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

  • 22-07-2016 4:18pm
    #1
    Registered Users, Registered Users 2 Posts: 927 ✭✭✭


    Anyone here with them?

    Link


«1

Comments

  • Registered Users, Registered Users 2 Posts: 15,019 ✭✭✭✭Kintarō Hattori


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


  • Registered Users, Registered Users 2 Posts: 8,229 ✭✭✭LeinsterDub


    That's a other 30 euro levy


  • Closed Accounts Posts: 5,793 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 84,052 ✭✭✭✭Atlantic Dawn
    M


    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.


  • Registered Users, Registered Users 2 Posts: 29,718 ✭✭✭✭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) :confused::confused:


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  • Registered Users Posts: 789 ✭✭✭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) :confused::confused:

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


  • Registered Users, Registered Users 2 Posts: 29,718 ✭✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 873 ✭✭✭spiggotpaddy


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


  • Closed Accounts Posts: 2,006 ✭✭✭bmwguy


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

    Are they affiliated to quote devil?


  • Registered Users, Registered Users 2 Posts: 10,101 ✭✭✭✭dodzy


    bmwguy wrote: »
    Are they affiliated to quote devil?

    I thought they were linked to insuremyvan.ie?


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  • Registered Users, Registered Users 2 Posts: 873 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 927 ✭✭✭bertie4evr


    bmwguy wrote: »
    Are they affiliated to quote devil?

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


  • Closed Accounts Posts: 5,793 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 1,379 ✭✭✭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 .


  • Banned (with Prison Access) Posts: 334 ✭✭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.


  • Registered Users, Registered Users 2 Posts: 51,348 ✭✭✭✭bazz26


    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.


  • Closed Accounts Posts: 5,793 ✭✭✭Red Kev


    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.


  • Registered Users, Registered Users 2 Posts: 24,523 ✭✭✭✭Cookie_Monster


    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


  • Registered Users, Registered Users 2 Posts: 24,523 ✭✭✭✭Cookie_Monster


    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


  • Registered Users, Registered Users 2 Posts: 24,523 ✭✭✭✭Cookie_Monster


    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


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  • Registered Users, Registered Users 2 Posts: 24,523 ✭✭✭✭Cookie_Monster


    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


  • Registered Users, Registered Users 2 Posts: 5,374 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 19,071 ✭✭✭✭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.


  • Closed Accounts Posts: 2,436 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 43,028 ✭✭✭✭SEPT 23 1989


    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


  • Closed Accounts Posts: 2,436 ✭✭✭One_Of_Shanks


    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.


  • Registered Users, Registered Users 2 Posts: 540 ✭✭✭GreatDefector


    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:


  • Registered Users, Registered Users 2 Posts: 43,028 ✭✭✭✭SEPT 23 1989


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

    Ring your broker they might be able to do something quickly


  • Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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  • Registered Users, Registered Users 2 Posts: 43,028 ✭✭✭✭SEPT 23 1989


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

    Wouldn't take that chance


  • Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • Registered Users, Registered Users 2 Posts: 7,739 ✭✭✭ASOT


    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.


  • Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • Registered Users, Registered Users 2 Posts: 7,739 ✭✭✭ASOT


    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.


  • Registered Users, Registered Users 2 Posts: 1,205 ✭✭✭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.


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  • Registered Users, Registered Users 2 Posts: 4,587 ✭✭✭FishOnABike


    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?


  • Registered Users, Registered Users 2 Posts: 8,922 ✭✭✭GM228


    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.


  • Registered Users, Registered Users 2 Posts: 19,071 ✭✭✭✭Del2005


    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.


  • Registered Users, Registered Users 2 Posts: 19,071 ✭✭✭✭Del2005


    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.


  • Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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  • Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • Registered Users, Registered Users 2 Posts: 1,113 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 51,348 ✭✭✭✭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.


  • Closed Accounts Posts: 27,833 ✭✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 51,348 ✭✭✭✭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?


  • Registered Users, Registered Users 2 Posts: 19,071 ✭✭✭✭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?


  • Registered Users, Registered Users 2 Posts: 51,348 ✭✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 1,637 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 9,313 ✭✭✭Mycroft H


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


  • Registered Users, Registered Users 2 Posts: 5,219 ✭✭✭mikeecho


    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.


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