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LV= car insurance review

Get the lowdown on the car insurance from LV= to see if it has quality cover at a price that’s right for you.

LV= offers a range of car insurance for standard cars as well as classic and electric cars. It also has multi-car policies for customers with more than one car. This insurance provider’s comprehensive car insurance comes 5*-Defaqto-rated and with uninsured driver promise. What’s more, customers can benefit from a 5% discount for buying cover online. Here’s what else we think you should know.

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Who is LV=?

LV= has a history that dates back to 1843. It originally offered life insurance known as the “penny policy” where people would pay a regular penny premium in order to save towards the cost of their funeral.

Since then, LV= has grown to become a well-known car insurance provider in the UK. It also offers a range of other insurance products such as van, motorbike, home, travel and pet insurance, amongst others, as well as retirement and investment products.

What are LV=’s levels of cover?

All drivers in the UK are legally required to have at least third party cover, however, this minimum level of cover is not offered by LV=.

The insurance provider does offer two other levels of cover:

Third party, fire and theft.
If you are responsible for causing an accident, you’ll be protected for damage to third party vehicles or property. This level will also provide protection against any fire damage or theft of your car.
Comprehensive.
This is the highest level of cover on offer and will give the same protection as the other levels as well as insuring your vehicle against accidental damage and vandalism. It’s always worth checking the cost of comprehensive as it can be cheaper than third party.

What are LV=’s different policies?

  • Car insurance
  • Classic car insurance
  • Electric car insurance
  • Multi-car insurance

What is covered under my policy?

Cover benefitsThird partyThird party, fire and theft
Liability to other people and property
Fire and theft
Accidental damage
In-car equipment cover
Personal belongings cover up to £10,000
EU cover up to 180 days
Windscreen cover
Misfuelling cover
Personal accident cover

Check your policy details for a full list of cover benefits and to ensure you have the right cover for your needs.

Optional extras

LV= offers a range of additional protection to bolt onto your policy, including:

  • Breakdown cover
  • Motor legal expenses cover
  • Guaranteed hire car cover
  • Increased personal accident cover up to £100,000
  • Protected no claims discount

What policy exclusions are there?

Any cover offered by LV= is likely to become invalid if any of the following arises:

  • You change the use of your car from its original use. For example, changing from social domestic and pleasure to business use.
  • Your car is being driven by an unnamed driver on your policy or by a person that does not have a valid driving licence.
  • You use your car at rallies, races or competitions.
  • You are paid to carry passengers.
  • You fail to pay for your premium.
  • You change your car during the policy term to a car that the insurer cannot cover.
  • You do not provide the correct documents to support your application.

Check your policy for further details to confirm your cover is valid.

What is my excess?

Your insurance excess is the amount of money you will need to pay towards a claim. Your insurer won’t pay out for a claim that costs less than this amount. A compulsory excess amount might vary depending on the age of your car and your driving experience.

A voluntary excess is on top and is normally set by you when taking out a policy. You’ll have the option of adding or increasing a voluntary excess, which should lower your premium.

You’ll find details about any compulsory or voluntary excesses in your policy document.

How do I make a claim?

Call the LV= claims line on 0800 032 2577 to register a claim. Lines are open 24/7.

LV= recommends you have the following to hand in order to make a claim:

  • Your details and personal contact details.
  • Details about the incident.
  • Details about the damage to your car and whether it is driveable.
  • Details of all third parties and their passengers involved in the incident.
  • Details of all passengers in your car and any witnesses of the incident.
  • Crime reference number, if relevant.

It’s vital that you let your insurer know about an incident as soon as possible, even if it’s not your fault. Failure to do this could result in a rejected claim later on.

LV= pros and cons

Pros

  • Insurance provider offering a range of car insurance policies for standard, classic and electric cars.
  • Multi-vehicle insurance available.
  • A range of optional extras to enhance car cover.
  • Claims line is open 24/7.

Cons

  • Third party cover is not available.
  • A change in vehicle or named drivers may result in an administration fee.
  • Terminating a policy within or after the 14-day cooling off period will result in a £40 cancellation fee.
Please take reasonable care to answer all the questions honestly and to the best of your knowledge. If you don't answer the questions correctly, your policy may be cancelled, or your claim rejected or not fully paid. The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you.
*51% of consumers could save £200. Quote aggregator Seopa split the insurers on its comparison systems into different categories. It then selected quotes from the most popular providers as well as quotes from other providers which returned a price. It then selected providers, weighting them according to UK insurance market share (data from the Association of British Insurers), choosing the cheapest of either the most popular providers or other providers ("the cheapest selected quote"). Seopa then compared the cheapest quote on its system against this "cheapest selected" quote. The company then took the savings figure which 51% or over could have saved, using that formula. The savings you could achieve will depend on your individual circumstances and how you selected your current insurance supplier.
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