Why can't other insurance companies match LV for price?

Last year when I received my insurance renewal from MoreThan who I had been with for several years it had increased my premium to £655 an increase of over £200 from previous year. A friend recommended LV, which you recently mentioned as being one of the best. They quoted me £450 without asking what my existing insurer wanted. I accepted their quote this year when my renewal came in from them. They had reduced it to £405, a saving of £45 from last year. If LV can do this why can't other insurers?

Asked on 15 December 2012 by PW, Dartford

Answered by Honest John

Because LV is a mutual and other insurers have to return profits to investors.

Tags: premiums insurance

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