid they can get. So looks like LV again then. The reasons given were a) increased theft (BS) b) parts monopoly and huge repair costs c) "everything's gone up sir"

And my MTB insurance is looking like it will be a £300 shot as well, ah the joys....

 

[yessuz]

you might soon end up to the point where it will make more sense not to insure your MTBs and buy new ones every 2 years

 

[RedMod3]

My LV quote for my M3P has increased from £386 to £665, and if I remove my wife from the policy (who would only drive it in an emergency), the price goes up to £886. This is crazy.

 

[Lord Farquad]

I’m afraid the whole sector has seen a large increase, it’s not just Tesla’s or BEVs. My mates seen a 75% increase on his Kia Sportage MHEV.

Has car insurance gone up?

Car insurance costs have hit record highs for the fourth time in 2023. Let's take a look at who's been hit hardest by these price rises.

www.confused.com

Still……..

At least wages are going up to

 

[Mrklaw]

I mean - regardless you alwasy do a compare or two and check direct line/churchill if necessary. Then call back and haggle down if you prefer where you are.

I thought they weren’t allowed to offer different prices to new/renew customers now? but they still appear to.

anyway check every year and if they’re all high, sigh and suck it up

 

[PITA]

These are my insurance policies

2017 Vauxhall Insignia Grand Sport (value £15000) = £250

2021 Tesla Model 3 Performance (value £40000) = £2000

2023 Skoda Enyaq VRS Coupe (value £60000) = £1000 + £150 GAP

 

[qwickshot]

Mine went up from £600 to £900 for an SR+ 71 plate.

LV have never really been interested in insuring me, they are never competitive with the likes of Direct line and admiral who usually come out cheapest.

 

[Rob R]

My LV quote for my M3P has increased from £386 to £665, and if I remove my wife from the policy (who would only drive it in an emergency), the price goes up to £886. This is crazy.

My 2019 M3LR quote has gone up in a similar way. I have obtained quotes from several comparison sites and Direct Line, and LV= is still extremely competitive, if not still cheapest. Disappointing.

 

[Rob R]

I obtained quotes (yesterday) from several comparison sites and Direct Line, and LV= is still extremely competitive, if not still cheapest, for my 2019 M3LR, despite nearly doubling from last year (to mid 500s). Disappointing, but I am out of options.

 

[SR-Plus]

Similar to above 71 plate SR+ went up from £350 to £650 with renewal from Direct Line.
Price comparison websites wanted 700-900 and that’s the basic cover; I noticed many of them don’t offer driving abroad anymore to keep the price “low”.

 

[WllXM]

Direct Line quoted me £3200…
3x my current price. 9+y NCD, own driveway, (but London)

You guys have it good

 

[yessuz]

Direct Line quoted me £3200…
3x my current price. 9+y NCD, own driveway, (but London)

You guys have it good

But your house is in London...

 

[RedMod3]

What gives, it doesn't seem that it is just Teslas that are having price hikes. Looks like I will have to suck it up. I'll be renewing next month and will post final value. I'm in rural location, car is garaged and full NCD.

 

[pgkevet]

Paradox that sometimes garaged cars cost more. Argument that once in garage the burglar has more time to break into car and disabled trackers etc.

 

[Durzel]

Can't remember the last time I paid £585 for my car insurance, never mind less than that. I haven't paid less than ~£880 since I got the car, and it has gone up most years despite not having any accidents or claims.

 

[scdoubleu]

These sharp increases must be fairly recent then. I renewed my MYLR in March with Yoga for £440 with £50 QuidCo cash back. SWMBO's M3LR is up for renewal in November, so will be interesting to see how that pans out.

Both cars garaged, rural location.

 

[qwickshot]

What gives, it doesn't seem that it is just Teslas that are having price hikes. Looks like I will have to suck it up. I'll be renewing next month and will post final value. I'm in rural location, car is garaged and full NCD.

This is true but I’ve also ran equivalent quotes on the following:
EV6
Polestar 2
Mach e
Ionic V

They were all roughly £600

My 3 SR+ was £900 and running it on a Model Y LR was £1200.

As much as insurance has gone up across the board, there is no escaping that there IS an insurance issue with Tesla’s at the moment.

 

[RedMod3]

Paradox that sometimes garaged cars cost more. Argument that once in garage the burglar has more time to break into car and disabled trackers etc.

Our garage and drive has 24/7 HD CCTV coverage.