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Catch up with the latest press releases from LV=

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Roses are red, violets are blue, Brits love their main car, but not as much as car number two

Press release: 14/02/2018

  • Nearly a third (29%) of owners prefer their second car to their main car
  • Owners love second cars so much that a fifth (20%) give them an affectionate name
  • LV= has become the latest insurer to provide a multi car product for drivers

New research released today from LV=, the UK’s third largest car insurer, reveals that nearly a third [1] (29%) of second car owners love them more than their main car showing that the well-loved, unsung heroes and run-around vehicles play a vital part in family life.

When it comes to adoration for second cars, over one and a half million [2], or a fifth, of second cars are affectionately named, with a third of drivers reporting their second car was named by their partner. 43% of men say their partner named the vehicle vs 27% of women.

The colour of love also appears to be an inspiration for second cars’ names, with Little Red, Poppy and Ruby filling three of the top four places.

Top ten UK car names:

1. Little Red

2. Betsy

3. Poppy

4. Ruby

5. Minty

6. Snoopy

7. Dexter

8. Annie

9. Alfie

10. Doris

The areas of the UK where drivers name their cars most are; Brighton (31%), Cardiff (29%) and Manchester (24%). Meanwhile, 17-24-year olds come out on top in comparison to other age groups, with nearly a third (29%) of young drivers saying they name their cars.

Urging people to show their love for the unsung heroes of modern households, LV= Managing Director of Car Insurance, Selwyn Fernandes, said: “Not all second cars will be flashy cars. In fact, for many people they are the reliable car that is integral to helping family life run smoothly. At LV=, we want to support our customers in any way we can, so we felt it made complete sense to add multi-car insurance to the products we provide. It can deliver significant savings and offers the ease of holding all policies in one place, giving reassurance and confidence to households facing the pressures of modern life.”

To stand up for second cars and encourage families to show their vehicles more love, LV= is offering one family the chance to win their second car a special holiday. Entrants just need to visit facebook.com/LV and complete the sentence ‘I love my second car because…’ to be in a chance of winning [3].

To find out more about LV= multi car insurance, visit https://www.lv.com/car-insurance/multi-car-insurance.


For more information or case studies please contact:

Chris Fay, chris.fay@kindredagency.com 0207 010 0839

Vanessa Ellis, vanessa.ellis@kindredagency.com 0207 010 0876


Notes to editors:

Case studies available on request

– number of UK households with two cars in 2016 (7,077,200) – 20% of 7,618,800 = 1,523,760

Sources:

[1] LV= commissioned Censuswide to speak to 1,003 members of the public who have a driving license and 2+ cars between 19th and 23rd January 2018.

[2] ONS statistics. Calculations: Number of UK households with two cars in 2017 (7,618,800).

[3] Terms and conditions for competition - http://www.lv.com/second-car-competition


About LV=

LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We are currently the UK’s joint number one brand for Insurance and Investments, according to the 2017 YouGov Brand Index Buzz Rankings.

We offer our services direct to consumers, as well as through IFAs brokers and strategic partnerships.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1