Automotive house owners are being warned to examine their insurance coverage coverage, amid fears that 1000’s may very well be driving round uninsured.
The collapse of a motor insurance coverage firm has meant that drivers may have misplaced their cowl in a single day, regardless of having paid for insurance policies.
Cash Saving Knowledgeable Martin Lewis has issued the warning to 1000’s of drivers within the UK, after MCE Insurance coverage Firm cancelled a few of its automotive and van insurance policies at midnight on January 14.
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The cancellation impacts insurance policies taken out previous to November 9 2021, and canopy for for motorcycle or scooter insurance coverage will finish at midnight on January 31, 2022.
“MCE Insurance coverage Firm, which was one of many UK’s largest motorcycle insurers, is to cancel all of its 105,000 remaining insurance policies after falling into administration final yr” mentioned Martin.
“The transfer comes regardless of the insurer initially promising to honour present cowl.”
Talking on the Martin Lewis Cash Present, Mr Lewis urged drivers to rearrange a brand new coverage “fairly sharpish”.
Nevertheless, he reassured drivers that they may get a lot of the a refund for any unused months, due to a Authorities refund scheme.
The Monetary Service Compensation Scheme (FDCS) pays 90 % of your pro-rata refund for unused months, and also will pay you no less than 90 % when you have a legit excellent declare with the corporate.
The Monetary Conduct Authority (FCA) confirmed MCE had entered administration again in November.
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