diff --git a/src/search.c b/src/search.c
index 4396651..3b6b437 100644
--- a/src/search.c
+++ b/src/search.c
@@ -445,7 +445,7 @@
 		return TRUE;
 	    p += l;
 	}
-	else if (*p == '\\' && magic_val == MAGIC_ON)
+	else if (*p == '\\' && magic_val <= MAGIC_ON)
 	{
 	    if (p[1] == '_' && p[2] != NUL)  // skip "\_X"
 		p += 3;
@@ -460,6 +460,8 @@
 	{
 	    if (p[1] != NUL)  // skip "_X" and %X
 		p += 2;
+	    else
+		p++;
 	}
 	else if (MB_ISUPPER(*p))
 	    return TRUE;
diff --git a/src/testdir/test_search.vim b/src/testdir/test_search.vim
index 1b16207..dd47f4f 100644
--- a/src/testdir/test_search.vim
+++ b/src/testdir/test_search.vim
@@ -1962,6 +1962,17 @@
   call assert_equal(['abc', 'ABC', 'Abc', ''],
         \ getline(1, '$'))
 
+  call setline(1, input)
+  call cursor(1,1)
+  " \Vabc should match everything
+  %s/\Vabc//g
+  call assert_equal(['', '', '', ''], getline(1, '$'))
+
+  call setline(1, input + ['_abc'])
+  " _ matches normally
+  %s/\v_.*//g
+  call assert_equal(['abc', 'ABC', 'Abc', 'abC', ''], getline(1, '$'))
+
   set smartcase& ignorecase&
   bw!
 endfunc
diff --git a/src/version.c b/src/version.c
index b88b750..4ad5979 100644
--- a/src/version.c
+++ b/src/version.c
@@ -756,6 +756,8 @@
 static int included_patches[] =
 {   /* Add new patch number below this line */
 /**/
+    3292,
+/**/
     3291,
 /**/
     3290,