Enterprise Insurance has folded, with over 14,000 Irish Customers

bertie4evr

Anyone here with them?

Link

Kintarō Hattori

How many insurance companies have gone bust in the last 10 years?

LeinsterDub

That's a other 30 euro levy

Red Kev

No policy with them, never heard of them, but no doubt I'll be hearing about them next year when they find an excuse to tack another 30% onto my premium even though I'll be celebrating 25 years of accident free and point free driving in 2017.

/Rant over

Atlantic Dawn

Bloody joke, any Mickey Mouse company from abroad can offer cover and if it folds the motorist in this country covers their ass, something very wrong with that.

HeidiHeidi

Red Kev wrote: »

No policy with them, never heard of them, but no doubt I'll be hearing about them next year when they find an excuse to tack another 30% onto my premium even though I'll be celebrating 25 years of accident free and point free driving in 2017.

/Rant over

Ditto - except in my case it's my case it's 30 years :eek:

Ran to my files when I saw this to check who I was insured with - phew, it's not Enterprise - but yikes, it's another company registered in Gibraltar.

Not sure if it's worth worrying about until (if) it happens - but how the feck do you find a reliable insurer these days (that doesn't involve taking out a second mortgage)

cnoc

HeidiHeidi wrote: »

Ditto - except in my case it's my case it's 30 years :eek:

Ran to my files when I saw this to check who I was insured with - phew, it's not Enterprise - but yikes, it's another company registered in Gibraltar.

Not sure if it's worth worrying about until (if) it happens - but how the feck do you find a reliable insurer these days (that doesn't involve taking out a second mortgage)

Should we now check where our Ins Co's are registered before insuring a vehicle.

HeidiHeidi

cnoc wrote: »

Should we now check where our Ins Co's are registered before insuring a vehicle.

Well indeed - I don't know!

I only switched to this crowd (Zenith - anyone heard of them?? Headline name is Bump Insurance, which wasn't exactly reassuring, although I was assured they're legit) through a recommended broker after last year's crowd quoted me a 53% increase.

spiggotpaddy

So that poxy devil really does give a hell of a quote!

bmwguy

spiggotpaddy wrote: »

So that poxy devil really does give a hell of a quote!

Are they affiliated to quote devil?

dodzy

bmwguy wrote: »

Are they affiliated to quote devil?

I thought they were linked to insuremyvan.ie?

spiggotpaddy

bmwguy wrote: »

Are they affiliated to quote devil?

Yeah, I rang them, paid them, and got a disc with enterprise on it. But brokers jump ship all the time.

bertie4evr

bmwguy wrote: »

Are they affiliated to quote devil?

One of Quote Devil's partners was Wrightway, who worked with/through(?) Enterprise.

Red Kev

bertie4evr wrote: »

One of Quote Devil's partners was Wrightway, who worked with/through(?) Enterprise.

I think Setanta were in with them as well back in the day.

O.A.P

Red Kev wrote: »

I think Setanta were in with them as well back in the day.

Don't know if that's the case or not Setanta caught me for 2 months insurance in 2014 and I let it slide because it was only two months left on the policy .
Has anyone got their premium back after that ?
If not and this is the same again , well to hell with them sort it out NOW
its a legal requirement to have it .

skywanderer

I ask the question why is Insurance needed at all? People should just indemnify themselves and cover their own asses. Driving is way too regulated and I'd prefer a much more laissez faire affair. In a lot of countries you just buy your licence and any infractions are just dealt with by way of brown envelope.

bazz26

skywanderer wrote: »

I ask the question why is Insurance needed at all? People should just indemnify themselves and cover their own asses. Driving is way too regulated and I'd prefer a much more laissez faire affair. In a lot of countries you just buy your licence and any infractions are just dealt with by way of brown envelope.

So how do you deal with someone who crashed into another driver which resulted in that driver or their passenger having a life changing injury that as a result requires expensive medical costs for the rest of their life? What happens if the liable driver hasn't the money to pay those medical expenses, most people wouldn't.

Red Kev

skywanderer wrote: »

I ask the question why is Insurance needed at all? People should just indemnify themselves and cover their own asses. Driving is way too regulated and I'd prefer a much more laissez faire affair. In a lot of countries you just buy your licence and any infractions are just dealt with by way of brown envelope.

I think the last time we tried to run the country using brown envelopes it went tits up. Can't recommend it again from a personal point of view.

Cookie_Monster

skywanderer wrote: »

I ask the question why is Insurance needed at all? People should just indemnify themselves and cover their own asses. Driving is way too regulated and I'd prefer a much more laissez faire affair. In a lot of countries you just buy your licence and any infractions are just dealt with by way of brown envelope.

You can do that, just like Dublin Bus for example. Of course you do need a spare 10 millions or so as a bond

Cookie_Monster

skywanderer wrote: »

I ask the question why is Insurance needed at all? People should just indemnify themselves and cover their own asses. Driving is way too regulated and I'd prefer a much more laissez faire affair. In a lot of countries you just buy your licence and any infractions are just dealt with by way of brown envelope.

You can do that, just like Dublin Bus for example. Of course you do need a spare 10 millions or so as a bond

Cookie_Monster

skywanderer wrote: »

I ask the question why is Insurance needed at all? People should just indemnify themselves and cover their own asses. Driving is way too regulated and I'd prefer a much more laissez faire affair. In a lot of countries you just buy your licence and any infractions are just dealt with by way of brown envelope.

You can do that, just like Dublin Bus for example. Of course you do need a spare 10 millions or so as a bond

Cookie_Monster

skywanderer wrote: »

I ask the question why is Insurance needed at all? People should just indemnify themselves and cover their own asses. Driving is way too regulated and I'd prefer a much more laissez faire affair. In a lot of countries you just buy your licence and any infractions are just dealt with by way of brown envelope.

You can do that, just like Dublin Bus for example. Of course you do need a spare 10 millions or so as a bond

aido79

bazz26 wrote: »

So how do you deal with someone who crashed into another driver which resulted in that driver or their passenger having a life changing injury that as a result requires expensive medical costs for the rest of their life? What happens if the liable driver hasn't the money to pay those medical expenses, most people wouldn't.

In Australia where insurance is optional car registration covers injury to persons and damage to property caused.
A new $99 fee has been added this year to cover long-term injuries which is much less than most insurance hikes in Ireland this year :
http://www.coastlive.com.au/vehicle-registration-to-increase-99-to-accommodate-states-injury-insurance-scheme/

This is a far better system than what's used in Ireland.

Del2005

And people keep posting about it being possible to get insurance from any EU country. Looks like the only EU companies coming in offering cheap policies operate with the same methods of Quinn, make as much money as possible then run.

One_Of_Shanks

Are people insured with this crowd still actually insured as of right now? Or how does it work?

I ask mainly from a selfish point of view, as my Dad is insured with them and has the car booked on a ferry for Monday morning for his holiday.

So should I be advising him not to go now, seeing as he wont have time to get a new policy in place before then.

SEPT 23 1989

One_Of_Shanks wrote: »

Are people insured with this crowd still actually insured as of right now? Or how does it work?

I ask mainly from a selfish point of view, as my Dad is insured with them and has the car booked on a ferry for Monday morning for his holiday.

So should I be advising him not to go now, seeing as he wont have time to get a new policy in place before then.

I was insured on a van with setanta and had to park it up untill I could sort something else out

One_Of_Shanks

SEPT 23 1989 wrote: »

I was insured on a van with setanta and had to park it up untill I could sort something else out

Damn, yeah that's what I figured. Not good at all.

GreatDefector

Cookie_Monster wrote: »

You can do that, just like Dublin Bus for example. Of course you do need a spare 10 millions or so as a bond

Heard you the first time :pac:

SEPT 23 1989

One_Of_Shanks wrote: »

Damn, yeah that's what I figured. Not good at all.

Ring your broker they might be able to do something quickly

Fred Swanson

This post has been deleted.

SEPT 23 1989

Fred Swanson wrote: »

You are covered until they formally cancel your policy by giving 10 days notice by registered post.

Wouldn't take that chance

Fred Swanson

This post has been deleted.

ASOT

Fred Swanson wrote: »

That is what the law says on the matter.

When Seatanta went to the wall the same applied. But there was a race on by motorists to get insurance in place before the cancellation letter issued as they would have a policy cancellation on record that would make them uninsurable.

That's just ridiculous, theres a massive difference between a policy being cancelled for non disclosure etc than a policy being a cancelled by a company going under. Scaremongering at its finest.

Fred Swanson

This post has been deleted.

ASOT

Fred Swanson wrote: »

Nope, many of Setantas victims became uninsurable once their policies were cancelled. The reason why it was cancelled was of no interest to the other companies.

I still think your talking bollox, the cancellation is very much of interest to the company I work for and I would imagine every other company.

bren2002

Punter here.

According to their website all polices are still in force.
Is that insurance cancellation matter really a thing? Or is it scare mongering ?
What's the story with no claims certs for moving business?

B.

FishOnABike

Fred Swanson wrote: »

This post has been deleted.

Where would you stand if that notice was not received e.g. if you were away on holiday, with your car or with your car parked at the airport, when registered delivery was attempted or if someone else signed for it?

GM228

Cookie_Monster wrote: »

You can do that, just like Dublin Bus for example. Of course you do need a spare 10 millions or so as a bond

Just a side note on that point, Dublin Bus (and all the CIE companies) are actually insured externally but subject to a €15,000,000 self-insurance retention.

Del2005

Fred Swanson wrote: »

You are covered until they formally cancel your policy by giving 10 days notice by registered post.

The company doesn't have any money so they can't pay any claims, whether you're policy is valid doesn't really matter when there is no indemnity.

Del2005

FishOnABike wrote: »

Where would you stand if that notice was not received e.g. if you were away on holiday, with your car or with your car parked at the airport, when registered delivery was attempted or if someone else signed for it?

You would be driving uninsured.

Fred Swanson

This post has been deleted.

Fred Swanson

This post has been deleted.

cailinoBAC

I wonder if they are actually insolvent in the normal sense or if they have fallen below the much stricter margins needed under the new solvency ii rules in force since the start of the year. Possibly they passed the test under the old rules in December but when it got to submitting the new results in May they had to hold their hands up and say they couldn't. Per the new rules everywhere in Europe would be subject the same (mostly higher)solvency requirements. A lot of insurance companies would have been frantically looking around for new capital at the end of last year and they obviously didn't get it. Hopefully this is the case and they'll be able to pay out on current claims, let current policies run off and just wind up business in a normal manner rather than what happened in the case of setanta. I can't really tell from the fsc.gi website if this is the case though.

bazz26

This is another example of how mickey mouse business ethics and laughable regulations are practiced in this little Banana Republic of ours, along with an inheritable lack of accountability from all involved. They just kick the can down the road until it lands at the feet of either the consumer or taxpayer. This crowd will just either end up doing what Setanta did recently where the MIBI will be told to suck up any claim costs and in turn pass it on to consumers or like Quinn/PMPA the Government will slap another levy on your premium.

ThisRegard

bazz26 wrote: »

This is another example of how mickey mouse business ethics and laughable regulations are practiced in this little Banana Republic of ours, along with an inheritable lack of accountability from all involved. They just kick the can down the road until it lands at the feet of either the consumer or taxpayer. This crowd will just either end up doing what Setanta did recently where the MIBI will be told to suck up any claim costs and in turn pass it on to consumers or like Quinn/PMPA the Government will slap another levy on your premium.

Read up on the company. They're in operation in a number of other countries too. Less of the banana republic shtick.

bazz26

ThisRegard wrote: »

Read up on the company. They're in operation in a number of other countries too. Less of the banana republic shtick.

So were Setanta, what's your point?

Del2005

bazz26 wrote: »

So were Setanta, what's your point?

IIRC Setanta where a Maltese registered company solely providing insurance in Ireland. Enterprise are registered in Gibraltar providing insurance in several EU counties, is France also a banana Republic?

bazz26

Del2005 wrote: »

IIRC Setanta where a Maltese registered company solely providing insurance in Ireland. Enterprise are registered in Gibraltar providing insurance in several EU counties, is France also a banana Republic?

Ok but do France add a levy to everyone's insurance premium to cover the debts of an insurance company like Quinn Direct? Do France rule that any Setanta claims have to be paid by the MIBI which in turn is passed on to consumers again? I'd doubt it very much.

The business practices and regulations governing them in the country are farcical and that in my view does contribute to make this country a banana republic.

CoDy1

Says on the website that it has been instructed to 'suspend its authorisation to write new insurance business'

https://www.eigplc.com/index.php

Would this indicate that existing policy's are fine until renewal?

Wrightway seem to be the name of the policies in Ireland

Mycroft H

RTE News seems to think so. I would be contacting your broker Monday morning to find out what's going on.

mikeecho

Cookie_Monster wrote: »

You can do that, just like Dublin Bus for example. Of course you do need a spare 10 millions or so as a bond

You'll need a cert of exemption.

The only organisation that have that are dublin bus, the gardai, bus eireann, army, fire services.