Combined Insurance (formerly American Combined)

jumpingjack751

Hi.

Has anyone heard anything about Combined Insurance closing their operation in the UK?

I had a cold call visit from two guys representing a company called CITRI today. They told me Combined Insurance were in trouble with the FSA & are pulling out of the UK. According to the guys I spoke with Combined would continue to take my payments, until basically the bitter end, but should I need to make a claim it will probably be delayed one way or another or possibly not payed out at all......
I know this guy is touting for business (according to him CITRI provides even better cover etc. etc.!!!) but as both my children & my husband have policies with Combined & have had for many many years I could do with finding out if I should cancel the direct debits.

Anyone know anything about it?

Thanks

dunstonh

They told me Combined Insurance were in trouble with the FSA & are pulling out of the UK.

I havent seen any reference to them going in the financial press. Although to be honest, they are not a major player and not one you would look out for. Many of their plans are non-standard or they are the insurer on a different brand offered general insurance plan. In cases of the latter, the retailer/distributor will arrange alternative underwriting if required.

but should I need to make a claim it will probably be delayed one way or another or possibly not payed out at all......

That is not correct. It shows they are happy to life and misrepresent the facts. Insurers in this country have to be capitalised in this country to a required level. The FSCS also exists if an insurer fails.

I had a cold call visit from two guys representing a company called CITRI today.

Cold calling is considered bad form in financial services. Its old fashioned sales methods and CITRI are sales rather than advice. Two people calling indicates one is a trainee or is being monitored.

I know this guy is touting for business (according to him CITRI provides even better cover etc. etc.!!!) but as both my children & my husband have policies with Combined & have had for many many years I could do with finding out if I should cancel the direct debits.

Stop relying on salesforces to give advice. See a real adviser instead. Not a tied insurance agent. An IFA will be cheaper and you shouldnt get that sort of BS you have been told.