Anyone insured by Quinn?

EvilMonkey

There gone into Administration
http://www.rte.ie/news/2010/0330/quinn.html

I just renewed a while ago :mad:

I'm having ban memories the Norwich Union/Carole Nash collapse years ago.

no scope

just heard about it there

KamiKazi

Three months left on my current policy with them

testicle

Administration doesn't mean they've collapsed. Far from it.

Idleater

testicle wrote: »

Administration doesn't mean they've collapsed. Far from it.

Agreed:

rte news wrote:

The Financial Regulator has said Quinn Insurance's Irish policy holders can continue to renew policies, carry out new business and make claims in the normal way.

EvilMonkey

testicle wrote: »

Administration doesn't mean they've collapsed. Far from it.

I know from the sounds of the reports they have been cooking the books and the regulator is stepping in.

Polices should be covered but which market will they get out of when the Administrator decides to cut costs? After Norwich Union there was ~10 years of very little competition in bike insurance.

Zascar

Yep i'm insured with them. Got a nice reduction last year was hoping for another this year. Hopefully the administrators will keep them afloat. Otherwise its another blow to bikers with one less insurance company to choose from

J-blk

I'm with them too, policy up in June . So what does that leave us with? AXA and Carole Nash? I think Adelaide has some weird requirement for Irish licenses only so that's a pain...

chasm

Im not with them but have a claim against them currently with the injuries board, how does that stand i wonder?

Alkers

Only renewed in Feb! My policy was 1/5th of the next cheapest I could find so hoping they stay in the business.

seanybiker

J-blk wrote: »

I'm with them too, policy up in June . So what does that leave us with? AXA and Carole Nash? I think Adelaide has some weird requirement for Irish licenses only so that's a pain...

huh. im with adelaide. Never had any weird things about licence with them. I find them brilliant. Dirt cheap and really sound on the phone also. Had my claim handled very fast last year with them. Highly recommended.

Thinkingaboutit

I was hit by someone insured by Quinn. I hope it will be resolved this week. I was covered by them fully comp with a H-D VRSCR when I was hit by a no insurance scumbag, while the Garda report was a problem, their deliberate slowness (one year nearly) has informed my attitude to my current claim - I am looking for the maximum I can honestly look for including a claim to the Injuries Board. I dislike them intensely. The problem is that if they ceased writing bike policies, premiums would go up.

irishejit

You can all rest easy. Your policy is fine.

What had happened is that the Financial Regulator requires all insurabce companies to keep what they call a solvency ratio.

Basically it means that in case of a catatrosphic event, say earthquake, these companies have to keep assets that can be sold in the case of widespread claims. in Quinns case some of these assets are the propertys that are owned.

Due to the downturn in property prices these assets now do not cover what is required by the regulator in case of emergencies. This is very serious in their eyes.

While this may lead to job cuts and the ultimate selling of the company individual policies are fine as insurance companies also pay into a fund that will cover any claims in an eventuality of this.

Being an ex Quinns employee though what will happen is they will stop underwriting UK business and stay afloat as purely an Irish insurer

J-blk

seanybiker wrote: »

huh. im with adelaide. Never had any weird things about licence with them. I find them brilliant. Dirt cheap and really sound on the phone also. Had my claim handled very fast last year with them. Highly recommended.

I've heard good things about Adelaide, but last time I checked, they had some requirement about having an Irish license - I have a full EU one instead and the other 3 insurers (Quinn, AXA and CN) have never had a problem with that (as should be the case - the whole point of the pink "common" license is that it can be used across the EU).

I just checked Adelaide's site though and don't see anything like that now, so I'll try to get a quote from them and see what happens - I've already been insured with the other 3, so it's time to try them if possible .

cantdecide

Cancelled with Quinn



€380 FC on the GSX1400 3 weeks ago.

Got a mad figary and started looked for a Blackbird.

Rang quinn who not only don't do multi-bike policies, they wanted a further €1,050 for the BB on a second policy including a 10% discount:rolleyes:

Rang Adelaide who have both bikes FC with all the bells and whistles including Euro cover, roadside assistance and driving-of-other-bikes (:cool:). €500.

That's what they call a no brainer. Funnily enough, I'm having great difficulty getting through to Quinn's cancellation dept:rolleyes: