The great big insurance rip off

[Rolfe]

What is "LV" an abbreviation for?

 

[salty]

What is "LV" an abbreviation for?

Liverpool Victoria.

 

[maskull]

Licenced Vampires ?

 

[Rolfe]

Liverpool Victoria.

Thank you. I had guessed the Liverpool part, but the V escaped me.

 

[siteguru]

But they don't use their full name on any marketing now ... only LV ... or LV= to be precise.

 

[Rolfe]

 

[maskull]

OK . I was with Flow which became Allianz a few months back . This was my renewal notice :-
"
We're unable to give you a renewal quote for, KV***ZN
This is because our underwriting criteria is no longer being met and we are now no longer able to provide insurance for this vehicle/ driver.
We’ve included proof of your no claim discount to help you arrange a policy with another insurer.
Your cover will end on 07 July 2024 at 23:59 and you'll no longer be insured with us."

No accidents and/or claims , 12 years NCD , clean valid licence

I is puzzled
I've emailed them for clarification of the reason
Watch this space

 

[Ruislip Resident]

OK . I was with Flow which became Allianz a few months back . This was my renewal notice :-
"
We're unable to give you a renewal quote for, KV***ZN
This is because our underwriting criteria is no longer being met and we are now no longer able to provide insurance for this vehicle/ driver.
We’ve included proof of your no claim discount to help you arrange a policy with another insurer.
Your cover will end on 07 July 2024 at 23:59 and you'll no longer be insured with us."

No accidents and/or claims , 12 years NCD , clean valid licence

I is puzzled
I've emailed them for clarification of the reason
Watch this space

Strange as only a month or so ago I got thos from them

your Allianz cover just got better. We’re pleased to let you know we’re increasing the level of cover for your electric vehicle and there’s no extra cost.

From 16 May 2024, we’re introducing additional electric car benefits: Recovery to the nearest charging point if you run out of charge. Electric/Hybrid replacement hire car.We’ve included the change to your policy terms and conditions and the details of what’s covered below – please keep this information with your existing policy documents.

Electric car benefits If you run out of charge in the UK, we’ll recover you to the nearest charging point. There’s no excess to pay and no impact on your no claim discount. We’ll supply an electric or hybrid hire car, subject to availability.Thanks,
The Allianz Team

 

[pjmmk]

The vehicle probably doesn't meet the risk profile of their underwriters. Whether they'll actually tell you that or not...
Remember, insurance companies are in business to make money and they're used to having a far from level playing field thanks to legislation.

 

[maskull]

Strange as only a month or so ago I got thos from them

your Allianz cover just got better. We’re pleased to let you know we’re increasing the level of cover for your electric vehicle and there’s no extra cost.

From 16 May 2024, we’re introducing additional electric car benefits: Recovery to the nearest charging point if you run out of charge. Electric/Hybrid replacement hire car.We’ve included the change to your policy terms and conditions and the details of what’s covered below – please keep this information with your existing policy documents.

Electric car benefits If you run out of charge in the UK, we’ll recover you to the nearest charging point. There’s no excess to pay and no impact on your no claim discount. We’ll supply an electric or hybrid hire car, subject to availability.Thanks,
The Allianz Team

I had the same email too,which makes it more puzzling

 

[maskull]

The vehicle probably doesn't meet the risk profile of their underwriters. Whether they'll actually tell you that or not...
Remember, insurance companies are in business to make money and they're used to having a far from level playing field thanks to legislation.

It's not a Porsche , and they were happy to insure it when they took over Flow . Anyway ,hopefully I'll get a more detailed response to my email , or maybe I won't

 

[Ruislip Resident]

It's not a Porsche , and they were happy to insure it when they took over Flow . Anyway ,hopefully I'll get a more detailed response to my email , or maybe I won't

Maybe Allianz are pulling out of EV insurance. In which case it will mean I will definitely be changing insurers this Sept.

 

[Gadget Geek]

Anyway ,hopefully I'll get a more detailed response to my email

If they did that, people would be able to see how they were being ripped off.

You can do some back of the envelope calculations.

33.2 million cars on UK roads.
Say £500 average cost of premium.
£16.6 billion income.

333,296 accidents in 2022.
Between minor paint jobs to write offs, let's say £10,000 average cost of repair. (Put in you own figure if you like)
£3.3 billion cost to insurers.

Net profit, £13.3 billion.

 

[maskull]

Maybe Allianz are pulling out of EV insurance. In which case it will mean I will definitely be changing insurers this Sept.

Which makes it more puzzling with reference to the emails we've both received about electric car benefits

 

[pjmmk]

Well, maybe they don't like the area you're in. Has anything happened recently to make them think the area might be getting less car friendly? Insurance companies are very risk averse, if they think the number of cars being damaged/stolen/whatever else you can think of is going to increase, or already has, they'll be out of there in a flash. There'll always be some company to pick up the pieces in those circumstances but you'll be probably end up paying more for it.

 

[Tonych]

Well, maybe they don't like the area you're in. Has anything happened recently to make them think the area might be getting less car friendly? Insurance companies are very risk averse, if they think the number of cars being damaged/stolen/whatever else you can think of is going to increase, or already has, they'll be out of there in a flash. There'll always be some company to pick up the pieces in those circumstances but you'll be probably end up paying more for it.

Thats a good point. I smile with envy when I read here about people's premiums going up from £400 to £600. My MG SZ EV insurance - with more than 10 years No Claims went up from £1650 to £2,400 - and that was after a lot of shopping around and changing provider

 

[Nicko]

My insurance as previously posted was less than 600 for 2 cars, fully comp from LV

 

[maskull]

You can do some back of the envelope calculations.

33.2 million cars on UK roads.
Say £500 average cost of premium.
£16.6 billion income.

333,296 accidents in 2022.
Between minor paint jobs to write offs, let's say £10,000 average cost of repair. (Put in you own figure if you like)
£3.3 billion cost to insurers.

Net profit, £13.3 billion.

Apparently the cost of repairs for the 3rd quarter of 2023 was £2,1 and Premiums collected was over £19 billion

Well, maybe they don't like the area you're in. Has anything happened recently to make them think the area might be getting less car friendly? Insurance companies are very risk averse, if they think the number of cars being damaged/stolen/whatever else you can think of is going to increase, or already has, they'll be out of there in a flash. There'll always be some company to pick up the pieces in those circumstances but you'll be probably end up paying more for it.

Wales was among the lowest area for claims apparently . And it's certainly less prevalent than London

Here's my reply from Allianz ;-
"
Hello
Thank you for getting in touch.
This will be down to our underwriting rules and could be due to a number of factors. We’re not able to share specific information about this and can’t change the decision.
In some cases, we won't be able to proceed with the policy until you cancel the changes you're trying to make.
It’s worth pointing out that underwriting rules can change. This means there are sometimes things we’re no longer able to cover, even if we did the year before. It’s also possible, when circumstances change, that we’ll be able to provide cover again in the future.
If this hasn’t answered your question, or you need help with anything else, just let us know and we’ll get back to you as soon as we can. "
That's it then ...clear as mud Also don't know what changes I'm trying to make ?

 

[salty]

Here's my reply from Allianz ;-
"
Hello
Thank you for getting in touch.
This will be down to our underwriting rules and could be due to a number of factors. We’re not able to share specific information about this and can’t change the decision.
In some cases, we won't be able to proceed with the policy until you cancel the changes you're trying to make.
It’s worth pointing out that underwriting rules can change. This means there are sometimes things we’re no longer able to cover, even if we did the year before. It’s also possible, when circumstances change, that we’ll be able to provide cover again in the future.
If this hasn’t answered your question, or you need help with anything else, just let us know and we’ll get back to you as soon as we can. "
That's it then ...clear as mud Also don't know what changes I'm trying to make ?

Sounds like a load of cobblers, to me. ?

 

[maskull]

Sounds like a load of cobblers, to me. ?

Maybe a trainee for MG support ?