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LV= wins Defaqto five star awards for car and home insurance products

Press release: 27/02/2008

LV= has been awarded the prestigious Defaqto five star rating for both its car and home insurance products. The awards recognise insurers that offer high standards of cover.

Defaqto undertook a review of its rating criteria in 2007 and these awards are the first to be judged under the new enhanced system.

The awards have been developed by Defaqto's in-house experts and insurance products have to meet set criteria to achieve a five star rating. Defaqto scores products based on a wide number of benefits, however to achieve a five star rating the policy has to include certain benefits. For buildings insurance, the policy has to include nine benefits including cover for alternative accommodation, burst pipes, and glass breakages. For contents, 12 benefits are needed including cover for money in the home, belongings in outbuildings and freezer contents.

For car insurance, policies specifically need to include eight key benefits, such as cover for theft of keys and personal belongings cover, a repairs guarantee and the ability to protect a no claims discount.

John O'Roarke, Managing Director of LV= General Insurance, said: "LV='s aim is to provide great quality cover at a very competitive price on its insurance products. As a mutual, we go the extra mile for our customers and the fact that both our home and car insurance products now come with a Defaqto five star rating means customers can be confident the product they are buying offers a high standard of cover."

Mike Powell, General Insurance Consultant at Defaqto, said: "Defaqto's star ratings are based purely on cover and benefit features provided within an insurance policy, and when the consumer sees the Defaqto five star rating logo, they can be sure that the product offers a wide range of cover and benefits compared with most policies."