Help: Insurance company bankrupt!
#1
Scooby Regular
Thread Starter
Join Date: Nov 1998
Posts: 11,905
Likes: 0
Received 0 Likes
on
0 Posts
Hi Guys
My insurance broker (A-Plan) phoned me today and told me the "Independent insurance company" has called in the receivers (i.e. the company I have my car insured with).
As such, I might not be covered until they are officially declared bankrupt, and even then it will be by the governing body who will give me a maximum of 90% of any claim.
Any suggestions as to what to do? A-Plan really suggest another policy, but this one still has 6 months to run.
Any legal people know what I can do?
Thanks!
Steve.
My insurance broker (A-Plan) phoned me today and told me the "Independent insurance company" has called in the receivers (i.e. the company I have my car insured with).
As such, I might not be covered until they are officially declared bankrupt, and even then it will be by the governing body who will give me a maximum of 90% of any claim.
Any suggestions as to what to do? A-Plan really suggest another policy, but this one still has 6 months to run.
Any legal people know what I can do?
Thanks!
Steve.
#4
Also remember that only the PRIMARY card holder is entitled to this credit card protection.
If a purchase is made by a supplimentary card holder (ie if the card is in your name and your wife also has a card) then the normal credit card protection DOES NOT apply.
Also, some companies will charge you a few % for paying by credit card....
If a purchase is made by a supplimentary card holder (ie if the card is in your name and your wife also has a card) then the normal credit card protection DOES NOT apply.
Also, some companies will charge you a few % for paying by credit card....
#5
Scooby Regular
Join Date: Dec 2001
Location: Cheshire
Posts: 2,569
Likes: 0
Received 0 Likes
on
0 Posts
Hi Dave,
I am insured with "Independant" and have 1 month to go on a fully paid up full comp policy.
I have already got some new quotes ( thanks to peoples advice on ScoobyNet) and want to go with one now.
In a months time I will have 3 year NCB. How do I get around this if insuring early?
My thanks go out to Dave and Rum for writing a clear explanation of the events, It really helped
Cheers
J
Edited because I couldn't spell.........
[This message has been edited by ScoobySnack (edited 22 June 2001).]
I am insured with "Independant" and have 1 month to go on a fully paid up full comp policy.
I have already got some new quotes ( thanks to peoples advice on ScoobyNet) and want to go with one now.
In a months time I will have 3 year NCB. How do I get around this if insuring early?
My thanks go out to Dave and Rum for writing a clear explanation of the events, It really helped
Cheers
J
Edited because I couldn't spell.........
[This message has been edited by ScoobySnack (edited 22 June 2001).]
#6
This happened already with Kwikfit insurance. Dont take a chance, reinsure your car now with another company. You will lose some money, but you will sleep soundly, knowing that your pride and joy is properly covered. Do you really want to get involved with an insurance company that has called the receivers in, and all that entails when trying to recover any loss?
I wouldnt hesitate.
Greg
I wouldnt hesitate.
Greg
#7
Scooby Regular
boxst
Based on current knowledge you should be fully covered providing your payments are up to date. There will be two issues however if you have a claim.
1) Third party losses will be settled at 100%. Own damage will probably be at 90% and this will have to come from the Policyholders Protection Board and could take some time to settle.
2) If you have a high value vehicle such as a P1 this means you could stand to lose up to £3000 or so on top of your excess in the event of a total loss or theft - although I gather only two P1's have been stolen and thanks to Trackstar both were recovered within hours. If the loss is provably due to a third party you can recover from their insurer in full (eventually).
There is a deal going on as we speak for Royal and Sun Alliance to take over a large number of IIC policies, but it is not clear if this includes motor.
Based on current knowledge you should be fully covered providing your payments are up to date. There will be two issues however if you have a claim.
1) Third party losses will be settled at 100%. Own damage will probably be at 90% and this will have to come from the Policyholders Protection Board and could take some time to settle.
2) If you have a high value vehicle such as a P1 this means you could stand to lose up to £3000 or so on top of your excess in the event of a total loss or theft - although I gather only two P1's have been stolen and thanks to Trackstar both were recovered within hours. If the loss is provably due to a third party you can recover from their insurer in full (eventually).
There is a deal going on as we speak for Royal and Sun Alliance to take over a large number of IIC policies, but it is not clear if this includes motor.
Trending Topics
#8
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by Dave T-S:
<B>
[Snip]
1) Third party losses will be settled at 100%. Own damage will probably be at 90% and this will have to come from the Policyholders Protection Board and could take some time to settle.
[Snip]
[/quote]
I insureed with Drake in May 2000 - 2 weeks later went into receivership - Filled out all paperwork through Policy Holders Protection Board & am still waiting
Heres a really good tip though:
If you paid your premium in full using a credit card (eg VISA) you can claim on their insurance as you have purchased a service (one years insurance cover) and have not received it.
<B>
[Snip]
1) Third party losses will be settled at 100%. Own damage will probably be at 90% and this will have to come from the Policyholders Protection Board and could take some time to settle.
[Snip]
[/quote]
I insureed with Drake in May 2000 - 2 weeks later went into receivership - Filled out all paperwork through Policy Holders Protection Board & am still waiting
Heres a really good tip though:
If you paid your premium in full using a credit card (eg VISA) you can claim on their insurance as you have purchased a service (one years insurance cover) and have not received it.
#11
Scooby Regular
I can't say if the credit card issue will work or not - the wording needs to be looked at - I hope it does - and also hope Visa's affinity insurance scheme was not placed with Independent.....
Don't laugh, stranger things have happened.....
Don't laugh, stranger things have happened.....
#12
Scooby Regular
ScoobySnack
That's an interesting one.....
First thought is that you could take out your new policy, leave the old one in place and claim your extra year NCB on expiry.
I would say that in order to prove you were not trying to defraud i.e. try and make a claim on both policies, you would have to write to your new insurer and tell them you have done this purely for administration purposes and also state that in the event of a claim this should fall on your new policy.
If you were to write to Independent and tell them what you were proposing to do they would almost certainly cancel your old policy straight away and you would lose the extra year's NCB.
I think, however, I'm going to let Rum answer it cos he's more the expert on current business than me...
[This message has been edited by Dave T-S (edited 22 June 2001).]
That's an interesting one.....
First thought is that you could take out your new policy, leave the old one in place and claim your extra year NCB on expiry.
I would say that in order to prove you were not trying to defraud i.e. try and make a claim on both policies, you would have to write to your new insurer and tell them you have done this purely for administration purposes and also state that in the event of a claim this should fall on your new policy.
If you were to write to Independent and tell them what you were proposing to do they would almost certainly cancel your old policy straight away and you would lose the extra year's NCB.
I think, however, I'm going to let Rum answer it cos he's more the expert on current business than me...
[This message has been edited by Dave T-S (edited 22 June 2001).]
#13
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by Dave T-S:
<B>I can't say if the credit card issue will work or not [Snip] [/quote]
It did for me
[Edit - Snipped Quote]
[This message has been edited by Chris.Palmer (edited 22 June 2001).]
<B>I can't say if the credit card issue will work or not [Snip] [/quote]
It did for me
[Edit - Snipped Quote]
[This message has been edited by Chris.Palmer (edited 22 June 2001).]
#15
Scooby Regular
Join Date: Mar 2000
Location: Leeds
Posts: 2,039
Likes: 0
Received 0 Likes
on
0 Posts
ScoobySnack,
Sorry for the quick note...but am still snowed out at work...I will discuss the various options with you at the pub tomorrow if thats ok...and will try and put a post up here on Monday...
Once again...apologies for this being brief.
Rum
Sorry for the quick note...but am still snowed out at work...I will discuss the various options with you at the pub tomorrow if thats ok...and will try and put a post up here on Monday...
Once again...apologies for this being brief.
Rum
Thread
Thread Starter
Forum
Replies
Last Post