Sold down the river?

[Suntan Sid]

A large envelope dropped through the door this morning, apparently my bike insurers, (formerly MCD owned by Groupama) have sold their business and my insurance policy to "Ageas"!

According to the letter I don't have to do anything, though I'd have thought that Ageas need to recoup some of the £116M they spent on the buy out. I guess my renewal will go up even more!

Apparently Ageas are the 2nd largest bike insurer in the UK!

Anyone else get one?
Should I be worried?
"'Arry", what's going on?
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"Everybody needs money, that's why they call it money!"

[Snorty]

I got one, I put it in the bin.

EDIT: Recycle bin.
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Current: Yamaha FZ1 '07 | GSXR 750 SRAD

Past: CB125TDC | TZR125 | GPZ500 | CBR600F3 | ZX9-R | GSXR1000 K4

[bren_9311]

Opened and binned. Not the recycling bin. I'm already doing my bit for the environment by riding a motorcycle.
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My opinion is neither copyrighted nor trademarked. If you like, I'll trade for one of yours.
Currently bikeless.
Ps4- bren_9311

[TT_Man]

Also got one today.

No change to policy or premium- purely a transfer of business- Good!


Filed it in the bin.

[BTTD]

Same here, opened, looked at, meh prices will probably go up and service down, binned.

I hope to be proved wrong....

[Rogerborg]

Also mulched, I can't even remember if it was bike or car.

The prospect of the underwriting cartel becoming a naked monopoly did occur though - do not want.
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Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[weasley]

I still don't know what policy I have with Groupama, that is moving to Ageas.
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Yamaha XJ600 | Yamaha YZF600R Thundercat | KTM 990 SMT | BMW F900XR TE

[Fowlersrs]

Ah the mrs had one turn up today aswell, someone's set to gain in rip off Britain once again!

[CaNsA]

Sid,
Did you get the policy through a broker or were you dealing directly with the insurer?

[Wonko The Sane]

[Suntan Sid]

[CaNsA]

What website?

[Suntan Sid]

[CaNsA]

Okies, and what company gave you the best quote?

[Suntan Sid]

[CaNsA]

My bad, I assumed you would take the cheapest.

If it was someone like MCE, Carol Nash, Bennetts etc then they are all brokers, most of the companies on aggregate sites are brokers.
they are the middle men between the great unwashed and the glorious insurers.
You agreed to a contract with the broker, not the insurer, and you should be ok.


If it was an actual insurer like Equity Red Star then you should read the terms of the policy very carefully as the new insurer may have done something sneaky when they took control of the policy.

[Suntan Sid]

The blurb that came with letter says nothing will change, all my T & C's will remain the same. Whether or not this turns out to be true, in the long run, is anyones guess.
Apparently the change over will not take place until the end of October, which, for me, means I'll have 6 months of the "new" insurers before I need to renew.

I did some Googling earlier and this buy out has been on the cards for a while. IMO the companies and the brokers involved should have been making their customers aware of the possibility of this before their customers signed on the dotted line!
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"Everybody needs money, that's why they call it money!"

[radicalrabit]

Ageas dropped me in the shit ... 2011 insured with ageas
2012 insured with ageas
20 13 applied for renewal .....got sent request for proof of no claims bonus,,,, from themselves,,,,,, asked them why ...in the mean time got stopped by the police for having no insurance .... they cancelled it ten days after inception .... for not getting proof of no claims bonus from themselves ,,,,,, but kept the full premium as their cancellation charges
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VF1000 F2F, BLACKBIRD with carbs, 2nd VF1000F2F just need somewhere to go now..

[Rogerborg]

And what happened when you took your case to the Financial Services Ombudsman?
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Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[gixerladsw]

I did what Snorty did!