If you are insured with Setanta Insurance

That's not much good then as most of the policies were commercial?

But in essence it means for claims currently going though there will be zero pay out, unless the money is owed to an individual claimant, but only in the amount of 65%.
 
Hi Bronte

If you are an individual and your car has been damaged by a van driven by a Setanta policyholder


1) You can claim against Setanta or the Insurance Fund.
2) You can claim the balance directly against the insured person or company
 
....I did, naively I suppose, think that the govt wouldn't take the risk of so many uninsured drivers on the road if ppl didnt get another policy, and therefore step in, but looks like that's not happening
 
Why would the government step in? To pay for peoples premiums? That isn't what the levy is for? It's to cover claims losses for failed insurers primarily.

When Reid's furniture collapsed, did you think that the government should have stepped in to pay for new sofa's for people?

A lot of people say "well I paid 500 quid for my policy and that's lost now". When in fact it hasn't! A lot of people probably renewed that policy in September for example and had cover for 9 months. So in essence only end up losing €125. So whilst it's not ideal, it isn't a full loss of an annual premium.
 
In our case it's a loss of 9 months of premium, renewal date was 20th Jan.
The sofa analogy doesn't give rise to an issue of public concern, I.e. potentially thousands of drivers driving uninsured if people just don't bother getting another policy
 
Hi Hippy

I am concerned about the thousands of drivers who drive without insurance.

Anyone who is no longer covered by Setanta should take out insurance. If they are found driving without insurance, they should be prosecuted as with any other driver.

If they have an accident, they will be sued for damages, just like any other driver without insurance. If they can't pay for personal injuries they inflict, the MIB will pay and sue the driver.

Brendan
 
I understand that Brendan, but unlike any other driver, Setanta customers are now without insurance through no fault of their own, it shouldnt be exactly the same as someone who just never bothered to buy any.
 
But they are then making a conscious decision NOT to take insurance out. Regardless of the reason. So it becomes the same - they chose not to insure.
 
hippy1975 said:
Setanta customers are now without insurance through no fault of their own,
Click to expand...

Well they chose to insure with a newish company, regulated in Malta, offering cheap premiums. They must bear some responsibility for this. They could have insured with a longer established company.

Brendan
 
In our case the premium wasn't even the cheapest, we just went with the broker as there wasnt much in the difference. I didnt ask where they were regulated or how long they are in business, how many ppl do you reckon make those enquiries?
Sheer bad luck.
 
hippy1975 said:
In our case the premium wasn't even the cheapest, we just went with the broker as there wasnt much in the difference. I didnt ask where they were regulated or how long they are in business, how many ppl do you reckon make those enquiries?
Sheer bad luck.
Click to expand...

Sorry hippy, I can't agree that it was just sheer bad luck.

I had not heard of Setanta Insurance until it went bust. If my broker had recommended them, I would ask who they were and why he was recommending them. If there was no difference in the price, I would have gone for a company which I had heard of.

Why did your broker recommend them? Did they pay higher commission? Did they have a reputation for settling claims quicker or more generously?

If I had gone for Setanta, I would presumably have seen the regulatory notices on the bottom of the page saying "Regulated in Malta". I would have made further enquiries.
 
Brendan Burgess said:
Well they chose to insure with a newish company, regulated in Malta, offering cheap premiums. They must bear some responsibility for this. They could have insured with a longer established company.

Brendan
Click to expand...

How many people read the small print on everything they buy? In my case my broker recommended them to me and they providedthe cover I needed at the time.. If I had bought my insurance online I would blame myself but shouldn't brokers point out these things to their customers. I understand brokers were selling Setanta insurance up to a few weeks ago. Have brokers a case to answer here?
I am now here trying to find new insurance by Friday when my Liberty insurance (put in place by my broker) runs out and not been able to speak to my broker on the phone. I send emails and get a reply 36 hours later. I need my no claims bonus cert and can't get it.
 
Brendan Burgess said:
Sorry hippy, I can't agree that it was just sheer bad luck.

I had not heard of Setanta Insurance until it went bust. If my broker had recommended them, I would ask who they were and why he was recommending them. If there was no difference in the price, I would have gone for a company which I had heard of.

Why did your broker recommend them? Did they pay higher commission? Did they have a reputation for settling claims quicker or more generously?

If I had gone for Setanta, I would presumably have seen the regulatory notices on the bottom of the page saying "Regulated in Malta". I would have made further enquiries.
Click to expand...
Brendan,
The bottom of my cert says:"Setanta Insurance Company is authorised by Malta Financial Services Authority in Malta and is regulated by the Central Bank of Ireland for conduct of business rules". Not "Regulated in Malta"?
To the ordinary Joe Soap I think that would mean as been regulated by the central bank. You Brendan probably know a lot more about financials issues then the ordinary Joe Soap.
At this moment it looks like my new insurance will be with Aviva and on their documents it says they are authorised in the UK and regulated by the central bank for conduct of
business. Should I be worried about that fact. Ireland, Uk and Malta are all in the EU.
 
"Setanta Insurance Company is authorised by Malta Financial Services Authority in Malta and is regulated by the Central Bank of Ireland for conduct of business rules"
Click to expand...

Hi Megan

I am not sure if I had seen that, would I have been concerned. It is certainly confusing. I have a vague idea what "conduct of business rules" means but am not sure. I would have taken some comfort from seeing the Central Bank of Ireland mentioned.
 
Megan said:
shouldn't brokers point out these things to their customers. I understand brokers were selling Setanta insurance up to a few weeks ago. Have brokers a case to answer here?
Click to expand...


I would think that they do have a case to answer.

Did they send you a letter explaining why they recommended this insurance from this company? I think that they should have been wary of a relatively new company authorised outside Ireland where the solvency regime appears less stringent.
 
Brendan Burgess said:
Hi Megan

I am not sure if I had seen that, would I have been concerned. It is certainly confusing. I have a vague idea what "conduct of business rules" means but am not sure. I would have taken some comfort from seeing the Central Bank of Ireland mentioned.
Click to expand...

Thanks Brendan. If your are confused about it - what chance has a Joe Soap like me have?
Again isn't this where the broker should have warned their customers especially those that sold Setanta insurance up to a few weeks ago.
 
Megan

No one can get their no claims bonuses presently as they have to come from Setanta. And unpaid staff are unlikely to be helpful.

Brokers would not have been selling Setanta up until a few weeks ago as Setanta had confirmed in late January that they were withdrawing from the market and running their book out.
 
peteb said:
Megan

No one can get their no claims bonuses presently as they have to come from Setanta. And unpaid staff are unlikely to be helpful.

Brokers would not have been selling Setanta up until a few weeks ago as Setanta had confirmed in late January that they were withdrawing from the market and running their book out.
Click to expand...


This from someone on Journel.ie:
"I only took out my policy with them (through a broker) six weeks ago. €550 gone just like that. Broker says I need new insurance immediately but I just can’t come up with another €600 that quickly. Very very upset.

(I realise I’m hardly a big customer for them but it’s a massive blow to me, financially)"

My broker wrote to me on January 30th about Setanta.
What do you mean unpaid staff?. My broker told me last Thursday that she will be able to "pull" my cert from their website. That was Thursday and I am now nearly a week later and can't get through to my broker to get my cert.
 
I'd take anything that people give approx times of with a pinch of salt. There isn't one broker than could have sold Setanta as a new policy in March as they werent accepting new business.

Your broker is able to pull your cert from their website as it is was previously generated and therefore available to download. However Setanta policies are not technically cancelled until they give the necessary letter confirming cancellation. Therefore at this point in time your cancellation no claims bonus is unlikely to have already been generated and this therefore unavailable.

Generally a new insurer following their normal procedure would not accept a no claims bonus dated from your last renewal date as it doesnt state any claims you could have had in the intervening period.

I mean unpaid staff because if a company goes into liquidation its likely their staff havent been paid either. So they won't be particularly helpful to the barrage of brokers calling them.
 
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