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LV= car insurance

Find out how LV= can help all the family get cheaper car insurance

How good is LV= car insurance?

Defaqto: 5/5stars

Defaqto gives all LV= car insurance products the maximum five stars.

Note: Not all five star products contain the same policy levels, covers and features.

Trustpilot: 4.7/5stars

LV+ gets 4.7 out of five from Trustpilot based on 25,397 reviews, with 79% saying it is excellent.

About LV= insurance

LV=, was set up as a mutual society in 1843 offering the people of Liverpool insurance penny policies which it sold door to door.  It traded as Liverpool Victoria until May 2007 when it rebranded as LV=

LV= now has over 5.5 million customers and 3,500 employees.  

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What financial products does LV= offer?

LV=  offers general insurance products including pet insurance, home insurance and travel insurance. 

LV=’s life arm offers pensions, life insurance, investment and protection products

It also owns a number of other financial brands: Britannia Rescue, Highway Insurance, and Frizzell.

  • In 2017 LV= announced a partnership with Allianz Holdings, the deal meant LV= was no longer a friendly society and instead became a company registered with Companies House

  • In early 2020 LV= bought Legal & General’s home general insurance business

LV= car insurance policies

LV= offers three types of car insurance:

  • Comprehensive cover

  • Third party only

  • Third party, fire and theft

LV= offers a flexible car insurance cover called Flow which only runs from month to month. 

Flow is a monthly comprehensive monthly subscription car cover that insures up to 3 cars and 6 drivers.

There is no 12-month contract commitment and pricing is not based on your No Claim Discount.

Other features include:

  • Monthly car cover to keep rolling until you cancel

  • A driver can be added by logging in online to your Flow account 24/7 

  • There are no admin or cancellation fees and no monthly interest  

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LV= does allow annual policy customers the option to insure several cars. LV= says it can save 12% of customers who take out its multi-car insurance at least 20% compared to the cost of a single policies (research carried out by LV= between April and July 2020).

Got lots of cars parked on your drive? 

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LV= standard car insurance cover

LV= will cover the cost of repairs so the car is in the same condition as it was before any accident.

If the other driver is not insured and the accident’s not the driver’s fault, the driver keeps their no claim discount.

There is also no excess to pay – as long as the details of the other vehicle and driver are provided.

LV= will pay to drain and flush your fuel tank and cover the damage to the car's engine.

This allows drivers the same level of cover as in the UK in the EU for up to 180 days a year.

If your car is vandalised and you have to claim, you can keep your no claim discount although you will need to pay your excess.

LV= will replace child car seats if your car has been in an accident – even if there’s no apparent damage.

If your keys are lost or stolen LV= will cover the cost of replacing them.

LV= car insurance optional extras

For £25.99 per year LV= will cover motor legal expenses which means you are covered from having to pay out for legal action if you're involved in a car accident.

If you need legal help to take action against a road user - or defending against a motoring prosecution you are also covered up to £100,000. 

For £19.90 per year LV= will offer a guaranteed hire car cover which pays for the use of a hire car if your own car is being repaired by LV=’s recommended repair service.

  • For £19.90 you guaranteed a small hatchback hire car

  • For £29.90 per year, you're guaranteed a similar sized hire car to your own – up to seven seats and a maximum engine size of two litres

Standard LV= comprehensive car insurance already includes £10,000 of personal accident cover.

For £19.90 per year, you can increase your personal accident cover to £100,000. 

You can add breakdown cover to your LV= car insurance from just £26 per year for each car.

LV= uses Britannia Rescue. This gives drivers access to over 4,000 breakdown professionals across the UK.

There are five levels of cover to choose from – from Roadside Assist to UK and European Assist. 

LV= allows you to earn a year of no claim discount (or no claim bonus) (NCD) for every year you don’t make a claim. 

The more years of NCD you’ve built up, the bigger the discount on your car insurance when you renew.  With LV= you can earn up to a maximum of nine years NCD. 

If you’ve earned four or more years NCD, you can add this optional extra to protect your NCD for the life of your LV= policy. 

Complaints data

The Financial Ombudsman Service received 134 complaints about LV= motor insurance in the first half of 2020. That gave it less than 3% of the complaints but the company had nearly 10% of the market share by gross written premium, so it has a much lower level of complaints than might be expected for its size. To put that in context, 67 firms had 10 or more complaints each and those totalled 4,550 complaints. Nearly 200 firms had fewer than 10 each, sharing just 479 complaints between them.

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