Setanta Insurance Anyone have a policy with them?

purplecow1977

Those who had insurance with Setanta, what is the route to take now? Find another insurer and get a new policy? Any rebate from Setanta? My Dad has still 6 months left with Setanta.

Marian Walsh

oldyouth wrote: »

Looks like you got a result there Marian. Can I ask you something? Did you get a Setanta Cert with March 14 to March 15 dates on it? Something odd with some of the stories here about renewing after Jan

Cert says insurance runs till 10th March 2015. I have e-mailed Setanta and the Maltese Regulators to ask how a policy could have been renewed in March. Not really expecting a reply but you never know.

Marian Walsh

purplecow1977 wrote: »

Those who had insurance with Setanta, what is the route to take now? Find another insurer and get a new policy? Any rebate from Setanta? My Dad has still 6 months left with Setanta.

Any money is with the liquidators now and policy refunds will be at the bottom of the list. They don't expect to be able to pay claims in full.

aurora 527

Marian Walsh wrote: »

Well if it was only renewed in March, the broker won't have settled their account to Setanta for March business probably until this month. Which won't be happening. So you have a very good chance of getting your money back. You should ring and make that point.

Broker has now remembered that he still has the money and has arranged a new policy. He must have been following this thread I love Boards.ie[/QUOTE]


They must have had amnesia yesterday...why can't people be honest?

purplecow1977

Thanks.
So he has to go and fork out €400 for a new 12 month policy?

kmarkopl

monalitto wrote: »

i renewed my car insurance with setanta in january through a broker we've used for years. they arranged finance for me with "Premium Credit ltd" iv been paying them by direct debit since. the broker phoned me this morning & said i now have to get a new insurance policy - but i still have to continue making payments to the credit company, when i complained about this i was told that premium credit had paid setanta the full amount & that i still owed them. its just terrible, does the broker have no responsibility here at all? anyone else in the same situation?

I have same situation , have already contacted my bank and canceled payments for that , but here come other problem .
Am trying get new insurance by FBD , thing is , I need report on my no claims bonus .
The broker Monster Group who organize my insurance with Setanta told me , that they will not release the report, until I will repay remaining money for already non-existing policy
Do they have right to do that ? Already thinking contacting solicitor about that !
Is the any register where new insurance company can view my no claims bonus ?

purplecow1977

For those who were paying direct debit, are you within your rights to cancel remaining debits? Wish my Dad had done that.

aurora 527

Has anyone tried contacting the National Consumer Agency to see if they can help/advise?

kmarkopl

aurora 527 wrote: »

Has anyone tried contacting the National Consumer Agency to see if they can help/advise?

Thx for reminding about that , tomorrow will contact them

aurora 527

kmarkopl wrote: »

Thx for reminding about that , tomorrow will contact them

Helpline lo-call 1890 432 432
Phone no. is 1890 432 432, not sure what they can do, but they may be able to advise you. Just a thought.
There doesn't seem to be much help or advice coming from official sources other than pay again, the ordinary person bearing the brunt as usual, through no fault of their own!

http://www.consumerhelp.ie/about-us

Wexy86

I work for another Insurer and we've known Setanta have been winding up their business for over a year and we have been placing a lot of business with ourselves so I do feel that some brokers were aware of the issues prior to last weeks announcement. I'm not sure what come back the consumer has legally but I would be putting it to my broker/agent as to when they were made aware of the Setanta winding down issue and why they continued to renew/place new business.

I would also expect some sort of announcement from the central bank soon also to advise policy holders and claimants what their rights are.

Overall it's a horrible situation for all those involved.

purplecow1977

My Dad contacted a few companies for a new quote.
He needs insurance so is it advisable to sit & wait to see, or will it matter?

aurora 527

Wexy86 wrote: »

I work for another Insurer and we've known Setanta have been winding up their business for over a year and we have been placing a lot of business with ourselves so I do feel that some brokers were aware of the issues prior to last weeks announcement. I'm not sure what come back the consumer has legally but I would be putting it to my broker/agent as to when they were made aware of the Setanta winding down issue and why they continued to renew/place new business.

I would also expect some sort of announcement from the central bank soon also to advise policy holders and claimants what their rights are.

Overall it's a horrible situation for all those involved.

Yes, i have been told the same by other brokers that weren't dealing with Setanta, they were amazed people were still having their policies renewed after Jan. I think its irrelevant as other posters have said on here, when paperwork was sent out by Setanta to brokers re: renewals, once that announcement was made in Jan, common sense should have played a part renewals should not have been made. I feel that an urgent announcement needs to be made from the central bank as a lot of people are only covered until Friday, and so people will feel rushed and bullied into buying new policies. People need to know what their rights are. I was one of the lucky ones and managed to get the broker to sort me out a new policy, but i genuinely feel for people caught up in this. It's just awful.

kmarkopl

aurora 527 wrote: »

I feel that an urgent announcement needs to be made from the central bank as a lot of people are only covered until Friday, and so people will feel rushed and bullied into buying new policies.

Yes , am one of them

peteb2

I feel that an urgent announcement needs to be made from the central bank as a lot of people are only covered until Friday, and so people will feel rushed and bullied into buying new policies. People need to know what their rights are. I was one of the lucky ones and managed to get the broker to sort me out a new policy, but i genuinely feel for people caught up in this. It's just awful.

There isn't going to be an urgent announcement by the Central Bank. The fact of the matter is that the company have gone into liquidation and premiums paid are now gone. There is no bullying about it, you need to take out a new policy.

What do you expect the Central Bank to say? That they got blood from a stone?

peteb2

purplecow1977 wrote: »

For those who were paying direct debit, are you within your rights to cancel remaining debits? Wish my Dad had done that.

No they aren't. Because Setanta didnt do direct debits. so if they are paying that way then it was by way of premium finance e.g. a loan. So it will affect your credit rating to do that.

immersive

You are legally insured to drive your car for two months after you get your notice of cancellation .Of course should something happen there will be no money for claims. You cannot however be prosecuted for driving without insurance because the fact is you are insured after Friday. Also what is the story about this insurance compensation board? Does that cover car insurance and can policy holders apply there for a refund or a percentage of?

purplecow1977

Is that written down somewhere immersive?
My Dad is ringing for quotations again today. He's afraid he isn't insured.

immersive

I found it in some articles online but to be honest I can't see anywhere anything on how to apply, if that is what one does. There is some info also on the central bank website about it but really thats just technics and legal waffle.

peteb2

purplecow1977 wrote: »

Is that written down somewhere immersive?
My Dad is ringing for quotations again today. He's afraid he isn't insured.

He's covered temporarily as per whatever arrangements his broker had made for cover.

Given Immersive isn't your dads broker I wouldn't follow his words. No offence.
Officially an insurer cannot withdraw without 60 days notice. However Setanta are not in the position to comply with that.

purplecow1977

Does the broker have any duty? I'm guessing no? His broker told him they would 'cover for a day or two' but he'd have to find his own then.

peteb2

Does the broker have any duty in what regard?

most brokers are covering with alternative providers for min of a week. Now that would have been from last Thursday so clock is ticking. But his broker would be able to give him another quote.

rayfitzharris

Hi all,
My broker is saying they aren't in any way liable, despite issuing a letter in January along with the policy about why the selected setanta for me.

I paid by credit card to my broker and have a receipt from my broker. They are the ones that took my money and they are the ones responsible if the sale of goods and services act still means anything.

I'll be pushing my bank to issue a charge back. Although the bank are not making it easy; looking for letters from setanta to confirm they are in liquidation, letters from broker to confirm they are not arranging new cover or refunding premium on a pro rata basis etc..

But no way am I paying for a new policy.

purplecow1977

Good luck with that ray, hope you get a reasonable outcome

peteb2

rayfitzharris wrote: »

But no way am I paying for a new policy.

You'll find that your broker will just cancel any new policy they arrange if you are not prepared to pay for it. They still have to pay a new insurance company regardless of your thoughts on the matter.

purplecow1977

I guess it's like having a voucher for a company that goes bust Money is just gone. No rights.

immersive

An insurance company is obliged to give two months formal notice of cancellation. Setanta is still a company, despite the fact it is in liquidation. You cannot be prosecuted for having no insurance. However the problem is if you have an accident in the two months there is no money to pay claims hence why people are being pushed to get new insurance. The brokers will be working over the next few months on behalf of the clients to see whether customers can get money back from the insurance compensation fund. Its a big if but customers should put pressure on their brokers about this.

peteb2

The purpose of the insurance compensation fund is to pay out for claims NOT to repay premiums to individuals.

Also an insurance company can cancel cover as per the their policy wording by 7 day registered letter. The two months refers to withdrawal from the market.

gordongekko

peteb2 wrote: »

The purpose of the insurance compensation fund is to pay out for claims NOT to repay premiums to individuals.

Also an insurance company can cancel cover as per the their policy wording by 7 day registered letter. The two months refers to withdrawal from the market.

they are withdrawing from the market

peteb2

They aren't. They have been forced out of the market by their collapse. They haven't confirmed to anyone they are providing 2 months of cover. So I wouldn't take a chance with arguing that.