MCE Insurance Company, which became one of the UK's largest motorcycle insurers, is to cancel all of its 105,000 remaining policies after falling into administration last year. This is despite the insurer initially promising to honour existing cover until the end of its term.
For policies taken out prior to 9th November 2021, the shake-up means: Car or van insurance cover ended at 11.59 pm on 14 January 2022.
Cover for motorcycle or scooter insurance will end at 11.59 pm on 31 January 2022. Your coverage with MCE Insurance will continue to be valid till those dates and you may get a pro-rata refund for 90% of any unused months left for your policy from the Financial Services Compensation Scheme (FSCS). This refund will be sent to you by cheque.
But you may want to search for new cover to take over as quickly as possible if you are making plans to keep the use of your vehicle as it is unlawful to drive uninsured. We have a guide on how to secure the most favourable motor insurance premiums as the market is extremely competitive.
We do not know what will happen to your no-claims discount record if your policy ends before having held it for a year. We recommend getting in touch with MCE insurance directly.
Policies taken out or renewed with MCE on or after 9 November 2021 are not affected. They're underwritten by Sabre Insurance Group, not MCE Insurance. If this is the case for you, you'll continue to be covered and can make any policy changes or claims as normal by contacting the broker arm of the company, MCE UK.
MCE Insurance (not to be confused with their sister insurance broker MCE UK) went into administration on the 19th November 2021. At the time policies were promised to be kept in effect, however since Kroll a consultancy company has been appointed as the administrator and found the financial position of the company will mean policies will be cancelled.
You can search online using a number of websites for alternate cover when your policy ends but it is always worth comparing prices and cover as policies bought online are unadvised. If you have unusual circumstances and can’t find help online you can contact an insurance broker such as ourselves or using the British Insurance Brokers Association Insurance Finder.
Existing claims will be honoured and paid out by the FSCS and you don’t need to do anything as the FSCS will take over automatically if your claim is valid. They have protection rules and limits so for third party motor claims you’ll get 100% of your compensation but for other types you’ll get 90%.
For new claims you should contact MCE UK direct, whether you need access to check your documents or you’re submitting a claim their broker company will help at info@mceinsurance.com.