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Cheeks50

LV notice of Golf R thefts and premium hike

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Insurance renewal time soon, guess I wont be renewing with LV again as they have just emailed me this, anyone else had the same ?

 

Thank you for choosing to insure your Volkswagen Golf R Tsi with LV= over the past year.

We’re writing to you to let you know about some changes you’ll see when your renewal documents arrive. Our pricing approach for your vehicle type has changed, and this will impact your next renewal price.

Over the past five years, there’s been an increasing rise in thefts of the Volkswagen Golf R Tsi, which you may be aware of via articles in the press. The costs associated with insuring these vehicles are something we can no longer sustain without making changes to the way we price for them. Even though you may not have made a claim for vehicle theft, there is a higher chance of theft for this particular type of vehicle.

The large increase in the number and cost of claims we’ve received for these vehicles has meant we’ve made the difficult decision to increase our pricing for them. This will have an impact on your next renewal quote, which you’re due to receive in the coming weeks.

We wanted to give you plenty of notice of this increase and understand you may wish to compare your renewal premium with quotes from other providers, but we do hope your renewal quote will still be competitive.

We’ve created a webpage with more information, which will hopefully answer any questions you may have about the price increases. You can find the page at https://www.lv.com/gi/qa.

Unfortunately, we’re unable to discuss your renewal price with you until you receive your renewal documents in the coming days, when it will then be updated on our systems. When it arrives, please take the time to review your quote, and if you’d like to discuss how we can help lower it in other ways, such as removing add-ons or changing mileage, then please get in touch.

Heather Smith
Managing Director, LV= General Insurance Direct

 

 

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5 minutes ago, Cheeks50 said:

 

Insurance renewal time soon, guess I wont be renewing with LV again as they have just emailed me this, anyone else had the same ?

 

Are you able to share the details of the hike in premium, or not yet?
I learned the hard way recently when renewing a policy/searching for good deal (Not on my R) - the quotes you get can often only remain Valid for the day upon which they are generated!  So don’t, as I did, sit on it for a while before acting and pressing the button 😂. Four weeks ahead seems a good time to do it too.

Happy hunting.

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2 hours ago, NRW said:

Are you able to share the details of the hike in premium, or not yet?
I learned the hard way recently when renewing a policy/searching for good deal (Not on my R) - the quotes you get can often only remain Valid for the day upon which they are generated!  So don’t, as I did, sit on it for a while before acting and pressing the button 😂. Four weeks ahead seems a good time to do it too.

Happy hunting.

 

Yep, they same happened to me, regards leaving it a while to renew according to a The Martin Lewis show I saw a while back

the best time to renew is between 21 and 28 days before expiry. As we both now know.

The quote will be emailed to me in a week according to LV, will let you know the quote increase!

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Think it was around 2008 I had a 2003 Mini with the JCW pack. At the time I was insured with my bank Barclays and when it came to renew the price was ridiculous. When I questioned it they said a car like mine had gotten stolen within a 5 mile radius of my home so it’s pushed it up. I laughed and said ok I’ll go somewhere else


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That's interesting. I received my renewal notice around a month ago from LV for my Golf R (circa £400) and due to renew tomorrow. No mention of any increase etc. In the meantime, I have moved house from West Sussex to Orkney, so called them last week to change the details. Received a revised quote £60 cheaper! One wonders what awaits next year however.... 

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One wonders if, location, driver age, if garaged overnight, mileage, etc. is taken into account with regards to the likelihood of increased premiums. A case of wait and see.

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On 21/10/2020 at 23:51, Indium said:

That's interesting. I received my renewal notice around a month ago from LV for my Golf R (circa £400) and due to renew tomorrow. No mention of any increase etc. In the meantime, I have moved house from West Sussex to Orkney, so called them last week to change the details. Received a revised quote £60 cheaper! One wonders what awaits next year however.... 

 

Can't imagine there are many cars stolen in Orkney!

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1 hour ago, Deano said:

 

Can't imagine there are many cars stolen in Orkney!

Holiday makers from Birmingham,Manchester, Liverpool, London, Newcastle  and Sheffield have to do something for amusement.😂

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I just changed car with LV from e90 m3 to golf r on Saturday, so after this announcement. 

E90 was £360 for the year, golf was £385 for the year so not unreasonable... yet. 

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