Classic Bike Guide
MAJOR INSURANCE COMPANY GOES UNDER
As we went to press, MCE Insurance, one of the UK’s biggest motorbike insurers, has fallen into administration.
The collapse affects around 105,000 policyholders.
MCE Insurance sold a range of motor products, including motorbike, private car and van insurance, through broker MCE Insurance Ltd. Both firms are part of the same parent group, but it is only the Gibraltar-based insurance arm that has gone under, not the UK-registered brokering service.
Customers will continue to be covered until the end of their policy and claims will still be paid, though some claims will only receive 90% of their value. Existing claims will now be paid by the Financial Compensation Services Scheme (FSCS) and these will be automatically passed onto the FSCS which runs the compensation fund of last resort for customers of authorised financial services firms.
Compulsory insurance claims such as third-party motor claims, will get 100% compensation.