UK Money News
14th May 2008
LV= to waive 'unfair' admin charges on insurance
LV= has announced it will no longer charge customers for "unfair" administrative charges on its general insurance policies.
The move will see fees for amendments to "the majority" of the insurer's policies scrapped, the company said.
Such fees are typically levied when customers amend cover levels, change address or cancel their policy due to reasons beyond their control.
John O'Roarke, managing director at LV= general insurance, commented: "We believe in offering good quality insurance policies, at competitive prices, with no hidden costs.
"We know that customers often have to make minor amends to their policy for reasons out of their control and we don't think it's fair to charge them admin fees for this."
General insurance is deemed to cover a host of standard policies including car insurance and home insurance but does not include life insurance.
LV= provides insurance policies for 650,000 cars and 440,000 households in the UK.
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