When MCE Insurance Company Ltd was placed under administration on the 19th November 2021, they told their customers that all insurance policies underwritten by them will remain in place until their renewal date. Now it turns out they won’t, and all of their existing motorcycle insurance policies will be cancelled at midnight on 31st January 2022.
Rather than MCE Insurance Company informing their customers of the impending cancelation, it was administrators Kroll who made the announcement. This announcement came after Kroll stated they’d be cancelling all the firms van insurance policies by the 14th of January.
If you have taken an insurance policy out with MCE UK, you might be alright. MCE UK is actually a different entity to MCE Insurance Company; MCE UK being the broker and MCE Insurance Company being the underwriters. It’s only policies underwritten by the MCE Insurance Company that are affected. After 5th November 2021, policies taken out with MCE UK were underwritten by Sabre, so shouldn’t be affected. If you haven’t heard anything from MCE yet, you can check who your underwriters are on your policy documentation.
If your policy is underwritten by MCE Insurance Company, it will end at the end of the month.
Word on the street is that because the MCI Insurance Company is under administration, the likelihood of you getting a refund for the unused portion of your policy (if you paid for a year up front, and still have six months left come 31st Jan, for example) any time soon is slim. Customers who feel they are owed a refund are being urged to contact the Financial Services Compensation Scheme.
Yes, it’s a right mess, and a headache that none of us have got time for.
If you have been left in a pickle though, we might be able to take the sting out of the next bit. If it looks like you’re going to be left without insurance, it’s worth checking out what the guys at BeMoto can do for you; not least of all because we have teamed up with them to give you an assortment of sensational savings on a smorgasbord of super insurance services. It’s more than just run of the mill bike insurance, sure they do that if you want it, but they also offer trackday insurance, race van insurance, multi-bike cover and loads of other stuff. And as an added bonus, they’re not about to go bust.