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Urgent insurance news-Adrian Flux.

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kernel gadaffi
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PostPosted: 11:51 - 04 Aug 2016    Post subject: Urgent insurance news-Adrian Flux. Reply with quote

Just had a call from my mate telling me Adrian Flux has gone bust, if that's the case, will everyone's insurance be still valid?
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arry
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PostPosted: 11:58 - 04 Aug 2016    Post subject: Re: Urgent insurance news-Adrian Flux. Reply with quote

kernel gadaffi wrote:
Just had a call from my mate telling me Adrian Flux has gone bust, if that's the case, will everyone's insurance be still valid?


No they haven't. A Gibraltar based insurance company they placed policies with has.

https://www.eigplc.com/index.php

Adrian Flux are a broker, not an insurance company.
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MCN
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PostPosted: 13:16 - 04 Aug 2016    Post subject: Reply with quote

Even if they did go bust the law means you will still have cover.

And they are Brokers which is only an Insurance Retailer they do not actually 'Make' the policies.
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Polarbear
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PostPosted: 20:33 - 08 Aug 2016    Post subject: Reply with quote

So anyone with a policy from that Gib company is fucked?
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arry
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PostPosted: 20:42 - 08 Aug 2016    Post subject: Reply with quote

Polarbear wrote:
So anyone with a policy from that Gib company is fucked?


Equity Red Star and others have offered to take the policies on with no premium charge until their expiry.

Similar happened many years ago when Independent went pop.
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Rogerborg
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PostPosted: 21:10 - 08 Aug 2016    Post subject: Reply with quote

arry wrote:
Equity Red Star and others have offered to take the policies on with no premium charge until their expiry.

I don't get it, what's in it for them? Who's paying them to do that? Eh?
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Pete.
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PostPosted: 21:22 - 08 Aug 2016    Post subject: Reply with quote

Is that because of a MIB agreement 'arry?
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arry
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PostPosted: 06:22 - 09 Aug 2016    Post subject: Reply with quote

Pete. wrote:
Is that because of a MIB agreement 'arry?


Nope, just good old fashioned putting the customer at the heart of everything you do.

Cynically; by taking those policies they are one in the hand to all of the companies that Enterprise had deals with and will therefore be in a strong trading position to continue supporting those placing intermediaries with new deals. The end customers won't be loyal regardless, not on motor policies.

15 odd years ago when Indy failed I was broking and had AXA pick up all the motor trade policies from them for free. Firstly, I supported AXA so much the year after I agreed to go work for them, and secondly the customers who were affected really did show loyalty and renewed year on year with AXA off the back of it. Those were the days TBH.
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Rogerborg
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PostPosted: 08:30 - 09 Aug 2016    Post subject: Reply with quote

It does seem to be an elegant gambit, for a more civilized age.
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WD Forte
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PostPosted: 00:06 - 11 Aug 2016    Post subject: Reply with quote

Good riddance to the feckers
they recently gave me a quote for my new wheels
( driving for yonks, clean license, max NCB )
that took taking the piss to new absurd new levels.
You'd have thougt I was a 17 year alcoholic/addict just out of chokey for death by dangerous driving!

hate them all, hanging's too good etc etc
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arry
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PostPosted: 07:07 - 11 Aug 2016    Post subject: Reply with quote

Who did?
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Andy_Pagin
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PostPosted: 07:55 - 11 Aug 2016    Post subject: Reply with quote

arry wrote:
Pete. wrote:
Is that because of a MIB agreement 'arry?


Nope, just good old fashioned putting the customer at the heart of everything you do.

Cynically; by taking those policies they are one in the hand to all of the companies that Enterprise had deals with and will therefore be in a strong trading position to continue supporting those placing intermediaries with new deals. The end customers won't be loyal regardless, not on motor policies.

15 odd years ago when Indy failed I was broking and had AXA pick up all the motor trade policies from them for free. Firstly, I supported AXA so much the year after I agreed to go work for them, and secondly the customers who were affected really did show loyalty and renewed year on year with AXA off the back of it. Those were the days TBH.


Presumably where inwards claims have been settled but outwards RI collections haven't been triggered yet, Equity Red Star pocket the reinsurance dosh?
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arry
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PostPosted: 11:23 - 11 Aug 2016    Post subject: Reply with quote

Nope, they're not picking up policies and subsequent losses retrospectively.
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Pjay
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PostPosted: 15:28 - 11 Aug 2016    Post subject: Reply with quote

I'd imagine they take the monthly installments.
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stevo as b4
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PostPosted: 17:52 - 11 Aug 2016    Post subject: Reply with quote

I always heard very mixed reviews about Adrian flux, though I realise I'm really talking about insurers they used.

On one hand they were supposed to be crap at paying out, and arguing down claims for modified vehicles and omissions of what exactly is covered.

On the other hand they seemed very keen to pick up business from the modified car scene, and would not be fazed by pretty serious non std cars or road legal track and race vehicles.

My mate added 100bhp to his Nissan Almera, back in the day and he had no trouble getting a decent quote at the time once he'd sent them some info on the work done.
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Andy_Pagin
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PostPosted: 18:12 - 11 Aug 2016    Post subject: Reply with quote

They're still emailing newsletters, I got one at 17:58 today, no mention of any financial problems.
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arry
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PostPosted: 19:29 - 11 Aug 2016    Post subject: Reply with quote

Andy_Pagin wrote:
They're still emailing newsletters, I got one at 17:58 today, no mention of any financial problems.


Because they don't have any financial problems.

If this thread does nothing else it serves as a reminder of how little the customer understands the insurance market.
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Rogerborg
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PostPosted: 06:56 - 12 Aug 2016    Post subject: Reply with quote

Decades of deliberate obfuscation may have contributed to that.

Imagine a nightmare dystopia in which customers deal with insurers directly rather than accessing the exact same policy through a dozen different brokers, all of whom scalp random amounts and layer their own contractual terms on top of it. <shudder>
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arry
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PostPosted: 07:14 - 12 Aug 2016    Post subject: Reply with quote

True that.

You ought to see the chain involved on the accounts I run - it'd boil your testes.
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ScaredyCat
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PostPosted: 07:21 - 12 Aug 2016    Post subject: Reply with quote

arry wrote:
Nope, just good old fashioned putting the customer at the heart of everything you do.


https://dl.dropboxusercontent.com/u/188253/_bcf/sofa-king-funny.gif
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arry
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PostPosted: 08:56 - 12 Aug 2016    Post subject: Reply with quote

https://assets.diylol.com/hfs/401/e1b/b3a/resized/business-cat-meme-generator-but-rly-srs-bznss-guys-24a71f.jpg
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MCN
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PostPosted: 14:20 - 12 Aug 2016    Post subject: Reply with quote

I'm at odds with LV= for more than doubling my premium just for a house move.
The risk is less if you consider damage to vehicle as a major factor in underwriting as I am now parked in a my driveway.
The cost to repair damage is possibly a big consideration. Theft and third party liabilities are one thing but they have loaded the policy as though I'd moved to a war zone. Utter Cunts.

They've loaded my car but my bikes are still getting full NCD so are cheaper than last year. Did I mention cunts?
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