This is a right pain!
I’m in my first year of riding so will lose any progress towards my first year of no claims and have to find new insurance - went with MCE as they were the cheapest by far!
Just checking for quotes not only mce are coming up again double my last policy quotes
I just got the exact same email, though I thought it was off of them to address me as slacker just because I have let my MOT expired.
Financially I will have no choice but to go with MCE again, I will just how long a gap they will accept to keep a no claims bonus, then just leave my bike uninsured until I am ready to ride again. Maybe the first time there will be a benefit to continuing to shield! Well, other than avoiding the risk of being hospitalized I suppose.
A shame I could not afford to move elsewhere though as MCE are hardly endearing themselves in all of this. All they seem to do is have done is pass on the message from the administrators and refer people to the FSCS. Nothing about what happens with no claims bonus for the time insured, nothing to trey and move people to their new underwriter to cover remaining policy terms. It is not as though this “happened” to them too, they owned the collapsed company.
Mainly the eligibility rules mean they only cover vehicles registered in the U.K. But you only get 90% of the outstanding premium back.
How is FSCS helping me with a return of premium if I’m told my policy will end?
You do not have to take any action to receive a return of premium payment. If you are due a return of premium and are eligible under FSCS’ rules you will receive a payment from FSCS. You can find more information on FSCS protection rules and limits on our website.
If you are eligible under FSCS’ rules you will receive a cheque from FSCS, or we will contact you for more information, as close to the policy end date as possible. Please see updates on our website.
For claims relating to return of premium, the level of our protection is 90%.
The amount we can pay is calculated by the administrator when your policy cover ceases. The refund is pro-rated, so the value will depend on how much time was left on the policy when your policy ends. Please note if you have already cancelled your policy this may not apply, again if you are not sure please contact your broker MCE UK.
Thanks Michael.
Luckily, I only insure the DRZ with MCE, which costs about £100 iirc to insure, but still, what a crappy deal for customers. That’ll cause MCE loads of reputational damage. Will fold the DRZ into my other multi-bike policy now I think.
I don’t think they’re doing themselves any favours by not even mentioning on their website that one of their underwriters trading under the MCE name has gone bust. Gives them an air of general dodgy spivyness.
Can they cause much more? Sure they sponsor racing but they always had (at least my view) a reputation as being a cheap but a bit dodgy, deal of the day, deal depends on sleaze of call handler, kind of insurer/broker.
Spoiler alert: it absolutely messes up your NCB. Bloke on Reddit today says he’s about to lose 11 months 1 week of NCB
Key problem going forward is that MCE were the only insurer some people could afford (cheap for a reason). I can see some folks having to give up biking after this.
Bugger, Oh well, time to go searching for a new policy.
This…
They were the only ones that made biking remotely affordable (despite huge excess) when my history became… Complicated
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Has anyone made sense of why they said “your policies are fine, the FCA (or whoever) will take them on” and then out of nowhere they just close the policies with no mention of why that’s changed?
Also… do we need to worry about proving any previous years No Claims with MCE to new insurers?
FUCKING HELL that’s awful 
I think I’m going to be one of them… living in Elephant & Castle, all the other options were 4x what MCE were . Looks like I’ll have to send my bike to my parents in Wiltshire and use it on occasion.
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Or use this as an excuse to get the hell out of London and get a better quality of life 
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I’ll run that one by the other half 
I have this to deal with also.
Anyone got cars and bikes on one policy? Such things seems to exist but not with insurers I have heard of.
wow. my other quotes are £2k more than MCE. Not sure where to go from here. Looks like them again with their new insurer despite not wanting to.
I am no accountant, but I think it means the administrators have decided the company cannot be saved and are now winding it up. My assumption is that cancelling the policies means they can remove us as creditors but without having to pay anything as that will be covered by the Financial Services Compensation Scheme.
But the lack of information is not helpful, I cannot see anything on the administrators’ site, so all we have are the MCE emails where they keep acting like they are passing on information that has nothing to do with them. At the very least you would think the information in the email would be on the web site.
The F.S.C.S., incidentally, is a body set up by law and funded by all regulated financial service companies. They can then pay out to customers (up to various limits) if any such company collapses.
As for no claims bonuses, it is only the underwriter which has failed, but MCE the insurer is still active so should give N.C.B. proof when requested as normal.
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Just tried a quick check on a comparison site, my top three offers for third-party only:
MCE — £175.88 (shows no excess!)
Principal Insurance — £569.84 (£500 excess)
Swinton — £676.11
Only MCE will offer me T.P.F.T. at £219.98 with £1,575 excess, or £343.71 for comprehensive with a £1525 excess.
That is roughly similar to last year, so it seems the new underwriter is offering similar prices, so as bad as it is to go back with MCE, that option still seems to be there for people who would otherwise be priced out. Including me!
MCE Insurance Company ( Gone POOP) & MCE Insurance (Still Trading) are owned by the same family
& it has a history of pooping companies
Im gong to loose the cost of new insurance (Bemoto) & a years NCB not that the 1yr NCB affects anything much on my policy