LV Insurance

[sir.prize]

Liverpool Victoria Insurance advert claims that 1,000 new customers join them EVERY day. That would be a lot in a year. Wonder who vets their claims - if at all.

I don't know anyone who uses them.

[gingejbee]

They are good, though - they are a Which? recommended supplier for both house and car insurance, with excellent customer satisfaction ratings.

[tboo]

If 1,000 new customers join them every day, why do they feel they need to waste money on advertising?

[sir.prize]

Probably because 1,000 don't join them every day!

[factor-fiction]

It sounds a reasonable figure for a major motor insurer to me- it represents 365000 a year which represents less than 2% of the market. However they may well be basing it on a shorter period- eg 30000 over the last month.

[Postdog]

Anyway, advertising rules mean you cannot make rash claims that may be untrue.

[jackthehat]

They will be swapping their new customers (who will receive introductory sweeteners) with 'established' customers (who won't.......).

[sir.prize]

And of course, New customers does not necessarily mean Additional customers.

[Zeuhl]

Such claims need to be verified with the ASA.

It's actually not very many when the whole industry relies on massive 'churn' from one supplier to another each year.

[ABerrant]

LV must be doing something right - at the end of 2010 it was the UK's 4th largest motor insurer with over 2.25m policies (£973m gross premiums) of which greater than 400,000 policyholders were new customers.

The policy figures are around 40% higher than those for 2009 and in 2008 LV only had around £288m gross premiums, so in purely monetary terms the business has grown 240% in 2 years so it would be very difficult to justify the comment for no "additional customers".