Member Since: 29 Jul 2011
Location: Ruralshire
Posts: 593
Enterprise Insurance Going Bust
Got an email from my broker (Car2cover) yesterday telling me that Enterprise Insurance Company plc is going into liquidation on 26th October.
I'm one month away from my 4 year GAP insurance policy expiring so not overly bothered, but pity the poor souls who have been trying to put through claims for stolen/written off vehicles.
The FSCS are on the case, so might get £5 back from my £350 upfront premium. MY12 D4 HSE Ipanema Sand
19th Oct 2016 6:11 pm
Bill Wright
Member Since: 03 Nov 2007
Location: Glorious Devon
Posts: 3254
Had the email today and with over a year to run, I'm not amused as it's impossible to reinstate that cover at this stage in the vehicle's life:
"Important and Urgent Information
Our records indicate you hold insurance cover underwritten by Enterprise Insurance Company PLC. Please be aware that Enterprise Insurance is reported to be entering Liquidation on 26th October 2016. A Provisional Liquidator has been working with the industry regulator and compensation schemes to protect policyholders. Existing claims and refunds for UK policyholders are being paid by the Financial Services Compensation Scheme (FSCS), under compensation scheme rules.
However, the Provisional Liquidator is intending to disclaim all insurance policies with effect from 26th October 2016
All insurances with policy numbers that begin with CTPG and CTPT are affected.
Insurances with policy numbers that begin with CTPS and CTPA are not affected as these insurances are underwritten by Ageas Insurance Limited."Never take life too seriously. Nobody gets out alive anyway.
D4 SDV6 SE Tech Kaikoura Stone MY15.
19th Oct 2016 6:53 pm
professorpool
Member Since: 19 Mar 2012
Location: Woking
Posts: 3213
They actually went into liquidation in July. Your insurance agent are remiss for informing you this late.
Enterprise have schemes for private hire and motor trade insurance - feel for them too.
Anyone insured by them should seek cover immediately.
This is the notice from the liquidator published in July
Quote:
'On the 25th July 2016 the Gibraltar Supreme Court appointed me as Provisional Liquidator of Enterprise Insurance Company plc ("Enterprise or the "Company").
''I am now managing the Company's affairs under the supervision of the Gibraltar Financial Services Commission and will report back to the Supreme Court within three months.
Insurance policies issued by Enterprise have not been cancelled or disclaimed but I am unable to currently pay any claims arising under such policies. It is also uncertain if the Company's assets will be sufficient to meet insurance claims in full.
In these circumstances it is advisable for policy holders to contact their brokers.
I am in contact with the compensation schemes in the various countries in which Enterprise wrote business to coordinate with them the processes by which eligible claims may be paid from the schemes. I will update this website with further information regarding these processes as it becomes available.
I am also engaging claims managers to continue to administer, process and agree claims for admission as insurance claims and for submission to compensation schemes as applicable. Contact details of my claims managers will be added to this website shortly.''
info@eigplc.com<mailto>
Please be aware that as per the agreement you have entered into, following a cancellation of your direct debit, you will be liable to pay the balance of the annual premium, unless the insurer issues a return of premium, at this stage there is no indication that they will do so.
You may be entitled to make a compensation claim through the Financial Services Compenstion Scheme. fscs.org.uk
D3 07 SE - still going strong
D3 07 HSE - gone to car heaven
FL1 - gone to Romania
D3 05 HSE - gone to a divorce diet
D1 V8 manual - gone but not forgotten
RR Classic - gone to car heaven
Jeeps, Lexus, X-trails... Too many to name..
20th Oct 2016 7:19 am
Bill Wright
Member Since: 03 Nov 2007
Location: Glorious Devon
Posts: 3254
I agree. I'd have had a shock had I written my car off between 25 July and yesterday as I had Gap insurance. I am told that I will get (maybe) 90% of the premium balance back at some stage. Laughing all the way to the bank (not).
I doubt that there's any redress apart from the deep joy of sending a strongly worded letter to Click2Protect UK (AKA Car2Car Cover). I guess that thousands of us will just have to suck it up (Enterprise Insurance Company PLC were the underwriter for AA (Automobile Association) branded Gap, Tyre and Car Warranties and therefore the number of policyholder’s affected is considerable) whilst another insurance underwriter fades into the sunset with our money.Never take life too seriously. Nobody gets out alive anyway.
D4 SDV6 SE Tech Kaikoura Stone MY15.
20th Oct 2016 8:20 am
professorpool
Member Since: 19 Mar 2012
Location: Woking
Posts: 3213
I work in the insurance industry.
The feeling within the industry for some time has been they were underwriting too cheap for years.D3 07 SE - still going strong
D3 07 HSE - gone to car heaven
FL1 - gone to Romania
D3 05 HSE - gone to a divorce diet
D1 V8 manual - gone but not forgotten
RR Classic - gone to car heaven
Jeeps, Lexus, X-trails... Too many to name..
20th Oct 2016 8:31 am
D4mation
Member Since: 29 Jul 2011
Location: Ruralshire
Posts: 593
I should have known better because I wasn't all that comfortable with Enterprise Insurance when I took out the policy 5 years ago. I actually signed up for a 4 year GAP policy, with a start date deferred for a year.
Member Since: 15 Oct 2014
Location: Newquay, Cornwall
Posts: 820
I too have received this email ..... just a year into 5 year gap insurance ..... so I assume I'm shafted...... as too late to get GAP insurance now I guess.... when LR asked me why I didn't want their GAP insurance I told them I had got it cheaper elsewhere ....... just goes to show... its not all about the price....!! .... so who to trust??2016MY Discovery HSE - Black
2009MY Toyota Land Cruiser (Lc4) - Black
20th Oct 2016 9:29 pm
Bill Wright
Member Since: 03 Nov 2007
Location: Glorious Devon
Posts: 3254
Not so bad for me, I was half way through a four year programme. The most annoying aspect is the fact that we can't get the same insurance as the vehicle is now too old (180 day time limit). Still if I get a refund of 90% of the 50 % of my initial premium, I'll have few more shekels to put towards a D5. Never take life too seriously. Nobody gets out alive anyway.
D4 SDV6 SE Tech Kaikoura Stone MY15.
21st Oct 2016 8:21 am
flipsknacker
Member Since: 21 Oct 2016
Location: Otley
Posts: 1
Guys,
Don't panic (yet, at least).
What Car2Cover have told their customers is wrong.
It’s only Motor Insurance policies that are being cancelled on October 26th. GAP insurance (and other non-motor insurance policies) will be dealt with by the liquidator at a later date (but will likely (though it’s yet to be confirmed) see their cover transferred to another underwriter rather than being cancelled).
Member Since: 21 Dec 2015
Location: Gone
Posts: 5117
I had GAP insurance with them, Aequitas Automative, although they unwritten many policies under various names. I only just got this letter today. The liquidator states there will basically be no money to repay premiums taken.
Hey, ho, that's life, no point in getting upset about something out with my control.
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I too have received this email ..... just a year into 5 year gap insurance ..... so I assume I'm shafted...... as too late to get GAP insurance now I guess.... 
Still if I get a refund of 90% of the 50 % of my initial premium, I'll have few more shekels to put towards a D5. 
