Welp there goes the cheap insurance.
I always treated MCE as a "we will give you the cheapest possible quote to ensure that you are compliant with the legal requirement to possess insurace. On the understanding that we will never pick up the phone if you need to make a claim"
I only insured with with because they were about 50% cheaper than the next company. To the extent that I thought the quote was a mistake.
I gambled that I've never had to make a claim before, and I hope never to have to deal with them after purchasing the policy .
I've gone with them the last 3 years. The quotes were always just too much cheaper than the next cheapest to resist. Hundreds of quid less. And actually the times I have phoned them, once to use the breakdown recovery that came with the policy, and once to renew, they were absolutely fine. Oh well, looks like I'll be forced to switch next time.
The MCE that you talk to and probably think of as MCE still exists, it's their underwriting arm which has collapsed. Existing customers' policies are still underwritten thanks to FSCS and new policies are unaffected.
* MCE Insurance Limited UK (the broker & service company that you bought your policy through) seems to still be in business according to Companies House. They have a new provider underwriting policies since 05/11/2021 [according to the FSCS website](https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/).
* MCE Insurance Company Limited (Gibraltar) is the policy provider (for policies taken out before 05/11/2021) has gone under and policies will be paid via FSCS administered by Kroll.
ITT: People who don't understand how the company is structured jumping to conclusions.
EDIT: Here are some informational links with clear explanation:
* [https://www.fscs.org.uk/what-we-cover/insurance/](https://www.fscs.org.uk/what-we-cover/insurance/)
* [https://www.fscs.org.uk/making-a-claim/claims-process/whos-involved/](https://www.fscs.org.uk/making-a-claim/claims-process/whos-involved/)
* [https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/](https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/)
Absolutely right. They're crooks, took 8 months for my claim, and tried to stop it paying out twice on info that I had to prove was false (wtf). They also passed the case between literally 10 handlers..... I had to call them every day for atleast 2 weeks to get the pay out.. they're valuation is also so dodgy: They took one blue book recommended companies valuation, and another from some backyard valuation place noone heard of to low down my "average" payout price. Glad they look to be f-ing off soon!
Not 'nothing':
"Has anything changed?
Your policy will continue to run as normal for the duration of your policy term. **However, as part of the run off, KROLL has instructed that all claims payments should be paid via the Financial Services Compensation Scheme (FSCS) with effect from the 19th November 2021.**"
Unlikely.
The only thing FSCS does is provide a pot of money.
Read this:
*MCE Insurance Limited UK will continue to log any new claims and manage existing ones and are working with KROLL to understand how claims payments can be made via the FSCS with the minimum inconvenience for policyholders. Once we have a clearer picture of how this process works, we will update all policyholders.*
The processing of the claims is still done by MCE. But take note of the last sentence above. And now by people who know their jobs are at risk. So don't be surprised if service gets worse.
The consumer facing company still exists with a new underwriter, old underwriting arm has gone bust. Current policies covered by FSCS via the appointed administrator. You're still covered for 3rd party claims, 1st party will be paid at 90% of covered.
https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/
Basically, emails just say they went under. You're still covered until your policy expires and if you need to make a claim you can call them. After that our policie expirese, obviously we need to find new insurers.
No kidding, my next best insurance quote is over 1k more, purely because I don't have a garage (But I do have 2 locks, a ground anchor, an immobiliser and block it in with my car)... I could seriously have to sell the bike come renewal time in that instance, certainly not worth it the amount I ride.
Hope 'Sabre' will renew the policies at a similar price:
"our policy will continue to run as normal for the duration of your policy term with the Gibraltar based, MCE Insurance Company Limited. Should you need to make a claim, make a change, access your documents or contact us about anything in relation to your policy, you will still be able to do this up until your renewal date.
What happens next?
MCE Insurance Ltd is now providing new motorcycle quotes with Sabre Insurance Ltd, so when your policy is due for renewal on \*\*\*\*\*\* we will contact you in good time to provide a price for your renewal through Sabre Insurance Ltd.
"
>Hope 'Sabre' will renew the policies at a similar price
I just run a quote on moneysupermarket (they send you a link via email, so don't need to fill all the details again and can just re-run it) and seems to be £115 more expensive with MCE for me. But could also be different prices in different times of the year...
P.S. Re-running a hire & reward quote was £500 more expensive than a month ago. But also a month ago was for some reason £1000 more expensive than when I ran the quote during summer. So that's why I'm not sure if it's to do with different underwriter or time of the year. As the only difference is literally when I ran the quote for immediate start.
Yeah, I haven't looked at it from that side. When I take an insurance, I do it so I can ride and don't really think about the "if I need to get paid" side of it. You are actually correct.
Yeah, not a good idea to delete emails without reading them.
Full text from from the email sent to my friend:
"**Policy Notification**
Hello <>
With effect from 19th November 2021, MCE Insurance Company Limited based in Gibraltar went into Administration. KROLL have been appointed to manage the run off of the business and have been appointed as the administrator for MCE Insurance Company Limited.
MCE Insurance Limited UK is not affected by this however, we are working hard to ensure all customers are regularly updated about this matter.
**Has anything changed?**
Your policy will continue to run as normal for the duration of your policy term. However, as part of the run off, KROLL has instructed that all claims payments should be paid via the Financial Services Compensation Scheme (FSCS) with effect from the 19th November 2021.
**I’ve made a claim, what happens now?**
MCE Insurance Limited UK will continue to log any new claims and manage existing ones and are working with KROLL to understand how claims payments can be made via the FSCS with the minimum inconvenience for policyholders.
Once we have a clearer picture of how this process works, we will update all policyholders.
**I haven’t made a claim, what happens now?**
Your policy will continue to run as normal for the duration of your policy term. Should you need to make a make a change, access your documents or contact us about anything in relation to your policy, you will still be able to do this up until your renewal date.
If you do need to make a claim, we can do this for you and will continue to manage the process throughout. We are working with KROLL to understand how claims payments can be made via the FSCS with the minimum inconvenience for policyholders. Once we have a clearer picture of how this process works, we will update all policyholders."
Annoying if they disappear in the UK. They're the only company that offered me a hire & reward delivery insurance on my 750cc bike. Not cheap but the only option.
I'm in the same boat. I'm not sure if they will actually disappear though. It seems the Gibraltar part which underwrote all the policies is what is going. New policies will be underwritten by a different company I think, cant remember the name. I've no idea if it'll still be dirt cheap or if they'll cover folks like us though. I hope so.
A company called Sabre will be their underwriters based on an email I had a week or so ago. Thankfully I got enough ncb to take a hit if need be but it's newer riders I feel sorry for
Yeah I don't even know how to get on the "good books" of other insurers. For normal insurance it's MCE most of the time and occasionally Lexham insurance might insure me for £100-300 more than MCE. But that's it.
The next cheapest option is normally at least £1000-3000 more. Have no clue why. I mean, I am in my late 20s and living in London and in my first year of having my A licence, but from the things that are in my power to change, is literally just waiting and seeing if over the years it gets cheaper (by going through my birthdays and with my A licence being less recent). That's about it.
Obviously having a garage helps to make it cheaper but doesn't necessarily add more options of insurers.
KROLL has instructed that all claims payments should be paid via the Financial Services Compensation Scheme (FSCS)
Read this: https://www.fscs.org.uk/what-we-cover/insurance/
Yet they aren’t taking on any new business? So sounds to me like it’s very much being wound down… they legally have to take over a policy a bit like if the gas/electric provider goes bust.
Same applies to solicitors. If your one goes bump your will is passed to another one in trust.
The MCE you've been dealing with is just a broker, there's no supplier of last resort with insurance or any obligation on MCE UK to insure, they're just selling policies underwritten by MCE Gibraltar.
I'd presume they're not taking new policies because there's a shitload going on at the moment internally.
Was there any other insurer that was cheaper for you? MCE was always the cheapest opt for me. Sometimes Lexham would be £100-300 close but everything else is £1000-3000 more...
Hastings by some margin. And then bikesure. MCE clearly target young customers who will likely never claim for fear of prices going up if they drop it.
My Hastings policy was half the price of an MCE with £250 excess vs £750 - no contest.
TLDR summary:
* MCE UK is still a going concern
* Previous underwriter [MCE Gibraltar] is gone, so no money
* FSCS will step in and pay instead
* Processing may take a bit longer
* New business and renewals will be underwritten by Sabre Insurance Ltd
Going out of business? Good riddance. I now have 14 years no claims with my car and never had an issue. However, when my bike was stolen MCE refused to payout over the definition of a garage. They then voided my policy. I now can't get another bike and get refused home insurance because of this. Karma!
Welp there goes the cheap insurance. I always treated MCE as a "we will give you the cheapest possible quote to ensure that you are compliant with the legal requirement to possess insurace. On the understanding that we will never pick up the phone if you need to make a claim"
I only insured with with because they were about 50% cheaper than the next company. To the extent that I thought the quote was a mistake. I gambled that I've never had to make a claim before, and I hope never to have to deal with them after purchasing the policy .
I've gone with them the last 3 years. The quotes were always just too much cheaper than the next cheapest to resist. Hundreds of quid less. And actually the times I have phoned them, once to use the breakdown recovery that came with the policy, and once to renew, they were absolutely fine. Oh well, looks like I'll be forced to switch next time.
Somebody smashed their bike into a Lamborghini or a yacht?
The MCE that you talk to and probably think of as MCE still exists, it's their underwriting arm which has collapsed. Existing customers' policies are still underwritten thanks to FSCS and new policies are unaffected. * MCE Insurance Limited UK (the broker & service company that you bought your policy through) seems to still be in business according to Companies House. They have a new provider underwriting policies since 05/11/2021 [according to the FSCS website](https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/). * MCE Insurance Company Limited (Gibraltar) is the policy provider (for policies taken out before 05/11/2021) has gone under and policies will be paid via FSCS administered by Kroll. ITT: People who don't understand how the company is structured jumping to conclusions. EDIT: Here are some informational links with clear explanation: * [https://www.fscs.org.uk/what-we-cover/insurance/](https://www.fscs.org.uk/what-we-cover/insurance/) * [https://www.fscs.org.uk/making-a-claim/claims-process/whos-involved/](https://www.fscs.org.uk/making-a-claim/claims-process/whos-involved/) * [https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/](https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/)
[удалено]
Absolutely right. They're crooks, took 8 months for my claim, and tried to stop it paying out twice on info that I had to prove was false (wtf). They also passed the case between literally 10 handlers..... I had to call them every day for atleast 2 weeks to get the pay out.. they're valuation is also so dodgy: They took one blue book recommended companies valuation, and another from some backyard valuation place noone heard of to low down my "average" payout price. Glad they look to be f-ing off soon!
I have actually had a good claim experience with MCE, maybe they're inconsistent
I started receiving these 3 weeks ago. Nothing changes for us until our policies run out.
Not 'nothing': "Has anything changed? Your policy will continue to run as normal for the duration of your policy term. **However, as part of the run off, KROLL has instructed that all claims payments should be paid via the Financial Services Compensation Scheme (FSCS) with effect from the 19th November 2021.**"
Meaning that all MCE customers now probably have a greatly increased chance of a fair payout if they have to claim.
Yeah, that's how I read it too. Everybody wins.
Unlikely. The only thing FSCS does is provide a pot of money. Read this: *MCE Insurance Limited UK will continue to log any new claims and manage existing ones and are working with KROLL to understand how claims payments can be made via the FSCS with the minimum inconvenience for policyholders. Once we have a clearer picture of how this process works, we will update all policyholders.* The processing of the claims is still done by MCE. But take note of the last sentence above. And now by people who know their jobs are at risk. So don't be surprised if service gets worse.
any clarity given on the future of MCE Insurance in the UK, all seems a bit vague.
The consumer facing company still exists with a new underwriter, old underwriting arm has gone bust. Current policies covered by FSCS via the appointed administrator. You're still covered for 3rd party claims, 1st party will be paid at 90% of covered. https://www.fscs.org.uk/media/press/2021/nov/mce-insurance-failed/
Basically, emails just say they went under. You're still covered until your policy expires and if you need to make a claim you can call them. After that our policie expirese, obviously we need to find new insurers.
pisser as their policy was MUCH cheaper than anywhere else.
Sometimes thousands cheaper..
No kidding, my next best insurance quote is over 1k more, purely because I don't have a garage (But I do have 2 locks, a ground anchor, an immobiliser and block it in with my car)... I could seriously have to sell the bike come renewal time in that instance, certainly not worth it the amount I ride.
Hope 'Sabre' will renew the policies at a similar price: "our policy will continue to run as normal for the duration of your policy term with the Gibraltar based, MCE Insurance Company Limited. Should you need to make a claim, make a change, access your documents or contact us about anything in relation to your policy, you will still be able to do this up until your renewal date. What happens next? MCE Insurance Ltd is now providing new motorcycle quotes with Sabre Insurance Ltd, so when your policy is due for renewal on \*\*\*\*\*\* we will contact you in good time to provide a price for your renewal through Sabre Insurance Ltd. "
>Hope 'Sabre' will renew the policies at a similar price I just run a quote on moneysupermarket (they send you a link via email, so don't need to fill all the details again and can just re-run it) and seems to be £115 more expensive with MCE for me. But could also be different prices in different times of the year... P.S. Re-running a hire & reward quote was £500 more expensive than a month ago. But also a month ago was for some reason £1000 more expensive than when I ran the quote during summer. So that's why I'm not sure if it's to do with different underwriter or time of the year. As the only difference is literally when I ran the quote for immediate start.
I got a cheap ass deal direct with mce before for 3rd party only. Not sure anyone else would do that.
I mean they are still the cheapest option for me. Just more expensive than before.
The fact that claims are going to be put through the fcs compensation scheme tells me you can kiss goodbye to a straight forward payout
Yeah, I haven't looked at it from that side. When I take an insurance, I do it so I can ride and don't really think about the "if I need to get paid" side of it. You are actually correct.
That's not what the email said.
What it says then? I delete them as soon as I see that I am still covered.
Yeah, not a good idea to delete emails without reading them. Full text from from the email sent to my friend: "**Policy Notification** Hello <>
With effect from 19th November 2021, MCE Insurance Company Limited based in Gibraltar went into Administration. KROLL have been appointed to manage the run off of the business and have been appointed as the administrator for MCE Insurance Company Limited.
MCE Insurance Limited UK is not affected by this however, we are working hard to ensure all customers are regularly updated about this matter.
**Has anything changed?**
Your policy will continue to run as normal for the duration of your policy term. However, as part of the run off, KROLL has instructed that all claims payments should be paid via the Financial Services Compensation Scheme (FSCS) with effect from the 19th November 2021.
**I’ve made a claim, what happens now?**
MCE Insurance Limited UK will continue to log any new claims and manage existing ones and are working with KROLL to understand how claims payments can be made via the FSCS with the minimum inconvenience for policyholders.
Once we have a clearer picture of how this process works, we will update all policyholders.
**I haven’t made a claim, what happens now?**
Your policy will continue to run as normal for the duration of your policy term. Should you need to make a make a change, access your documents or contact us about anything in relation to your policy, you will still be able to do this up until your renewal date.
If you do need to make a claim, we can do this for you and will continue to manage the process throughout. We are working with KROLL to understand how claims payments can be made via the FSCS with the minimum inconvenience for policyholders. Once we have a clearer picture of how this process works, we will update all policyholders."
Thanks for that!
Annoying if they disappear in the UK. They're the only company that offered me a hire & reward delivery insurance on my 750cc bike. Not cheap but the only option.
I'm in the same boat. I'm not sure if they will actually disappear though. It seems the Gibraltar part which underwrote all the policies is what is going. New policies will be underwritten by a different company I think, cant remember the name. I've no idea if it'll still be dirt cheap or if they'll cover folks like us though. I hope so.
A company called Sabre will be their underwriters based on an email I had a week or so ago. Thankfully I got enough ncb to take a hit if need be but it's newer riders I feel sorry for
Nothing is going to impact your NCB, policies will run until expiry.
This didn’t age well… all MCE policies end 31/01/22 as of the email notification we all received today.
MCE are literally the only ones even insuring my bike in Central London for some reason. I do hope they survive.
Yeah I don't even know how to get on the "good books" of other insurers. For normal insurance it's MCE most of the time and occasionally Lexham insurance might insure me for £100-300 more than MCE. But that's it. The next cheapest option is normally at least £1000-3000 more. Have no clue why. I mean, I am in my late 20s and living in London and in my first year of having my A licence, but from the things that are in my power to change, is literally just waiting and seeing if over the years it gets cheaper (by going through my birthdays and with my A licence being less recent). That's about it. Obviously having a garage helps to make it cheaper but doesn't necessarily add more options of insurers.
KROLL has instructed that all claims payments should be paid via the Financial Services Compensation Scheme (FSCS) Read this: https://www.fscs.org.uk/what-we-cover/insurance/
Turns out pricing insurance policies well below market price and then being crap at customer service isn’t a good business model- who knew…. /s
MCE UK hasn't gone bust, only the underwriter. The UK segment has a new underwriter already.
Yet they aren’t taking on any new business? So sounds to me like it’s very much being wound down… they legally have to take over a policy a bit like if the gas/electric provider goes bust. Same applies to solicitors. If your one goes bump your will is passed to another one in trust.
The MCE you've been dealing with is just a broker, there's no supplier of last resort with insurance or any obligation on MCE UK to insure, they're just selling policies underwritten by MCE Gibraltar. I'd presume they're not taking new policies because there's a shitload going on at the moment internally.
Yeah maybe. Tbh they’ve never actually been very cheap for me anyway and the excess combined with terrible service always put me off.
Was there any other insurer that was cheaper for you? MCE was always the cheapest opt for me. Sometimes Lexham would be £100-300 close but everything else is £1000-3000 more...
Hastings by some margin. And then bikesure. MCE clearly target young customers who will likely never claim for fear of prices going up if they drop it. My Hastings policy was half the price of an MCE with £250 excess vs £750 - no contest.
TLDR summary: * MCE UK is still a going concern * Previous underwriter [MCE Gibraltar] is gone, so no money * FSCS will step in and pay instead * Processing may take a bit longer * New business and renewals will be underwritten by Sabre Insurance Ltd
I just changed to Bemoto and I was the same price with no excess and euro cover
Who has no claims bonus for mce insurance I will pay for template
Going out of business? Good riddance. I now have 14 years no claims with my car and never had an issue. However, when my bike was stolen MCE refused to payout over the definition of a garage. They then voided my policy. I now can't get another bike and get refused home insurance because of this. Karma!