MCE Insurance has folded.

Anti-Theft Devices & Insurance related issues...

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TLS-Moose
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Re: MCE Insurance has folded.

Post by TLS-Moose »

Jay wrote: Mar 24th, '22, 08:19
TLS-Moose wrote: Mar 23rd, '22, 21:11 My renewal letter arrived today ....... £222 + some shrapnel for both bikes, which doesn't seem too bad :-?
From MCE??? if so avoid like the plague
No, Bikesure :-bd
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Jay
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Re: MCE Insurance has folded.

Post by Jay »

TLS-Moose wrote: Mar 24th, '22, 08:50
Jay wrote: Mar 24th, '22, 08:19
TLS-Moose wrote: Mar 23rd, '22, 21:11 My renewal letter arrived today ....... £222 + some shrapnel for both bikes, which doesn't seem too bad :-?
From MCE??? if so avoid like the plague
No, Bikesure :-bd
I'm with bikesure too :)
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Robbo87
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Re: MCE Insurance has folded.

Post by Robbo87 »

Robbo87 wrote: Mar 14th, '22, 13:46 I finaly got my proof of NCD from MCE last week. Luckily, I'm owed no money by them as was paying by DD and I simply cancelled my payments; for once, I was in the right situation :) .
For info' of any victims of the collapse of MCE bike insurance Co.
This just rxd from the MCE Administators, it doesn't apply to me but may be usefull knowledge for those that paid their MCE premium in full and are due a refund:


.......... 'Your refund is on its way - an update on MCE Insurance Company Ltd, now known as Green Realisations 123 Ltd (in administration)

Dear . . . . . . . .. . ,
MCE Insurance Company Ltd entered administration in November 2021. Since then, we’ve been supporting the Joint Administrators – Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar), who evaluated options for those affected by this unfortunate situation.

FSCS protects customers when financial firms fail. Independent and free to use, if the firm you've used has gone out of business and owes you money, we can step in to pay compensation. We have been working closely with the Joint Administrators to make sure that all eligible policyholders are protected.

You will now have had notice that your insurance policy ended in January 2022. Please ensure you have alternative cover in place. FSCS cannot help you with this, so please talk to an insurance broker.

In better news, we are now raising payments and batches of cheques are being sent out. We will compensate eligible customers with a refund based on their remaining policy premium.

The policy premium refund process
You do not need to speak to us currently. We’ll contact you if we need to verify any details, but usually we’ll simply refund you directly. If you are eligible, you will receive a cheque from FSCS. You only need to contact FSCS if you have not received your cheque within 3 weeks of receiving this letter.

We will send the cheque to your registered policy address. If your address has changed since MCE Insurance Company Ltd entered administration, please update the appointed agents by contacting them at returnofpremium@gr123.gi if you've not done so already.

An explanation of your refund
While we fund your policy premium return, we don’t calculate its value. However, we can explain why it is less than what you initially paid for your policy:
• Where we pay a return of premium, the level of our protection is 90%.
• This was calculated by the Joint Administrators when your policy cover ceased.
• Policy administration fees did not form part of the return of premium calculations.
• The refund was calculated pro-rata, so the value depended on how much time was left on the policy when your policy cover ended.
• You may not have been eligible for any return of premium if you paid by installments.
• Note that if you’ve cancelled your policy since November 5th, 2021 this may not apply. If you’re unsure, please contact returnofpremium@gr123.gi.

For more information on return of premium visit www.fscs.org.uk/making-a-claim/claims-p ... s-co-next/.

Once you have received your cheque if you have any questions about the amount please contact info@mceinsurance.com.

You should not pay in your cheque if you have submitted a chargeback request to your bank or credit card provider as you can’t benefit from both.


What about claims queries?
We want to reassure MCE Insurance Company Ltd customers that FSCS will cover claims against their policies while their policies are live.

For ongoing and new claim queries, email motorclaims@gr123.gi or call 0333 242 5141.

Please be assured that the Joint Administrators (Kroll) are continuing to coordinate and process claims, and FSCS is paying the eligible claims value to policyholders.


Stay up to date with the latest information
Please visit our dedicated MCE Insurance Company Ltd page to see all the latest updates and FAQs. We recommend that you register at www.fscs.org.uk/making-a-claim/failed-f ... -insurance to get email updates as soon as they are available.
We understand that this is a stressful time, and we are here to help as much as we can.
You only need to contact FSCS if you have not received your cheque within 3 weeks of receiving this letter.

Yours sincerely,

Customer Service Team'
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Jay
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Re: MCE Insurance has folded.

Post by Jay »

Yep i had the same too :)
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Ming
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Re: MCE Insurance has folded.

Post by Ming »

Got my cheque today for just over £80. I think I paid about £130 in October for the policy so I wasn't expecting much more than that. Probably about the same as if I had cancelled the policy myself, and the loss of another year's NCD is irrelevant as I have the max discount already
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Jay
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Re: MCE Insurance has folded.

Post by Jay »

Oh cool, maybe mine has arrived too? Will phone the wife tonight :)
Yeah i think everyone lost 1 years NCD :(
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layne
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Re: MCE Insurance has folded.

Post by layne »

Yup refund received today. £185. Happy with that, considering.
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Re: MCE Insurance has folded.

Post by Jug »

MCE still keeps appearing on my comparison quotes, and is the cheapest option for my SD.

It must be MCE Insurance Limited I assume (just states MCE) and not the failed MCE Insurance Company Limited, but I don't get it.
If it is the same company that recently had to declare bankruptcy, then why would anyone trust them now?
Why would they keep almost the same name as the one associated with their previous bankruptcy?

I'm staying away from them regardless.
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MellowYellow
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Re: MCE Insurance has folded.

Post by MellowYellow »

Just had a 'phone call from MCE. I think they were trying to offer me a special deal as I'd insured the Blackbird with them. Didn't really make himself clear.
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