Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Credit Card Rebate Setanta Insurance

Options
  • 23-04-2014 11:45am
    #1
    Ants Murray
    Registered Users Posts: 108 ✭✭


    Anybody go down this route yet in relation to Setanta Insurance? Paid mine in full last Oct so wondering is there a way to get a refund since the regulators in this hell hole clearly have their heads in the sand AGAIN.


«1

Comments

  • Options
    #2
    skelligs
    Closed Accounts Posts: 196 ✭✭skelligs


    Ants Murray wrote: »
    since the regulators in this hell hole clearly have their heads in the sand AGAIN.

    please explain how the regulators "clearly" have their heads in the sand?


    It was regulated by the Maltese authorities. This is very clearly laid out in the policy documents. Under EU rules, a company in one jurisdiction can do business in another - its called the free market.

    The company has gone bust. Sh1t happens, but you can't blame a regulator on everything.


  • Options
    #3
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    I think you may have a chance if you paid with credit card as opposed to visa debit. The protection for non receipt of service seem to be better for credit card.

    Contact your bank, I think the date you paid will be the issue, they may argue you received a little bit of insurance but not all of it!


  • Options
    #4
    Mo60
    Closed Accounts Posts: 485 ✭✭Mo60


    skelligs wrote: »
    please explain how the regulators "clearly" have their heads in the sand?


    It was regulated by the Maltese authorities. This is very clearly laid out in the policy documents. Under EU rules, a company in one jurisdiction can do business in another - its called the free market.

    The company has gone bust. Sh1t happens, but you can't blame a regulator on everything.

    According to Setanta certificate of insurance they were also regulated by the Central Bank in Ireland.


  • Options
    #5
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Mo60 wrote: »
    According to Setanta certificate of insurance they were also regulated by the Central Bank in Ireland.

    They were regulated for conduct by the Central Bank of Ireland - but their "true" financial regulator was the Maltese authority. Semantics I know, but that's how they operated.


  • Options
    #6
    purplecow1977
    Registered Users Posts: 2,877 ✭✭✭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.


  • Advertisement
  • Options
    #7
    Harry.c
    Registered Users Posts: 72 ✭✭Harry.c


    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.



    I too have 6 months left, don't know where to turn, contacted citizens info today, they didn't know either, pissed off big time as unemployed too,


  • Options
    #8
    broke1234
    Registered Users Posts: 53 ✭✭broke1234


    Im fully paid till Sept so at a loss as well!!doubt any money will be returned either!!just got a text from broker to say they have extended cover with liberty until Wed so I'm going to hold out and see what happens and not paying for a new policy till I have to


  • Options
    #9
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    wmpdd3 wrote: »
    I think you may have a chance if you paid with credit card as opposed to visa debit. The protection for non receipt of service seem to be better for credit card.

    Contact your bank, I think the date you paid will be the issue, they may argue you received a little bit of insurance but not all of it!

    A very slim chance, you'll be at the end of a long list of people owed cash and its highly unlikly there will be cash to return.


  • Options
    #10
    Just a Plinker
    Registered Users Posts: 1,977 ✭✭✭Just a Plinker


    I got stung also at least I only lost 3 and a half months, But it has still put me under pressure to pay for a new policy as I just spent in the region of 1200 euro to get trough the DOE with tyres service etc, I was always under the impression that you would be covered in the event of an insurance company going under, I feel sorry for those that just renewed their policy recently,


  • Options
    #11
    Harry.c
    Registered Users Posts: 72 ✭✭Harry.c


    broke1234 wrote: »
    Im fully paid till Sept so at a loss as well!!doubt any money will be returned either!!just got a text from broker to say they have extended cover with liberty until Wed so I'm going to hold out and see what happens and not paying for a new policy till I have to


    I got the same text, Shouldn't have to pay out for a new policy,


  • Advertisement
  • Options
    #12
    Guy:Incognito
    Registered Users Posts: 38,247 ✭✭✭✭Guy:Incognito


    Harry.c wrote: »
    I got the same text, Shouldn't have to pay out for a new policy,

    Why not? these are private companies. Who should pay for your new policy?


  • Options
    #13
    Harry.c
    Registered Users Posts: 72 ✭✭Harry.c


    Guy:Incognito wrote: »
    Why not? these are private companies. Who should pay for your new policy?



    Your missing the point here, im not expecting anyone to pay for my stuff,
    point is I have paid my policy for a year and have 6 months left, I have paid already, this private company should have been properly regulated,
    maybe I didn't put my post out properly but I souldnt have to buy a new one as I already paid,,


  • Options
    #14
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    Harry.c wrote: »
    Your missing the point here, im not expecting anyone to pay for my stuff,
    point is I have paid my policy for a year and have 6 months left, I have paid already, this private company should have been properly regulated,
    maybe I didn't put my post out properly but I souldnt have to buy a new one as I already paid,,

    They were regulated in Malta. They went bust. Unfortunately you have to pay for another policy. It's no different to someone paying for furniture and the company goes bust before delivery. You chose a company regulated outside Ireland that may have seemed cheaper at the time but now I regret will prove much more expensive.


  • Options
    #15
    Harry.c
    Registered Users Posts: 72 ✭✭Harry.c


    Skyler Warm Drunk wrote: »
    They were regulated in Malta. They went bust. Unfortunately you have to pay for another policy. It's no different to someone paying for furniture and the company goes bust before delivery. You chose a company regulated outside Ireland that may have seemed cheaper at the time but now I regret will prove much more expensive.

    policy taken through a broker, I wasn't aware there were based in malta, like 75000 others didn't, how was anyone to know they would go bust?
    Take your point but just hard when unemployed etc etc,,


  • Options
    #16
    Guy:Incognito
    Registered Users Posts: 38,247 ✭✭✭✭Guy:Incognito


    Harry.c wrote: »
    how was anyone to know they would go bust?
    ,,

    How is anyone to know any company will go bust ? That's just the way it goes sometimes. Companies have been going bust every day over the last few years.

    Lots of people have lost money by having vouchers from companies that go bust, they cant just walk in to another company in the same industry and expect the value of the voucher in goods.


  • Options
    #17
    Harry.c
    Registered Users Posts: 72 ✭✭Harry.c


    Guy:Incognito wrote: »
    How is anyone to know any company will go bust ? That's just the way it goes sometimes. Companies have been going bust every day over the last few years.

    Lots of people have lost money by having vouchers from companies that go bust, they cant just walk in to another company in the same industry and expect the value of the voucher in goods.



    not talking about vouchers here , that's a different thing,, when one gets a new policy one hopes if the company goes bang, the Insurance regulator would step in and help, otherwise what are they there for,


  • Options
    #18
    broke1234
    Registered Users Posts: 53 ✭✭broke1234


    I totally agree for people that had fully paid they should of been transferred to another insurance company for remaining mths left.end of the day my broker recommended setanta not me I went with them even though they were slightly dearer than another quote I had got because of my broker recommending them!!but end of day we won't be getting any money back so just have to find money now for a new policy!!!!


  • Options
    #19
    Guy:Incognito
    Registered Users Posts: 38,247 ✭✭✭✭Guy:Incognito


    Harry.c wrote: »
    not talking about vouchers here , that's a different thing,, when one gets a new policy one hopes if the company goes bang, the Insurance regulator would step in and help, otherwise what are they there for,

    Why is it different? You bought something and the company went bust before you got all of the use of it. If you bought a voucher and spent half before the company went bust youd have very little chance of getting it back and even less chance of a competitor giving you the value of it.

    What happens if a company take on all the Setanta customers for free and between them they make €30m in claims? So now they are outlaying €30m for nothing. I wouldn't be happy if I had shares in that company.

    As for the regulator, youll have to check if your free international minutes cover Malta.


  • Options
    #20
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    broke1234 wrote: »
    I totally agree for people that had fully paid they should of been transferred to another insurance company for remaining mths left.end of the day my broker recommended setanta not me I went with them even though they were slightly dearer than another quote I had got because of my broker recommending them!!but end of day we won't be getting any money back so just have to find money now for a new policy!!!!

    Are your serious? A free transfer of liability to another company! If you had bought all the furniture to fit out your home and the company goes bust with your 3000 deposit, or more, you can't go to another supplier to give you free furniture. This is the same.
    You can't put blame on a broker for what was in the end your decision.
    It's tough but please be realistic.


  • Options
    #21
    broke1234
    Registered Users Posts: 53 ✭✭broke1234


    Brokers shouldn't of recommended setanta when people weren't protected!!!!its hard enough to pay for 1 policy never mind two in a year


  • Advertisement
  • Options
    #22
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    People arent any more protected if the company is monitored by the Central Bank. Yes, they require higher solvency margins. But if a company goes bust, it goes bust and there are no funds to make refunds or premiums.

    The insurance compensation fund only pays out claims that arent met, not premiums that are lost!


  • Options
    #23
    skelligs
    Closed Accounts Posts: 196 ✭✭skelligs


    broke1234 wrote: »
    Brokers shouldn't of recommended setanta when people weren't protected!!!!its hard enough to pay for 1 policy never mind two in a year

    OK, you feel hard done by, but that's life sometimes. You simply can't expect regulators or other companies to take up the slack when a company goes bust.

    Why would a broker not recommend Setanta up to last January?. They had a great record. They paid out claims quickly, they gave better cover than others and their customer service was very good.

    I was with them for 2 years til February (yes, I was lucky they stopped renewing policies) and I'm a stickler for reading policies and theirs was very good. So no reason for a broker not to recommend them.


  • Options
    #24
    GerardKeating
    Registered Users Posts: 7,673 ✭✭✭GerardKeating


    wmpdd3 wrote: »
    I think you may have a chance if you paid with credit card as opposed to visa debit. The protection for non receipt of service seem to be better for credit card.

    Contact your bank, I think the date you paid will be the issue, they may argue you received a little bit of insurance but not all of it!

    Visa debit and Visa Credit Cards should give the same chargeback rights.

    But it time limited, so those whom paid six months ago might be out of luck.

    Also the fact that some cover was provided might give the issuers some wriggle room.

    But certainly try and push it with your issuer.


  • Options
    #25
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    GerardKeating wrote: »
    Visa debit and Visa Credit Cards should give the same chargeback rights.

    But it time limited, so those whom paid six months ago might be out of luck.

    Also the fact that some cover was provided might give the issuers some wriggle room.

    But certainly try and push it with your issuer.

    Where do you think the cash will be coming back from? The company is broke.


  • Options
    #26
    purplecow1977
    Registered Users Posts: 2,877 ✭✭✭purplecow1977


    Im not with Setanta, but is it true that we ALL contribute a small percentage of our policy towards uninsured drivers in the event of a claim?

    Couldn't some of that be used towards Setanta on this once off?

    I do agree its like a voucher for a company that goes bust though. Nothing really can be done-its just unfortunate.


  • Options
    #27
    runawaybishop
    Registered Users Posts: 9,507 ✭✭✭runawaybishop


    purplecow1977 wrote: »
    Im not with Setanta, but is it true that we ALL contribute a small percentage of our policy towards uninsured drivers in the event of a claim?

    Couldn't some of that be used towards Setanta on this once off?

    I do agree its like a voucher for a company that goes bust though. Nothing really can be done-its just unfortunate.

    Ya, it goes towards MIBI. Not sure why we should fork out for a foreign company going bust though, it'll increase everyone's insurance.


  • Options
    #28
    purplecow1977
    Registered Users Posts: 2,877 ✭✭✭purplecow1977


    But surely there is a pot of money collected from last yrs insurance that wasn't used?Ah Im just clutching at straws I know. Just hate seeing people like my Dad having to fork out again.


  • Options
    #29
    Bogger77
    Registered Users Posts: 1,857 ✭✭✭Bogger77


    If you bought via a broker, isn't part of the contract with the broker, I know I got a receipt for payment from my broker not RSA. Would a claim via small claims court be in order, you've paid broker for 1 years policy, and you're not getting that one year.

    Anyhows, my broker never recommended Setanta, luckily enough.


  • Options
    #30
    purplecow1977
    Registered Users Posts: 2,877 ✭✭✭purplecow1977


    Bogger77 wrote: »
    If you bought via a broker, isn't part of the contract with the broker, I know I got a receipt for payment from my broker not RSA. Would a claim via small claims court be in order, you've paid broker for 1 years policy, and you're not getting that one year.

    Anyhows, my broker never recommended Setanta, luckily enough.

    I Doubt it.
    His broker covered him for a week. He renewed today. Such a pity.


  • Advertisement
  • Options
    #31
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Bogger77 wrote: »
    If you bought via a broker, isn't part of the contract with the broker, I know I got a receipt for payment from my broker not RSA. Would a claim via small claims court be in order, you've paid broker for 1 years policy, and you're not getting that one year.

    Anyhows, my broker never recommended Setanta, luckily enough.

    As mentioned before, the broker was acting as an agent for Setanta. And your money was paid to Setanta not the broker, he just acted as a channel.


Advertisement