Setanta Insurance Anyone have a policy with them?

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.

immersive

They don't need to confirm, they have no choice whether they are broke or not. Of course as pointed out even though you are still insured any potential claims will go through the insurance fund which also covers lost premiums.

vincent nolan

was there any thing said about our insurance on our vans and cars is the goverment doing anything 75000 people are caught with this thats alot of money gone to Malta

peteb2

immersive wrote: »

They don't need to confirm, they have no choice whether they are broke or not. Of course as pointed out even though you are still insured any potential claims will go through the insurance fund which also covers lost premiums.

It doesn't cover lost premiums. Not really sure where you are getting this idea from.

Marian Walsh

vincent nolan wrote: »

was there any thing said about our insurance on our vans and cars is the goverment doing anything 75000 people are caught with this thats alot of money gone to Malta

They've declared bankruptcy - obviously not enough money to pay what they owe.

foreverandever

Any progress with Close Premium Finance? I tried contacting them via telephone and could not get through. I sent them an email and cancelled my direct debit. I can't afford nor am I going to pay two policies at one time. They took a risk with Setanta insurance as well

peteb2

foreverandever wrote: »

Any progress with Close Premium Finance? I tried contacting them via telephone and could not get through. I sent them an email and cancelled my direct debit. I can't afford nor am I going to pay two policies at one time. They took a risk with Setanta insurance as well

No. They took a risk with you. And it's your credit rating that will be affected by your non payment

oldyouth

foreverandever wrote: »

Any progress with Close Premium Finance? I tried contacting them via telephone and could not get through. I sent them an email and cancelled my direct debit. I can't afford nor am I going to pay two policies at one time. They took a risk with Setanta insurance as well

I understand your frustration but that was a personal loan and all that goes with it

foreverandever

oldyouth wrote: »

I understand your frustration but that was a personal loan and all that goes with it

I'll take my chances.

oldyouth

I deal with them regularly and, personally, I wouldn't take them on.

Fred Swanson

This post has been deleted.

foreverandever

Fred Swanson wrote: »

Close Premium Finance are not members of the ICB so can do nothing to your credit rating.

And I don't know did they pay Setanta up front so they maybe be paying them month by month too and so will not be paying there for the next few months anyway.

foreverandever

Now I feel like an idiot, pulled out all my details there about the loan, turns out the last payment was my last payment for the loan so now they've received the full amount anyway and the direct debit was over. At least I can wash my hands with them for good now

Nicki6000

The insurance brokers association had meetings with the finance companies to see of anything could be done. Maybe if you ring them you may be able to sort something.

Fogmatic

My husband's in the same boat.
His only vehicle, needed for tools & materials (and to get anywhere), was insured with Setanta in February 5th, expiring in November. It was paid up front with Visa Debit card last November, and was simply transferred in February from the previous wrecked jeep to the new 2nd-hand one. (I don't know if that counts as new business).

First we knew of any Setanta troubles was letter from broker arriving 3 days ago (Tuesday afternoon) (No letter earlier this year, for instance).
The letter said they'd arranged alternative insurance 'in the short term'. We didn't know just how short, till I found from this thread that it's probably only till today. (We have no way of knowing - continuous busy tone from broker).
They also asked him to contact them (by email to be quickest), to sort payment etc for the temporary cover. And to tell them 'as soon as possible' if he didn't want it .

We're now both grounded; my car insurance wasn't with Setanta, but it expired on Monday, and I can't get through to pay on the phone. I'd left it as long as possible, as I was hoping to find time to shop around & see if the broker could match it, as they'd suggested. While looking out the info needed, I remembered the insurance needs an NCT certificate. (Started trying to book before it expired in February,but the earliest I could get was in June.....).
Got on the phone to explain the delay, but couldn't get through (found out why the next day!). Rang NCT for any cancellations (again!), & this time was offered one I can get to, and in only 2 weeks or so.
But still can't contact the broker to find out if there's a way round it meanwhile. Or find out if my husband's insured or not .

I sent the broker emails pronto, for each of us; no reply/acknowledgement as yet.

I suppose it's Emergency Stations at our broker's, and I don't know if they're currently open for business in person, and haven't got the several hours it would take to find out by bus (nothing on their website that wasn't always there).

I know people in towns/cities are just as stymied, but at least they can usually reach a food shop etc without driving! :eek:

agrev

I called setanta, was told I was out if luck call my broker, I called Arran my broker and was told that I would still have to keep paying my direct debit. I told them that I was switching to aa and needed proof of no claims, they had the cheek to tell me that I would have to pay my policy in full before they would release my direct debit. When I asked for a manager she said I can email them at info at arran.com. is this legal?

kmarkopl

agrev wrote: »

I called setanta, was told I was out if luck call my broker, I called Arran my broker and was told that I would still have to keep paying my direct debit. I told them that I was switching to aa and needed proof of no claims, they had the cheek to tell me that I would have to pay my policy in full before they would release my direct debit. When I asked for a manager she said I can email them at info at arran.com. is this legal?

Exactly same answer I got , been even by solicitor and he did try to resolve problem ,he send them angry letter , no luck , they stand they ground !
I could go fodder ,but would lose more money and and time ,also my job was affected by that mess .
I had no choice and I made agreement with them, I brought another policy witch was better then I wanted to get by FBD.
The remaining payment for Setanta I will pay D/D in next 5 months

Arundel

rayfitzharris wrote: »

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.

I agree with you that the broker is liable and they should be taking the hit.
Information concerning Setanta are in liquidation can be submitted from a newspaper article or printing out information from their online site to send to the bank.

peteb2

You know what, ?I reckon that if anyone on here complaining was offered Allianz for €800 or Setanta for €500, they would have gone for Setanta every time............and probably did! People only bitch about Ryanair when their flights get cancelled.......not when it cost them 20 quid to get there!

mr j tayto

"You know what, ?I reckon that if anyone on here complaining was offered Allianz for €800 or Setanta for €500, they would have gone for Setanta every time............and probably did! People only bitch about Ryanair when their flights get cancelled.......not when it cost them 20 quid to get there!" peteb2

Hopefully someday you get robbed of many hundreds of euro because this is exactly whats happened to thousands of unlucky people, they were ripped off through no fault of their own.

In my own case i was steered into Setanta by a broker i have be doing business with for years. Not being an expert in the field of insurance i stupidly soughb the best quote i could get from a trusted [ i believed},source.

By your logic nobody should seek out alternative cheaper quotes for insurance, just pony up to the big players in the field, exactly like the old days. Think i'll be heading off to the Aer Lingus site now to book myself their dearest seat available to the UK.

Your contribution was most helpfull.

peteb2

I'm not say that and you are missing my point. Whilst I am empathic about the situation and to those that have lost their premiums, if people were offered a cheap quotation with a health warning versus a more established insurer like Allianz, the majority of people wouldnt have paid a higher price just for a more established company.

Henry Ford III

peteb2 wrote: »

I'm not say that and you are missing my point. Whilst I am empathic about the situation and to those that have lost their premiums, if people were offered a cheap quotation with a health warning versus a more established insurer like Allianz, the majority of people wouldnt have paid a higher price just for a more established company.

Have you any connection to Allianz? You've mentioned them specifically twice.

peteb2

Nope. No connection. Have you?

Fred Swanson

This post has been deleted.

Henry Ford III

peteb2 wrote: »

Nope. No connection. Have you?

None.

Henry Ford III

Fred Swanson wrote: »

This post has been deleted.

Central Bank

http://www.centralbank.ie/regulation/industry-sectors/retailintermediaries/Pages/default.aspx

Fogmatic

peteb2 wrote: »

if people were offered a cheap quotation with a health warning versus a more established insurer like Allianz, the majority of people wouldnt have paid a higher price just for a more established company.

What health warning?

Seems a lot of people didn't get any (including my husband, who paid upfront and had 7 months to go).
And despite some views of brokers here , I'm not convinced ours necessarily got any warning either.

And who's to say Setanta was 'cheap'? (Not many struggling small businesses, I'd say).
I think 'reasonable' is a better description, and it's the big boys that are expensive (exploiting drivers' lack of time for shopping around, and perhaps some inertia/ less conscientious brokers).

mercfisher

Its been in the public domain that Setanta were ceasing trading according to their statement on 24th Jan 2014, this was reported by Fiona Reddan in the Irish Times on 27th of January in an article titled, "Setanta Insurance closes to new business" this information was not kept secret from the Irish Brokers ! IF YOU GOT INSURANCE FROM A BROKER AFTER 24th Jan you have legal recourse, unfortunately if you bought on line directly i dont think you can do much, you could annoy the liquidator and ask for a reckless trading case being brought and he is obliged to "look into it" but well you know how it works here in good old crooked land

peteb2

mercfisher wrote: »

Its been in the public domain that Setanta were ceasing trading according to their statement on 24th Jan 2014, this was reported by Fiona Reddan in the Irish Times on 27th of January in an article titled, "Setanta Insurance closes to new business" this information was not kept secret from the Irish Brokers ! IF YOU GOT INSURANCE FROM A BROKER AFTER 24th Jan you have legal recourse, unfortunately if you bought on line directly i dont think you can do much, you could annoy the liquidator and ask for a reckless trading case being brought and he is obliged to "look into it" but well you know how it works here in good old crooked land

How do you figure you have legal recourse? Its quite clear they were running off their book from that date. Policy holders have to obtain renewal terms 21 days in advance. So by that time poeple due in february had already received and renewed policies.

Marian Walsh

mercfisher wrote: »

Its been in the public domain that Setanta were ceasing trading according to their statement on 24th Jan 2014, this was reported by Fiona Reddan in the Irish Times on 27th of January in an article titled, "Setanta Insurance closes to new business" this information was not kept secret from the Irish Brokers ! IF YOU GOT INSURANCE FROM A BROKER AFTER 24th Jan you have legal recourse, unfortunately if you bought on line directly i dont think you can do much, you could annoy the liquidator and ask for a reckless trading case being brought and he is obliged to "look into it" but well you know how it works here in good old crooked land

The liquidator is in Malta not here.

Marian Walsh

peteb2 wrote: »

How do you figure you have legal recourse? Its quite clear they were running off their book from that date. Policy holders have to obtain renewal terms 21 days in advance. So by that time poeple due in february had already received and renewed policies.

21 days? My husbands policy was due for renewal of 10th March. He received his renewal terms from his broker 3 days before that. Had to do a 120 mile round trip to get the paperwork in time.

BuffyBot

mercfisher wrote: »

Its been in the public domain that Setanta were ceasing trading according to their statement on 24th Jan 2014, this was reported by Fiona Reddan in the Irish Times on 27th of January in an article titled, "Setanta Insurance closes to new business" this information was not kept secret from the Irish Brokers ! IF YOU GOT INSURANCE FROM A BROKER AFTER 24th Jan you have legal recourse, unfortunately if you bought on line directly i dont think you can do much, you could annoy the liquidator and ask for a reckless trading case being brought and he is obliged to "look into it" but well you know how it works here in good old crooked land

You appear to be misunderstanding a couple of aspects of this sorry business..

peteb2

Marian Walsh wrote: »

21 days? My husbands policy was due for renewal of 10th March. He received his renewal terms from his broker 3 days before that. Had to do a 120 mile round trip to get the paperwork in time.

Yep. 21 days. Id get a new broker so.

Grab All Association

Fred Swanson wrote: »

This post has been deleted.

A+++ Fred

http://www.icb.ie/membership.php if they are not on the list of members they can't affect your credit rating.

BuffyBot

Chris___ wrote: »

A+++ Fred

http://www.icb.ie/membership.php if they are not on the list of members they can't affect your credit rating.

Actually, Close Brothers (the parent of Close Premium Finance) is an ICB member.

Marian Walsh

I received a reply to my e-mail to Setanta querying renewals after 26th January. Here is what they said:-


"In response to your query, on 27th January we stopped trading in relation to accepting new business policies and renewals. However at that point we had already issued renewals for policies up until 12 March 2014. A letter was sent to all our broker to pass to customers advising them of the situation. Policies could still be renewed with Setanta that were falling due for renewal up until 12 March 2014, as we had already issued these and were bound to honour that."

milo101

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.

Brokers know about the winding down, but we're advised that anything with setanta and had renewal dates with setanta before the 16th of March were business as normal. It's not making anyone life very easy, so why would brokers place with setant when not only does it double peoples insurance, also doubles the brokers work.

monalitto

what about premium credit? i didnt see them on that link chris?

sparktech

If the guards stop you are you insured or not ..

Fred Swanson

This post has been deleted.

Fogmatic

You are as far as the guards are concerned, that is - just not with a policy it would be any use trying to claim from.
(That's not 'insurance' as I understand it!).