Author MCE goes into Administration... again??  (Read 2533 times)

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  • Offline Antares   gb

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    MCE goes into Administration... again??
    on: July 26, 2023, 07:05:45 pm
    July 26, 2023, 07:05:45 pm
    Really???

    https://www.visordown.com/news/industry/motorcycle-insurance-broker-mce-goes-administration

    The only affordable, not completely thieving insurance company that young people can actually use...

    Makes me wonder, how can they go broke when even MCE are charging such outrageous premiums...
    Last Edit: July 26, 2023, 07:11:45 pm by Antares

  • Offline wessie   gb

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    Re: MCE goes into Administration... again??
    Reply #1 on: July 26, 2023, 07:14:29 pm
    July 26, 2023, 07:14:29 pm
    it's not again

    in 2021 a company from Gibraltar went bust. That was also called MCE and was the underwriter of the policies sold by the UK broker. Sabre took over the policies.

    Unsurprisingly, that debacle in 2021 damaged the UK broker's reputation leading to their demise. I am of course being charitable and there could be some dodgy dealings going on, connected to matters in Gibraltar.

    At least, this time, the Sabre underwritten policies will remain active and anyone making a claim can go direct to Sabre.

  • Offline Antares   gb

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    Offline Antares

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    Re: MCE goes into Administration... again??
    Reply #2 on: July 26, 2023, 07:17:56 pm
    July 26, 2023, 07:17:56 pm
    *Originally Posted by wessie [+]
    it's not again

    in 2021 a company from Gibraltar went bust. That was also called MCE and was the underwriter of the policies sold by the UK broker. Sabre took over the policies.

    Unsurprisingly, that debacle in 2021 damaged the UK broker's reputation leading to their demise. I am of course being charitable and there could be some dodgy dealings going on, connected to matters in Gibraltar.

    At least, this time, the Sabre underwritten policies will remain active and anyone making a claim can go direct to Sabre.

    I know it's a separate entity, but at the end of the day all us customers see on this end is MCE the broker, and for them, that's 2 strikes...

    And yea, last time my policy got cut short by a little over a month. Definitely dodgy dealings then, I paid 106 quid for TPFT on an S1000XR as a 20 year old... All my details were correct etc, next year with sabre it went up to 500... This year... Bloody thieves... But still couple hundred cheaper than any of the major players...

  • Offline NeilR   gb

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    Re: MCE goes into Administration... again??
    Reply #3 on: August 02, 2023, 07:41:13 pm
    August 02, 2023, 07:41:13 pm
    I was a victim of the first Collapse. Rightly or wrongly I would never use anyone with the name MCE. I struggled to understand how they could have the same name but not be connected.

  • Offline Antares   gb

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    Offline Antares

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    Re: MCE goes into Administration... again??
    Reply #4 on: August 02, 2023, 07:48:39 pm
    August 02, 2023, 07:48:39 pm
    *Originally Posted by NeilR [+]
    I was a victim of the first Collapse. Rightly or wrongly I would never use anyone with the name MCE. I struggled to understand how they could have the same name but not be connected.

    Same here, but unfortunately they are still the only company with affordable prices.

  • Offline NeilR   gb

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    Re: MCE goes into Administration... again??
    Reply #5 on: August 02, 2023, 07:57:06 pm
    August 02, 2023, 07:57:06 pm
    I use 3 price comparison sites. Open 3 tabs. Copy and paste everything so you have less to fill in.
    I ended up with Bikesure that I think are part of Aidrian Flux.

  • Offline wessie   gb

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    Re: MCE goes into Administration... again??
    Reply #6 on: August 02, 2023, 07:59:26 pm
    August 02, 2023, 07:59:26 pm
    *Originally Posted by Antares [+]
    Same here, but unfortunately they are still the only company with affordable prices.

    but maybe too cheap to remain solvent?

    I guess they had to cut prices to try to attract people back then found they had a book full of high risk customers nobody else would quote "low" prices for

  • Offline Antares   gb

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    Offline Antares

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    Re: MCE goes into Administration... again??
    Reply #7 on: August 03, 2023, 12:04:04 am
    August 03, 2023, 12:04:04 am
    *Originally Posted by NeilR [+]
    I use 3 price comparison sites. Open 3 tabs. Copy and paste everything so you have less to fill in.
    I ended up with Bikesure that I think are part of Aidrian Flux.

    it's futile for the most part for me, Gocompare, comparethemarket and moneysupermarket literally all use the exact same API just different colours patched onto them, same prices, same questions. There are a few other comparison options but the quotes from the insurers were still the same to the penny.

    *Originally Posted by wessie [+]
    but maybe too cheap to remain solvent?

    I guess they had to cut prices to try to attract people back then found they had a book full of high risk customers nobody else would quote "low" prices for

    I don't see how 600 quid per year is "too cheap" Thing is MCE is one of the more expensive insurers for your 30+ riders, but the they are the cheapest for younger riders. Surely there is a balance of profits there? Maybe not... Either way they're not "That much" cheaper, but often a couple hundred quid from bit names. This last time I had to renew on my 1290 GT I'm insured for near 900 quid 2nd cheapest was Lexham at 1000 quid, 3rd was bikesure at 1600 quid, TP only... Robbers the lot of them. I don't get it really, 5 years NCB, multiple years on litre bikes, yet my insurance only goes up... I did have a knock this year but it's a non fault and all insurers "swear" non-faults don't affect insurance prices... BS I say..

  • Online bobdave   gb

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    Re: MCE goes into Administration... again??
    Reply #8 on: August 03, 2023, 09:05:07 am
    August 03, 2023, 09:05:07 am
    When my renewal came up I checked a few different companies out and found that the BMW Motorrad insurance was considerably cheaper than most. The policy is brokered through Devitt and is underwritten by LVE/Highways Insurance. Exactly the same policy as I had with LVE/Highways insurance through Carol Nash that was just over £100 more expensive to renew.

  • Offline Antares   gb

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    Re: MCE goes into Administration... again??
    Reply #9 on: August 03, 2023, 10:30:34 am
    August 03, 2023, 10:30:34 am
    *Originally Posted by bobdave [+]
    When my renewal came up I checked a few different companies out and found that the BMW Motorrad insurance was considerably cheaper than most. The policy is brokered through Devitt and is underwritten by LVE/Highways Insurance. Exactly the same policy as I had with LVE/Highways insurance through Carol Nash that was just over £100 more expensive to renew.

    That is the life indeed if you're older and have options.

    Not so much the case for under 25 folk... just take whatever is cheapest and get it shoved down your throat.