MCE insurance insolvency

[rs87]

Any other forum members hit by the insolvency of MCE?

[wessie]

shouldn't have a big impact - the underwriter in Gibraltar has gone titsup but the UK broker is still operating. Any policies will run full term and claims will be settled by the regulator. We all pay into this failsafe scheme with every policy we buy.

MCE the UK broker has a new underwriter for new business.

[rs87]

Theoretically yes. However, I just received a letter a little earlier tonight stating the following

Insurance Claims

The Joint Administrators are currently assessing the available assets of the Company and to what extent they will meet insurance claims. Accordingly, no further payments in respect of insurance claims will be made until the assessment of available assets of the Company is complete and until the Administrator's Proposal for the conduct of the administration are approved by creditors.

Which does make it somewhat unclear whether I'm actually insured or not, despite the statutory FSCS scheme in the UK.

[wessie]

you are insured in the sense of being compliant with the law

your quoted text is more about who would have liability in the event of a claim - the administrator will need to determine what cash is on the pot to settle any claims as well as cover other debts. If there isn't enough cash in the pot then the UK regulator will pay out.

In reality, if you have a claim, then it might take a while to get a claim settled. My understanding that this is pretty normal for MCE anyway so you probably wouldn't notice any difference. MCE has been on my avoid list for some time due to friends having problems with claims.

[bobdave]

Originally Posted by wessie

In reality, if you have a claim, then it might take a while to get a claim settled. My understanding that this is pretty normal for MCE anyway so you probably wouldn't notice any difference. MCE has been on my avoid list for some time due to friends having problems with claims.

A mate of mine insured with them and he had a nightmare getting a claim settled by them. He ended up taking them to court to get his settlement. Hence they have been on my avoid list too.

[Darty65]

Maybe someone should run a poll amongst members of good / bad brokers. As I’ve not had to make a claim for many years, I can’t take this into account when considering which policy offers best value.

I suspect, like a lot of forum members?

[wessie]

Originally Posted by Darty65

Maybe someone should run a poll amongst members of good / bad brokers. As I’ve not had to make a claim for many years, I can’t take this into account when considering which policy offers best value.

I suspect, like a lot of forum members?

any list would become out of date pretty quickly due to the way the insurance industry works with mergers and acquisitions - the two main brokers in the UK, CNash & Bennetts have changed hands several times in the last decade. CN when independent and owned by Groupama had a great reputation but this has waned in recent years. When I first started riding in the 1990s Bennetts had an awful reputation but since being part of Saga they have improved.

I just keep any eye on what friends say plus the UKGSer forum has regular posts about the woes of claims handling and other aspects of customer service. There are also reports of good experiences. It's all anecdotal evidence but if two brokers are offering the same policy at similar prices then you will take other factors into account. In the past it was UKRM on usenet which predates forums by a decade.

The other thing to bear in mind is that knowing the actual underwriter is important. For me, there seems to be a strong link between poor claims handling and those companies with underwriters based in Gibraltar. MCE being a case example.

[rs87]

Like many of you, I've used numerous brokers over the last two decades: Carole Nash, Bennetts, MCE, LV and others.

For a period of time from 2004 to about 2010 I was insured with MCE. During that time, I had the only two claims I've ever had, one from someone rear-ending me while stopped at a red traffic light and the other from a minicab doing a u-turn into me along Bayswater road in London.

In both cases, the claims process was quick and easy, so when I got a good quote from MCE I didn't hesitate to take it. Disappointing to see how they've gone downhill. They happily sold me this policy mid-August 2021 and I don't doubt they knew there were solvency issues afoot when they did so.

[Diavel]

Originally Posted by wessie

you are insured in the sense of being compliant with the law

your quoted text is more about who would have liability in the event of a claim - the administrator will need to determine what cash is on the pot to settle any claims as well as cover other debts. If there isn't enough cash in the pot then the UK regulator will pay out.

In reality, if you have a claim, then it might take a while to get a claim settled. My understanding that this is pretty normal for MCE anyway so you probably wouldn't notice any difference. MCE has been on my avoid list for some time due to friends having problems with claims.

This link may provide some information to those impacted.I suppose the key issues are confirming that you are still insured and what happens in the event of a claim?

https://www.abi.org.uk/data-and-resources/tools-and-resources/regulation/

[mcconnac]

Hi ,  I've been with MCE for years, had one no blame claim at the start of covid lockdown which extended things , but no real complaints.  Had all the emails, just taking it as any claims made will be covered. No mid term adjustments of cover can be made. Any new policy will be underwritten by somebody Sabre  Insurance.