ONE of the UK’s biggest motor insurers will cancel more than 100,000 motorbike and car policies by the end of the month.
Despite promising to honour its 105,000 active insurance policies after falling into administration last year, MCE Insurance Company said it will now cancel them within days.
When do MCE’s insurance policies end?
For policies taken up before November 9, 2021, car or van insurance cover will end at midnight tomorrow (January 14), Money Saving Expert reported.
Motorbike and scooter insurance policies taken out before November 9 will end at midnight on January 31.
Customers need to find replacement policies to continue driving their vehicles legally.
At the time of their collapse into administration on November 19, MCE did not contact its customers.
Affected customers whose policies cease this month have now been contacted.
Will I get a refund?
All MCE insurance holders with outstanding policies taken out before November 9, 2021 will be offered partial refunds.
In line with the Financial Services Compensation Scheme (FSCS), affected customers will be given a pro rata refund of 90% of any unused months remaining on their policy.
You don’t have to do anything – a cheque will come in the post from the FSCS.
Those who’ve taken up MCE policies since November 9, 2021 aren’t affected as their insurance is underwritten by Sabre Insurance Group, not MCE itself.
If you’ve got any questions about your refund, FSCS’s online chat service should be able to help.
What should I do if I have an ongoing claim with MCE?
You don’t need to do anything – but will be contacted about your MCE claim by the FSCS instead.
That’s because existing claims have been passed onto the scheme, which is now dealing with them.
If your claim is valid, the FSCS will pay out.
And if you need to make a claim before your policy gets cancelled, contact MCE as soon as possible.
You can do so by using the firm’s live chat tool, emailing firstname.lastname@example.org or calling 0193 335 1361.
When an insurance provider fails, its policies will either continue under the supervision of a new insurer or end prematurely.
If your insurance policy ends early, the FSCS protects 90% or 100% of your insurance premium pro rata till the end of the contract, depending on the terms.
If you’re an affected MCE customer in need of new vehicle cover, here’s where you can find the best insurance prices.
Car and motorcycle drivers have also been advised how to shrink the cost of their MOT.
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