Enterprise refund from broker.

petrolhead69

paddyandstumpy wrote: »

The insurance company isn't profiteering, quite the opposite. That's why it's been placed into administration.

Perhaps look at it that you underpaid Enterprise by £300, hence the reason the book was underfunded and unsustainable. The price you've paid now is the market rate.

Apologies for the steer on the refund of premiums. I wasn't aware of the nuance that premiums are 90% but claims are 100% for compulsory insurance, I presumed if it was compulsory the same rule would apply to premiums and claims.

Enterprise were only £25 cheaper than the others when i taken it on. The others have raised their prices drastically to coincide with a large influx of people screwed over by enterprise, if that isn't profiteering off others misery i don't know what is. Its a scam industry filled with disgusting rat thieves.

takman

petrolhead69 wrote: »

Enterprise were only £25 cheaper than the others when i taken it on. The others have raised their prices drastically to coincide with a large influx of people screwed over by enterprise, if that isn't profiteering off others misery i don't know what is. Its a scam industry filled with disgusting rat thieves.

What a load of rubbish what evidence do you have to prove that?. The actual reason is that the price of Insurance has increased so that's why all insurance company's have increased.

If what your saying is true then they wouldn't all work together one company would keep prices low while the others increased it and get all the customers. Insurance companies are in such tight competition they can't simply play price games like you suggest.

petrolhead69

Yes yes yes the price of insurance doubled in less than a year because of brexit, 9/11, we saw the transport minister on the tv and he looked in a bad mood, increased sunspot activity and the wholesale market price of turnips in jamaica. Its a scam industry full of dirty lying thieves and you are an apologist for their shennanigans. Their behaviour wouldn't be tolerated in other sectors and we are held to ransom to stay legal. I don't know I bother tbh dishonesty and tricky practices looks like it pays far better.

rudekid48

petrolhead69 wrote: »

Yes yes yes the price of insurance doubled in less than a year because of brexit, 9/11, we saw the transport minister on the tv and he looked in a bad mood, increased sunspot activity and the wholesale market price of turnips in jamaica. Its a scam industry full of dirty lying thieves and you are an apologist for their shennanigans. Their behaviour wouldn't be tolerated in other sectors and we are held to ransom to stay legal. I don't know I bother tbh dishonesty and tricky practices looks like it pays far better.

All tradesmen are dirty lying thieves and you are an apologist for their disgusting behaviour, constantly ripping off old granny's for 1,000's every day for jobs they don't need doing. It must be true, we see it every week on Watchdog so that must mean that every tradesman is the same.....

Mr_Poves

This is going way off track , the fact still remains that enterprise policy holders have been shafted good and proper .
I have spoken to the fscs who seemed very reluctant to give me any set facts or figures , they are compensating the finance houses that are owed money on policies who in return are working the difference of any remaining balance from the compensation and taking it from there .
And this from the horses mouth " many premiums will have an outstanding balance that the fscs cover will not meet " , so it still won't be solved .
It's only us the customer that are losing out in this , I've now arranged alternative cover elsewhere and negotiated a very good deal , infact a bit cheaper than the enterprise policy , I've lost the partial no claims from this year , added to the fact endless hour's on the phone and alot of mither I do not need or deserve , gonna put it all behind me now and wish everyone else who has this problem all the best .

rudekid48

Mr_Poves wrote: »

This is going way off track , the fact still remains that enterprise policy holders have been shafted good and proper .
I have spoken to the fscs who seemed very reluctant to give me any set facts or figures , they are compensating the finance houses that are owed money on policies who in return are working the difference of any remaining balance from the compensation and taking it from there .
And this from the horses mouth " many premiums will have an outstanding balance that the fscs cover will not meet " , so it still won't be solved .
It's only us the customer that are losing out in this , I've now arranged alternative cover elsewhere and negotiated a very good deal , infact a bit cheaper than the enterprise policy , I've lost the partial no claims from this year , added to the fact endless hour's on the phone and alot of mither I do need or deserve , gonna put it all behind me now and wish everyone else who has this problem all the best .

Quite agree and glad it seems to be working out for you. The difference between you & the OP is that you haven't launched unnecessary attacks against anyone connected with the industry - the majority of whom have always warned against cheap offshore insurers on these boards...

Mr_Poves

rudekid48 wrote: »

Quite agree and glad it seems to be working out for you. The difference between you & the OP is that you haven't launched unnecessary attacks against anyone connected with the industry - the majority of whom have always warned against cheap offshore insurers on these boards...

This is the thing , enterprise were not cheap in comparison , as mentioned I've just got a better quote from a big name , we have all just been unlucky , who would think this could happen ?

dacouch

Mr_Poves wrote: »

This is the thing , enterprise were not cheap in comparison , as mentioned I've just got a better quote from a big name , we have all just been unlucky , who would think this could happen ?

As Rudekid mentioned, it's not that surprising too anyone who has been in the industry for a few years.

Insurers base themselves in Gibralter because the regulation is much more lax there.

The regulation of Insurers in the UK is very strict, Insurers have to adhere to jump through hoops to become regulated and have to set huge chunks of cash aside to be able to meet their commitments in the very worst scenarios.

This is not the case in Gibralter, so Insurers who set up there have decided to bypass the costs and hassle of being regulated in the UK.

All of the long term Insurance posters on MSE have routinely warned against using Insurers based in Gibralter for the above reasons and also purely because the Insurers based there tend to be at the very cheap end of cheap and cheerful.

Many in the industry will remember the last big casualty, which was Independent Insurance who collapse caused more widespread problems than Enterprise due to their size. A lot of the increased regulation was caused by Independent's collapse.

https://www.theguardian.com/business/2007/oct/24/insurance.crime

I was offered an Enterprise Policy for a fairly niche motor product I personally required this summer. I declined the offer and paid a little extra to be covered by a UK Insurer.