car insurance providers how protected are we (belly up)

[johnwilliams]

just wanting to know after so many people got caught with setanta a while back
what protection do we have from other insurance companies like these going belly up
mine is through a local broker who picks the best one for me ???
problem is i have to believe what he tells me that nothing could go wrong with them (insurance company)
now with brexit coming ,we believe the company we deal with is irish, based here when in fact based elsewhere so what going to happen with these companies will we all end up losing our money/insurance like setanta
is there a way of checking current insurer to make sure we will be covered going forward
or will we have to take out other insurance to cover our current insurer going bust or just leaving suddenly ???
could probably have worded above better can't think of right words now, hopefully you figure out what i am trying to say.

 

[peteb]

Stop worrying. Unless you are prepared to pay an extra few hundred to go to a mainstream insurer like AIG, Zurich, Allianz, Aviva.

No. There's no way you can tell whether you will be covered going forward.

 

[roker]

Seeing that the law empowers us to have insurance, the government should cover any insurance that goes bust. Everyone should raise these points with their TD to get something done

 

[PaddyBloggit]

Stop worrying.

Not so easy to do ... I was one of those caught up in the Setanta debacle. I was driving around for a few days at the time without insurance as it turned out.

Nobody could tell me whether I was insured or not at the outset of the situation. I actually took steps myself to get insured elsewhere with the idea of being safe rather than sorry.

I had a valid disk but nothing covering it. As far as I can see there's no reason why it couldn't happen again. I haven't see any official response to protecting motorists from this scenario in the future.

 

[mathepac]

Seeing that the law empowers us to have insurance

The law OBLIGES us to have motor insurance.

the government should cover any insurance that goes bust. Everyone should raise these points with their TD to get something done

You must be joking. We, the insured motorists of Ireland, are STILL paying insurance levies going back as far as ICI, PMPA, etc. If there's no direct payoff for TDs, they'll do nothing, as usual. We, the motorists, pay for insurance and pay again when the companies/underwriters go bust.