Motor

LV= launches monthly car insurance service

LV= General Insurance (LV= GI) has announced the launch of a new monthly car insurance subscription, entitled Flow, which offers drivers flexible car cover with tailored monthly pricing based on their personal circumstances.

The monthly car insurance subscription will be the first product launched under the Flow brand, with additional products currently being explored for a future launch.

According to the insurer, the “fuss-free” monthly subscription incurs no admin fees, and the online-only cover “puts drivers in complete control”, with a shorter question set, no long-term commitment, no instalment charges and the ability to amend or cancel the policy at any point. 

In place of longer question sets, drivers will be asked to upload a picture of their driving licence, answer 14 “straightforward” questions, with LV= calculating the best resulting price. 

Any existing no claims discount a customer holds will play no part in the amount they pay, as the premium is based exclusively on a customer’s claims history and their specific circumstances.

After running a quote, customers are presented with a fixed price for the first month and a guaranteed maximum price for each of the following three months.

The standard Flow policy includes comprehensive, uninsured driver and misfuelling cover and enables drivers to be added or removed “easily”. 

Heather Smith, managing director of LV= GI Direct, said: “The way people buy products and services online has changed enormously, and it’s important that the process of taking out car insurance evolves in the same way. 

“Flow gives drivers a simplified insurance experience, with a quick journey, competitive pricing and the flexibility to change their policy as and when they want to, at a click of a button.”

She added: “There’s no admin fees, no instalment charges and you don’t need an existing no claims discount to get the best price. Whatever drivers want to do – change the mileage, change the driver or even change the car – Flow means it can be done quickly and easily.”

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