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What do i do?

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5 months ago i bought van insurance through a company through Compare The Market Anyway to cut a long story short the company emailed last week to say they will go bust on the 26th of October and i w… Read More
kreen Avatar
8m, 1w agoPosted 8 months, 1 week ago
5 months ago i bought van insurance through a company through Compare The Market
Anyway to cut a long story short the company emailed last week to say they will go bust on the 26th of October and i will need to take out another policy with someone else,but i must keep paying my monthly direct debits to this one because they have now been passed to someone else,but they have filed claims and IF the claims get accepted i MAY get a refund...I haven't a clue where i stand or what i am supposed to do.Can anyone help please?.
kreen Avatar
8m, 1w agoPosted 8 months, 1 week ago
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Responses/page:
#1
Name of insurance company?
#2
They've cancelled your insurance and want you to keep paying?

Seems legit.
#3
willhay555
They've cancelled your insurance and want you to keep paying?

Seems legit.


chances are finance is arranged through a loan company at beginning of year, this pays your insurance in full up front, you then pay loan company over year.
#4
Are you paying monthly or annually? If monthly just cancel and go with a known company, sounds like you've went with somebody rubbish to start if there going bust. Imagine you need to claim with them for an accident!
#5
For the best advice call Citizens Advice consumer helpline on 03454 04 05 06
#6
willhay555
They've cancelled your insurance and want you to keep paying?

Seems legit.


Enterprise at Quoteline Direct
#7
tardytortoise
For the best advice call Citizens Advice consumer helpline on 03454 04 05 06


Thankyou
#8
Aadilp789
Name of insurance company?


Enterprise at Quoteline Direct
#9
Are you saying you've made a claim since starting the policy?
#10
If so and it was a fault claim on your part you will not get a refund anyway. Claims take a while to close so sounds like they have passed it to another company (most likely themselves under another company name).
#11
Isn't the insurance covered by an underwriter? Insurance companies don't provide the cover - they are just the go-between us and the underwriter.
#12
If you haven't made a claim then you can quite simply cancel the policy without charges as it's not your fault they have gone bankrupt.
#13
JohnnyRoller
Are you saying you've made a claim since starting the policy?


No haven't made any claims just took out the insurance paid a deposit & pay monthly towards the total cost
#14
JohnnyRoller
If you haven't made a claim then you can quite simply cancel the policy without charges as it's not your fault they have gone bankrupt.


I did think of this but thought they would charge me a cancellation charge with them saying i must keep paying
#15
From MSE

Can I cancel if I pay for my car insurance monthly?

With car insurance, many people choose to spread the cost by paying monthly by direct debit.

But take note: simply cancelling your direct debit doesn’t mean you’ve cancelled the policy.

Tell your insurer you want to cancel and get confirmation from them, otherwise they might chase you for unpaid premiums.

And even though paying monthly means you’re effectively paying for your insurance as you use it, when you cancel you could still find your hit not only with the standard cancellation fee, but also with another that’s a percentage of the total policy price.
#16
I just don't understand how they are cancelling it anyway yet i still have to pay for insurance i am not getting & then have to pay out again for another policy at the same time. It is saying that the payment part is a seperate funder so i still have to pay them,because like someone else said, they must have put the money in,in the first place
#17
kreen
JohnnyRoller
If you haven't made a claim then you can quite simply cancel the policy without charges as it's not your fault they have gone bankrupt.
I did think of this but thought they would charge me a cancellation charge with them saying i must keep paying
You just need to ring them to cancel and raise a complaint if they say there's cancellation fees. They have told you to find another insurer which is out of your control. I would recommend a mainstream insurer like gladiator as they are a sister brand to admiral. The leading car insurance company in the UK.
#18
JohnnyRoller
kreen
JohnnyRoller
If you haven't made a claim then you can quite simply cancel the policy without charges as it's not your fault they have gone bankrupt.
I did think of this but thought they would charge me a cancellation charge with them saying i must keep paying
You just need to ring them to cancel and raise a complaint if they say there's cancellation fees. They have told you to find another insurer which is out of your control. I would recommend a mainstream insurer like gladiator as they are a sister brand to admiral. The leading car insurance company in the UK.
admiral are a bunch of thieves. just look at there auto renewal prices among all there companies thieves i say, they somehow always manage to match your comparison quotes on renewal but the auto is always double. thieves
#19
HamanBasher
JohnnyRoller
kreen
JohnnyRoller
If you haven't made a claim then you can quite simply cancel the policy without charges as it's not your fault they have gone bankrupt.
I did think of this but thought they would charge me a cancellation charge with them saying i must keep paying
You just need to ring them to cancel and raise a complaint if they say there's cancellation fees. They have told you to find another insurer which is out of your control. I would recommend a mainstream insurer like gladiator as they are a sister brand to admiral. The leading car insurance company in the UK.
admiral are a bunch of thieves. just look at there auto renewal prices among all there companies thieves i say, they somehow always manage to match your comparison quotes on renewal but the auto is always double. thieves
This is the same with every single company with absolutely everything. You get notified 3 weeks before with the price... what more do you want? Mobile contracts don't remind you.. Sky/Virgin don't remind you.. Just put a date in your diary or just request no auto renewal... lazy people get a bad deal.. simple.
banned#20
my brother in laws taxi insurance has gone bust too, starting next month. may be same company, but he was told the payment will stop and he needs to look for another company. but he obviously will lose this year's no claims bonus , meaning 12 months will need to start again
#21
sofiasar
my brother in laws taxi insurance has gone bust too, starting next month. may be same company, but he was told the payment will stop and he needs to look for another company. but he obviously will lose this year's no claims bonus , meaning 12 months will need to start again


It's a joke isn't it? same with this one they sent a form saying 1 year 125 days no claims but what insurer gives you the option to declare 1 year 125 days!.... none!

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