MSE News: Mis-sold Swinton insurance? Claim now, after firm fined £7.3m

Kemp0

Just found a DD on my Bank Account which after a call to Swinton (who, for the record, dealt with my enquiry pretty well, I think) turns out it was for Personal Injury Cover.

I'm bit annoyed because they keep pestering me to renew my insurance... but always fail to mention this policy that has been running for 4 years now.

Does anyone know why it was specifically between April 2010 and April 2012? My policy was sold to me in July 2009, is it still worth following up?

Thanks.

weejonnie

VT82 wrote: »

Surely Swinton is due to fold sometime soon? It doesn't make sense for an insurance broker to have so many physical branches - should be online and call centre - they can't be making up the overheads of the shops from passing trade.

That's why I never deal with them - the only way they can be competitive is by giving you a whopping great discount in the form of a cashback cheque you will receive about 90 days after taking out a policy - never gonna happen if they go bust in the meantime...

Swinton is owned by COVEA - who are unlikely to go bust. All insurance intermediaries must file accounts with the FCA on a regular basis (quarterly with Swinton) and any failure to have adequate resources would be quickly picked up.

If Swinton did go belly up then it is most likely that your premiums would be with an insurance company and your policy would continue - albeit being handled either directly by the insurer or with the company that bought the rights for the policies. Premiums paid where the insurer has allowed 'risk transfer' are regarded as having been paid to the insurer once Swinton receive them (this is virtually every personal lines insurance policy and the vast majority of commercial lines)

Swinton are more likely to 'go belly up' due to bad service and overcharging rather than inability to forward premiums and issue cover. (The cashback offers are basically giving you the extra money you paid in the first place back to you - I have seen cases where one broker charged £175 for a risk and Swinton charged £275 with a £100 cashback after 90 days - go figure).

And for all people saying that a call centre and online presence are all you need - consider what you want when there is a problem with a claim or a query about cover - can you imagine call-centre staff being trained sufficiently to answer your question?

Anyone can buy insurance online. It is when you need it that you realise that it wasn't so straightforward after all - as witness the many complaints and cries for help on this and other websites.

forgotmyname

When Swinton had a local shop i always used them.

Flexible and friendly. Swapping cars he would hold onto the paperwork for me just in case i didn't buy / sell.

dmliverpool

Useless company, they should be left to go bankrupt, I thought that's what happens in a capital society when companies provide a poor service like swinton.