Gap or tyre insurance through Click2 Protect, AA or Motorway Direct?

[fest0r]

I’m sure you will be contacted, but just in case it’s gone into your spam folder:

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.

What does this mean?

From 26th October 2016, the Provisional Liquidator will cancel your existing insurance policy/ies with Enterprise. To protect policyholders, the FSCS has confirmed it will refund your premium for the period your insurance cannot be claimed upon, again in accordance with compensation scheme rules.

How might this affect you?

Because Gap Insurance and Tyre Insurance can only be purchased within a very limited time after taking delivery, the insurance market is unable to offer an alternative at this stage. Tyre Insurance can only be purchased within 30 days of delivery and Gap Insurance within 180 days.

However, the insurers administration and claims agent Motorway Direct Plc are in discussion with the FSCS about the possibility of offering a continuation scheme. These negotiations are on-going. The result of these discussions may or may not be known before the 26th October 2016. If this results of these negotiations are positive, you will be contacted again.

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. As such, at the time of writing, the FSCS are suggesting it may take up to 90 days to refund premium premiums and refunds will be at the rate of 90% of the refund due, again in accordance with compensation rules.

What do you need to do?

You do not need to do anything. Motorway Direct Plc and or the FSCS will advise you of a refund or continuation (if that is agreed) in due course.

If you have further questions

As an independent insurance broker we are almost entirely dependent upon the information published upon the following web-sites;

Enterprise Insurance Company Plc at https://www.eigplc.com

Financial Services Compensation Scheme at Deposit Protection - Financial Services Compensation Scheme | FSCS |FSCS

Motorway Direct Plc at Important Statement on Enterprise Insurance Company PLC - Motorway Direct Plc

Please refer to these web sites for the latest news or please contact Motorway Direct Plc on 03300 555 250 if you have any specific questions.

[GapInsurance.co.uk]

I’m sure you will be contacted, but just in case it’s gone into your spam folder:

Not entirely sure of the timescales involved, but just putting it out there... we can provide GAP insurance cover for vehicles purchased up to 12 months ago... so if you happen to have a policy underwritten by Enterprise, bought within the last year which will now be cancelled, we may be able to help you source alternative cover whilst waiting on your refund of premium to come from the FSCS.

Give us a call on 01943 850999, see GAPInsurance.co.uk | Get Quotes, Info and Buy Online. or contact support@gapinsurance.co.uk for more details.

HTH

[fest0r]

Thanks, but I’m well over the year. I’m hoping for some sort of continuation scheme… even if I have to pay again.

[fest0r]

Update:

Re: Update on Enterprise Insurance Company PLC

Following our email dated 18th October 2016, we write to let you know we have this afternoon received telephone responses from both the Financial Services Compensation Scheme (FSCS) and Enterprise Insurance Company PLC with news about your insurance.

We are advised that the planned cancellation date of 26th October 2016 has been deferred by a few weeks to provide more time for the FSCS to consider possibilities for a transfer/continuation scheme. The extension period has not been specified and as soon as more is known, we will contact you again.

Therefore, your cover remains active for the time being and claims up to the point of cancellation or transfer/continuation - will be met by the FSCS under compensation scheme rules.

We are of course hopeful that the FSCS will successfully reach a positive outcome and when we have more information - we will update you again without delay.

Once again we apologise for any inconvenience caused and please rest assured we are continually seeking updates from all parties.

We are committed to continue to bring information as it becomes available and therefore you will receive further communications of this nature.

[fest0r]

A welcome update:

Re : Good news regarding your Gap or Tyre Insurance underwritten by Enterprise Insurance Company PLC – update number 4

As you know from our last three email updates and a letter sent to you by Grant Thornton, Enterprise Insurance Company Limited ceased trading in October of this year. Since then, policies have remained active and claims have been paid under the Financial Services Compensation Scheme.

This update confirms that with effect from 14th December 2016 your contract of insurance with Enterprise Insurance Company, will be terminated by the firm’s liquidator.

The good news is, Amtrust International are providing a replacement policy for the period you have remaining – at no cost to you. Under this arrangement, the original terms and conditions of your insurance will remain unchanged. The replacement policy has been issued automatically. If you wish to accept it - you do not need to take any action. Your original policy terms and conditions, claims process and contact details remain unchanged.

You have a right to cancel your replacement policy by 30th December 2016. For those insurances carrying a pro-rata refund upon cancellation, you will be entitled to a refund as per your original policy terms and conditions. When choosing this option, do bear in mind the purchase of cover elsewhere in the market is not possible - as Gap Insurance can only be purchased within 180 days of taking possession of your vehicle – and Tyre Insurance is only available within 30 days.

The insurers agent and claims handling organisation, Motorway Direct Plc will be writing to you to confirm this within the next few days. This is extremely good news for policyholders and is an excellent example of the insurance industry and Financial Services Compensation Scheme working together to protect the financial interests of insurance policy holders.

You do not need to do anything to continue your cover. Your original certificate of insurance and policy number remains unchanged – as do you your insurance Terms and Conditions, claims telephone numbers and other contact details.

We thank you for

Yours sincerely,



Tom Barley
Director
Click2protect UK Limited