Setanta Insurance Anyone have a policy with them?

mr j tayto

I have my car insured with Setanta through a broker. With the news today about Setanta going into liquidation does anyone know if I would still be covered or what role the broker plays in all this, e.g Are they responsible or liable in any way? the policy is onle a few weeks old.

Dubwat

Up to 75,000 drivers at risk as Setanta Insurance collapses (RTE News)

Setanta's policies are still valid for two months but given the company's financial situation the Central Bank is advising its customers to seek alternative cover immediately.

I read that to mean you're covered legally but just don't crash into anyone!! I could be wrong.

mr j tayto

Thanks Dubwat,

I came to the same conclusion reading the Setanta website.

Still, I'd say it could be messy if one did have an accident.

Surely the brokers must have a role to play, having accepted money from their customers.

It's a bit like a tradesman blowing up your house and then saying "nothing to do with me boss, I did'nt know your gas supply ran under your floor".:rolleyes:

Redsquigy

I have my son's mobility van insured through Setanta. I rang my broker twice today and was told that somebody would ring me back. As of close of their business today nobody has got back to me.

I have been looking over my Statement of Suitability that was sent to me by my Broker and it states "the level of service from this Insurer is of a high standard and they have a strong local presence and proven track record in the market, and are fully regulated by the Central Bank" - now my question is I thought that they were not regulated by the Central Bank - wonder will I have any comeback with Broker on this one?

I told the person in the Brokers this morning that I had to bring my son to a doctor's appointment this afternoon and asked would she please ring me back as I needed to know was I insured to drive my van. She said that all her managers were in a emergency crisis meeting and she would have to speak to a manager and would get back to me. I know I am only one of thousands affected by this but I need to have insurance, and with the long week-end coming up this is an absolute disaster.

aurora 527

According to Setanta they closed to new business on the 24th of Jan and also closed to issuing renewals from the same date...
http://www.rte.ie/news/business/2014/0127/500427-setanta-insurance/

How in gods name then were brokers continuing to renew policies in Feb as in my case, policy about 7wks old?????????????

Redsquigy

If anybody on here has their Setanta policy through First Ireland brokers they have a dedicated helpline - pity they didn't get back to me today after making 2 calls to them and they said they would have somebody call me back. I have just seen this on their website.

IMPORTANT NOTICE for Setanta Customers

This is a most unpalatable situation however in light of this statement, First Ireland are recommending to Setanta Insurance policyholders that they should rearrange their motor insurance cover immediately.
Our priority is that our clients have surety of cover, to facilitate this First Ireland have made arrangements to keep a dedicated SETANTA HELPLINE number open until 9pm tonight. Our helpline will also be open 9-5pm on Friday and until 1pm on Saturday.
Our SETANTA HELPLINE number is 01 472 4841

mr j tayto

IMPORTANT NOTICE for Setanta Customers

""This is a most unpalatable situation however in light of this statement, First Ireland are recommending to Setanta Insurance policyholders that they should rearrange their motor insurance cover immediately.
Our priority is that our clients have surety of cover, to facilitate this First Ireland have made arrangements to keep a dedicated SETANTA HELPLINE number open until 9pm tonight. Our helpline will also be open 9-5pm on Friday and until 1pm on Saturday.
Our SETANTA HELPLINE number is 01 472 4841"

It would appear to me, from this statement, that although people have already paid First Ireland for their insurance,thay are being asked to pay AGAIN? to re-insure themselves at their own cost, despite First Ireland having taken their money based on a 12 month agreement. How can this be right?
In my own case I have a letter from First Ireland dated 28/02/2014 stating effectavly that there is no problem with Setanta policie's.
CONFUSED

monalitto

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?

Marian Walsh

How in gods name then were brokers continuing to renew policies in Feb as in my case, policy about 7wks old?????????????[/QUOTE]

My husbands van insurance was renewed through a broker on 10th March! How could an insurance broker not know by then that Setanta were in trouble?

Redsquigy

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 am in exactly the same situation - broker told me the same last Friday when I got my new policy. My direct debit which was due to be taken out today was in fact taken out last Friday. So now paying for two policies but only one is in force. Was wondering if you just cancel the direct debit with Bank could you just tell the credit company to go after Setanta if they come looking for their money. I was also told my credit rating would suffer!!

monalitto

i agree completely. iv spent ages on the phone today trying to get a decent quote...we've 2 cars to get insured!! all quotes very high...this is some mess, living in this country these days makes you want to tear your hair out!

monalitto

redsquidgy, i just told my broker on the phone that im cancelling the direct debit, he said it would affect my credit rating..but...i want to do it anyway...but..problem is il probably need a credit company to finance this. rock & hard place!!

Redsquigy

Marian Walsh wrote: »

How in gods name then were brokers continuing to renew policies in Feb as in my case, policy about 7wks old?????????????

My husbands van insurance was renewed through a broker on 10th March! How could an insurance broker not know by then that Setanta were in trouble?[/QUOTE]

They should not have been able to renew your policy on 10th March as they were not excepting renewals after the 24th January - I would definitely get back on to your broker and dispute this with them.

I got a letter from my broker in March saying that Setanta were exiting the Irish market and I need not be concerned that my existing cover continues as normal until renewal date.

This letter also enclosed a letter from Setanta which is dated 27 January 2014. This letter from Setanta states:-

It is with since regret to announce that Setanta Insurance Company Limited, has ceased writing new business and issuing further renewals with effect from close of business Friday 24 January 2014.

As a currently policyholder, your policy will continue in force until expiry of the policy. Additionally, any outstanding or future claims under your policy will be handled in the normal way.

This communication is being sent through your broker who has been appraised of the situation and will be able to assist you with any queries that you may have. Should you have any further enquiries you can refer to your broker or alternatively visit the Setanta Insurance Company Limited website on www.setantainsurance.com where there will be a FAQ section for your guidance.

We would like to take this opportunity to thank you for your support as a customer and also apologise for any inconvenience that this development may bring about.

Yours etc.

monalitto

i have that letter, read it out to the broker, that dosent stand up now - he said Liberty have stepped in & are honouring the policies till this friday 25th no further, so we have to have new policies by then

Redsquigy

monalitto wrote: »

redsquidgy, i just told my broker on the phone that im cancelling the direct debit, he said it would affect my credit rating..but...i want to do it anyway...but..problem is il probably need a credit company to finance this. rock & hard place!!

Have just looked up the finance company which my direct debit goes to and it is registered to First Ireland (the same company as my broker)!!:(

monalitto

gangsters...the whole lot of them!!!

Redsquigy

monalitto wrote: »

gangsters...the whole lot of them!!!

Totally agree with you. If I cancel the old direct debit I probably will be refused the new one.:mad:

kc66

If anyone has their Setanta policy via Quoteme.ie- they have arranged emergency cover with another insurance company for all Setanta policies.

Nicki6000

I work in a brokers office and we have emergency cover with liberty for our customers. It is the worst thing I have ever dealt with. The reason some brokers issued renewals from setanta is that they sent them out for February and march before they announced they were winding down. We tried to move as many as possible but we were assured that the company would continue to
Operate and that our current clients were safe. To the lady who's husband paid a premium in march your broker may not have paid that money to setanta yet as there account for march would not be due until April 25th. We have a few that paid in march and we can cover then elsewhere without them having to pay. As for the direct debit situtation I have no idea what can be done. We have been discussing this all day and there doesn't seen to be any fair solution to customer and broker.

Corvo

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?

Broker here who can hopefully offer some advice.

Firstly, no. Your broker does not bear any responsibility.

Secondly, they should be trying to organise alternative cover for you either up and until the renewal date of the Setanta policy with an alternative insurer, allowing you to pay a pro rata premium. This would depend on your broker organising an agreement between an insurer and themselves, which to be honest is unlikely.

Other than that they should be organising another annual policy for you and retrieving quotations from the market.

You will have to pay another annual premium in this case and you will not receive a return premium from Setanta. That money is gone, I'm sorry to say.

With regards the finance, I'm not sure as we try to avoid using finance companies on small premiums but I would be of the opinion (as the client) that I would be not paying for a policy that is not on cover and would tell them to shove it. From a brokers point of view, they would organise paperwork, retrieve the finance documentation and send it to the fiancé company in question. The contract is then between you and the finance company, and the only involvement of the broker on this matter would be if you defaulted and they were notified to cancel the insurance policy.

So what can the finance company do to you? They can't cancel a policy which does not exist. Credit rating of course is another matter.

Marian Walsh

Nicki6000 wrote: »

I work in a brokers office and we have emergency cover with liberty for our customers. It is the worst thing I have ever dealt with. The reason some brokers issued renewals from setanta is that they sent them out for February and march before they announced they were winding down. We tried to move as many as possible but we were assured that the company would continue to
Operate and that our current clients were safe. To the lady who's husband paid a premium in march your broker may not have paid that money to setanta yet as there account for march would not be due until April 25th. We have a few that paid in march and we can cover then elsewhere without them having to pay. As for the direct debit situtation I have no idea what can be done. We have been discussing this all day and there doesn't seen to be any fair solution to customer and broker.

That's interesting. My husbands policy was renewed on 10th March. When he spoke to his broker yesterday he was told nothing about this.

Henry Ford III

Marian Walsh wrote: »

That's interesting. My husbands policy was renewed on 10th March. When he spoke to his broker yesterday he was told nothing about this.

Something fishy there. Setanta stopped renewals in Jan.

Nicki6000

Yes I would double check what date they paid your money over to Setanta - If a policy is due in March it is paid over in April etc. So anyone who paid in February unfortunatley their money is with Setanta. Spoke to the finance department this morning and they said no hope of getting those premiums back - The Insurance Brokers Association has confirmed this morning that they will be meeting with the Department Of Finance and members of the oireachtas. The IBA also will be writing to the finace companies to see if any solution can be made in relation to direct debits. Please god something can be done for people. It is such an unfortunate situation for everyon involved.

BernieO3

But what about the likes of me who paid for the insurance in cash through a broker, more fool I was thinking I had no more payments until next December, now how do they expect us to hand out again for car insurance, it is an absolute disgrace and something should be done for us. At least if it was direct debit you can stop the direct debit and tell them where to go but now my cash is gone and from Friday my car is not insured. This situation would not happen in any other country only Ireland.....

BernieO3

But what about the likes of me who paid for the insurance in cash through a broker, more fool I was thinking I had no more payments until next December, now how do they expect us to hand out again for car insurance, it is an absolute disgrace and something should be done for us. At least if it was direct debit you can stop the direct debit and tell them where to go but now my cash is gone and from Friday my car is not insured. This situation would not happen in any other country only Ireland.....

Corvo

BernieO3 wrote: »

But what about the likes of me who paid for the insurance in cash through a broker, more fool I was thinking I had no more payments until next December, now how do they expect us to hand out again for car insurance, it is an absolute disgrace and something should be done for us. At least if it was direct debit you can stop the direct debit and tell them where to go but now my cash is gone and from Friday my car is not insured. This situation would not happen in any other country only Ireland.....

I don't understand your question here.

Are you saying the broker is liable? No one could see this coming. It's an extremely unfortunate event and I won't lie to you, the money is gone. There is no other option other than to pay another annual premium or a pro rata premium to the same renewal date but with a different company if your broker has organised this.

aurora 527

Marian Walsh wrote: »

How in gods name then were brokers continuing to renew policies in Feb as in my case, policy about 7wks old?????????????

My husbands van insurance was renewed through a broker on 10th March! How could an insurance broker not know by then that Setanta were in trouble?[/QUOTE]


PM'd you Marian

peteb2

aurora 527 wrote: »

My husbands van insurance was renewed through a broker on 10th March! How could an insurance broker not know by then that Setanta were in trouble?

PM'd you Marian[/QUOTE]

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.

Marian Walsh

peteb2 wrote: »

PM'd you Marian

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.[/QUOTE]

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

oldyouth

Marian Walsh wrote: »

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

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

aurora 527

Well for what is worth, we renewed in late Feb, broker told us we had emergency cover till Friday and unfortunately money was gone and we hadn't a hope of getting anything back..and we would have to pay for a new policy. We said NO, not a cent were we paying. Setanta had been closed for new business and renewals since Jan 24th, and as a broker it is their business to know these things and to look after their clients and yet we were renewed with them. To cut a long story short we were given another policy with another company and we didn't have to pay. So stand your ground!!

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.