Tradex Insurance Company Limited

MouldyOldDough

I took out a motor policy through RBS on Saturday via Quidco and only after I had paid - did I realise that the policy was with "Tradex Insurance Company Ltd" rather than RBS !

Is this safe or are there going to be any issues if I ever need to claim ?

CliveOfIndia

It looks like a legit company on Companies House.  I strongly suspect there's nothing to worry about.  Many (perhaps most) of the high-street banks actually have their insurance services underwritten by other companies.  As do a lot of well-known insurance companies themselves, actually.

And a "respectable" company such as RBS wouldn't be using a dodgy company for their insurance offering, as ultimately it's their own reputation that's on the line.

I'm not saying that this particular company is any better or any worse than any others when/if the time comes to make a claim.  But as far as it goes, there's nothing to worry about.

born_again

MouldyOldDough said:

I took out a motor policy through RBS on Saturday via Quidco and only after I had paid - did I realise that the policy was with "Tradex Insurance Company Ltd" rather than RBS !

Is this safe or are there going to be any issues if I ever need to claim ?

RBS & other banks do not provide insurance. They partner with actual Insurance companies.

Premier Car Insurance is underwritten by U K Insurance Limited

Clearly stated on car insurance page.

https://www.rbs.co.uk/premier-banking/products/insurance/car-insurance.html

If you look at the policy doc, Direct Line Group is the contact.

MouldyOldDough

born_again said:

MouldyOldDough said:

I took out a motor policy through RBS on Saturday via Quidco and only after I had paid - did I realise that the policy was with "Tradex Insurance Company Ltd" rather than RBS !

Is this safe or are there going to be any issues if I ever need to claim ?

RBS & other banks do not provide insurance. They partner with actual Insurance companies.

Premier Car Insurance is underwritten by U K Insurance Limited

Clearly stated on car insurance page.

https://www.rbs.co.uk/premier-banking/products/insurance/car-insurance.html

If you look at the policy doc, Direct Line Group is the contact.

Thanks - but no mention of Tradex on their webpage

DullGreyGuy

MouldyOldDough said:

I took out a motor policy through RBS on Saturday via Quidco and only after I had paid - did I realise that the policy was with "Tradex Insurance Company Ltd" rather than RBS !

Is this safe or are there going to be any issues if I ever need to claim ?

Are you sure it's RBS branded? 

According to RBS' own site their policies were underwritten by UK Insurance Ltd but they have ceased offering policies other than under their Premier sub brand. Similarly Tradex normally only sell via their sister company Markerstudy though they offer white labels etc via Makerstudy. 

They are a modest UK based insurer, made a £3m loss last year but have £75m in surplus assets and are holding 153% of their required solvency capital. 

born_again said:

MouldyOldDough said:

I took out a motor policy through RBS on Saturday via Quidco and only after I had paid - did I realise that the policy was with "Tradex Insurance Company Ltd" rather than RBS !

Is this safe or are there going to be any issues if I ever need to claim ?

RBS & other banks do not provide insurance. They partner with actual Insurance companies.

Premier Car Insurance is underwritten by U K Insurance Limited

Clearly stated on car insurance page.

https://www.rbs.co.uk/premier-banking/products/insurance/car-insurance.html

If you look at the policy doc, Direct Line Group is the contact.

Well that somewhat depends what you mean by "banks". 

RBS funded the creation of Direct Line and it was a subsidiary, when they bought out Churchill they renamed the division RBS Insurance. When the 2008 bailout happened it was conditional of RBS divesting a number of its non-UK banking entities so RBS Insurance rebranded back to Direct Line Group. Owning multiple legal insurers adds a lot of work with regulatory returns etc and so DLG decided to consolidate its multiple underwriters into UK Insurance, which was originally the name of the white labelling entity. 

Others are still similar with Tescos Bank owning its own insurer, though they're divesting the banking arm as we know. 

Muskey

I believe Tradex is only for motor trade business and taxis only.

DullGreyGuy

Muskey said:

I believe Tradex is only for motor trade business and taxis only.

No, they do personal lines as well as commercial in Motor and Home. They tend to focus on more unusual risks than your run of the mill, their claim on their website is that they've covered more rock stars than tattoo artists have. 

MouldyOldDough

DullGreyGuy said:

MouldyOldDough said:

I took out a motor policy through RBS on Saturday via Quidco and only after I had paid - did I realise that the policy was with "Tradex Insurance Company Ltd" rather than RBS !

Is this safe or are there going to be any issues if I ever need to claim ?

Are you sure it's RBS branded? 

Yes it is.... 

MouldyOldDough

DullGreyGuy said:

Muskey said:

I believe Tradex is only for motor trade business and taxis only.

No, they do personal lines as well as commercial in Motor and Home. They tend to focus on more unusual risks than your run of the mill, their claim on their website is that they've covered more rock stars than tattoo artists have. 

Presumably anyone who insured their car through RBS will be covered by Tradex 

XRS200

RBS can change their provider, or use more than one.

MouldyOldDough

MouldyOldDough said:

DullGreyGuy said:

Muskey said:

I believe Tradex is only for motor trade business and taxis only.

No, they do personal lines as well as commercial in Motor and Home. They tend to focus on more unusual risks than your run of the mill, their claim on their website is that they've covered more rock stars than tattoo artists have. 

Presumably anyone who insured their car through RBS will be covered by Tradex 

That's what I assume