Gap Insurance 123 - Liquidation
Discussion
It'll be in the legal mumbo jumbo.
Best case scenario is that premiums were paid into a trust and there is a fund being administered by a third party.
Worst case ... it's toast.
What does the letter actually say?
Edit: can't find anything online, the actual company still appears to be authorised by the FCA.
Best case scenario is that premiums were paid into a trust and there is a fund being administered by a third party.
Worst case ... it's toast.
What does the letter actually say?
Edit: can't find anything online, the actual company still appears to be authorised by the FCA.
Edited by CYMR0 on Friday 18th November 12:40
Hi Guys, a customer has called us after seeing this forum thread and whilst we would not normally comment on forums, as we would not want to influence, clearly this is a special case.
A few points
1 - GapInsurance123 has not gone into liquidation. The brand is one of a number run by Aequitas Automotive Ltd and we are very much alive and kicking!
2 - The letter sent out was by a company called Grant Thornton, who are the liquidators for our old underwriter Enterprise Insurance. Enterprise was instructed to cease providing new insurance cover from July 22nd 2016. From that point all new GapInsurance123 policies have been underwritten by AM Trust International Underwriters.
3 - The old Enterprise Insurance underwritten products are covered by the Financial Services Compensation Scheme and eligible claims have been processed from that time under that scheme.
4 - Grant Thornton agreed to cancel comprehensive motor insurance policies (not Gap Insurance), and refunds paid via the FSCS from 26th October. This route is not appropriate however for Gap Insurance as it would be impossible for customers to get new Gap Insurance cover due to the length of time you have had the vehicle.
5 - A mechanism has been proposed to transfer all remaining Gap Insurance policies over to AM Trust. This would be automatic for the customer and a letter will be sent out confirming this from the claims administrators at Motorway Direct. This is being arranged by the FSCS, AM Trust and Motorway Direct. We understand this will take place in the next few weeks.
6 - The FSCS, Motorway Direct and GapInsurance123 were not aware of the letter being sent from Grant Thornton to our customers. The FSCS have confirmed that claims on current policies are still to be processed via that scheme. Having got a copy of the letter ourselves this morning (we have our own cars covered via Gap123) it does appear that it is a standard letter for all Enterprise underwritten customers stating the current case of Enterprise but it does not state clearly what is happening to the potential transfer the cover or that current claims are still covered via the FSCS. If we had known that GT were sending the letter we would have asked that these details were included more clearly.
So in summary, we can only apologise for any concerns the letter has caused but we can confirm that current claims are being processed via the FSCS and that we have been assured the mechanism is in place to transfer to AM Trust in the coming weeks.
If you want to discus any concerns with us directly please contact us via the telephone numbers or email contacts on our website.
A few points
1 - GapInsurance123 has not gone into liquidation. The brand is one of a number run by Aequitas Automotive Ltd and we are very much alive and kicking!
2 - The letter sent out was by a company called Grant Thornton, who are the liquidators for our old underwriter Enterprise Insurance. Enterprise was instructed to cease providing new insurance cover from July 22nd 2016. From that point all new GapInsurance123 policies have been underwritten by AM Trust International Underwriters.
3 - The old Enterprise Insurance underwritten products are covered by the Financial Services Compensation Scheme and eligible claims have been processed from that time under that scheme.
4 - Grant Thornton agreed to cancel comprehensive motor insurance policies (not Gap Insurance), and refunds paid via the FSCS from 26th October. This route is not appropriate however for Gap Insurance as it would be impossible for customers to get new Gap Insurance cover due to the length of time you have had the vehicle.
5 - A mechanism has been proposed to transfer all remaining Gap Insurance policies over to AM Trust. This would be automatic for the customer and a letter will be sent out confirming this from the claims administrators at Motorway Direct. This is being arranged by the FSCS, AM Trust and Motorway Direct. We understand this will take place in the next few weeks.
6 - The FSCS, Motorway Direct and GapInsurance123 were not aware of the letter being sent from Grant Thornton to our customers. The FSCS have confirmed that claims on current policies are still to be processed via that scheme. Having got a copy of the letter ourselves this morning (we have our own cars covered via Gap123) it does appear that it is a standard letter for all Enterprise underwritten customers stating the current case of Enterprise but it does not state clearly what is happening to the potential transfer the cover or that current claims are still covered via the FSCS. If we had known that GT were sending the letter we would have asked that these details were included more clearly.
So in summary, we can only apologise for any concerns the letter has caused but we can confirm that current claims are being processed via the FSCS and that we have been assured the mechanism is in place to transfer to AM Trust in the coming weeks.
If you want to discus any concerns with us directly please contact us via the telephone numbers or email contacts on our website.
Yes, all eligible claims are being handled via the FSCS ( and have been since July) and will continue to be until the transfer to the new underwriter is complete.
Confirmation has been included on the Motorway Direct website (the company who handle the claims for the FSCS) today in response to the letter that was sent out.
http://www.motorwaydirect.co.uk/statement-enterpri...
Confirmation has been included on the Motorway Direct website (the company who handle the claims for the FSCS) today in response to the letter that was sent out.
http://www.motorwaydirect.co.uk/statement-enterpri...
Edited by Gap123 on Friday 18th November 14:44
Gap123 said:
Yes, all eligible claims are being handled via the FSCS ( and have been since July) and will continue to be until the transfer to the new underwriter is complete.
Confirmation has been included on the Motorway Direct website (the company who handle the claims for the FSCS) today in response to the letter that was sent out.
http://www.motorwaydirect.co.uk/statement-enterpri...
Thank you for the clarification.Confirmation has been included on the Motorway Direct website (the company who handle the claims for the FSCS) today in response to the letter that was sent out.
http://www.motorwaydirect.co.uk/statement-enterpri...
Edited by Gap123 on Friday 18th November 14:44
Ridiculous amount of paperwork sent out, in a stye only a legal type could probably understand, in my opinion of course.
rufmeister said:
Thank you for the clarification.
Ridiculous amount of paperwork sent out, in a stye only a legal type could probably understand, in my opinion of course.
I have a copy of the letter for my car in front of me. I could not agree more that it is very difficult to follow. I can assure you that when the policies are transferred that the letter that will come out from Motorway Direct to you will be far easier to understand. Ridiculous amount of paperwork sent out, in a stye only a legal type could probably understand, in my opinion of course.
rufmeister said:
How do we know this poster is actually from Gap123 or is even telling us the correct information?
Jesus mate, come on, from their post above:
Gap123 said:
If you want to discus any concerns with us directly please contact us via the telephone numbers or email contacts on our website.
ISO51200 said:
rufmeister said:
How do we know this poster is actually from Gap123 or is even telling us the correct information?
Jesus mate, come on, from their post above:
Gap123 said:
If you want to discus any concerns with us directly please contact us via the telephone numbers or email contacts on our website.
Hi Guys,
Just checking back on the thread and I can see a few points have come up.
I can promise you I am from Gap Insurance 123
and we have also placed a statement about a week ago (which we will update with information as we get it) on the website at
https://gapinsurance123.co.uk/1315/important-infor...
Not sure if I can stick links in but if you have any problems it is on the bottom menu of the GapInsurance123 homepage, far right-hand side, or if you are accessing by mobile it can be found off 'legal' in the menu. The link is also pinned to our Twitter page @GapInsurance123
In terms of timescales and resolutions for the old Enterprise underwritten policies that is still in the hands of the Liquidators and the FSCS The details we have been told is that it is likely that the timescale for the Liquidator to cancel the policies is likely to be around the end of the second week of December. The transfer option is in place and is designed to be automatic when, as we expect, this happens with a letter going out to confirm this at that time.
With regards to the Grant Thornton letter the contents are clearly confusing but if you do have a look at the page with the title 'Notification of Winding up order...........' etc it does say in the bottom two paragraphs that only motor insurance and teacher absentee insurance policies have been cancelled at this point and all other policies remain under review with claims to continue as per the policy terms.
Bottom line is that the policies remain in place and claims continue to be processed via the FSCS until further notice. If, as we expect, the liquidator does move to cancel the Gap policies then an agreement is in place to transfer cover to our new insurer.
I hope this clears a few things up and please contact us at the office if you do have any questions at all
Just checking back on the thread and I can see a few points have come up.
I can promise you I am from Gap Insurance 123
and we have also placed a statement about a week ago (which we will update with information as we get it) on the website at https://gapinsurance123.co.uk/1315/important-infor...
Not sure if I can stick links in but if you have any problems it is on the bottom menu of the GapInsurance123 homepage, far right-hand side, or if you are accessing by mobile it can be found off 'legal' in the menu. The link is also pinned to our Twitter page @GapInsurance123
In terms of timescales and resolutions for the old Enterprise underwritten policies that is still in the hands of the Liquidators and the FSCS The details we have been told is that it is likely that the timescale for the Liquidator to cancel the policies is likely to be around the end of the second week of December. The transfer option is in place and is designed to be automatic when, as we expect, this happens with a letter going out to confirm this at that time.
With regards to the Grant Thornton letter the contents are clearly confusing but if you do have a look at the page with the title 'Notification of Winding up order...........' etc it does say in the bottom two paragraphs that only motor insurance and teacher absentee insurance policies have been cancelled at this point and all other policies remain under review with claims to continue as per the policy terms.
Bottom line is that the policies remain in place and claims continue to be processed via the FSCS until further notice. If, as we expect, the liquidator does move to cancel the Gap policies then an agreement is in place to transfer cover to our new insurer.
I hope this clears a few things up and please contact us at the office if you do have any questions at all
Sorry for the bump but just wanted to update the situation.
We can confirm that all Enterprise underwritten GapInsurance123 policies will be transferred to AMTrust International Underwriters Ltd on 14th December 2016. All policy terms will remain the same, as will claims processes etc. There is nothing for you to do.
Letters will be posted out outlining this to all customers next week from Motorway Direct PLC, who are administering the transfer process.
We have also updated our website to confirm this information at
https://gapinsurance123.co.uk/1315/important-infor...
All current Enterprise policies remain 'live' and protected by the FSCS for claims until the transfer is completed.
If anyone has any queries please contact our office
We can confirm that all Enterprise underwritten GapInsurance123 policies will be transferred to AMTrust International Underwriters Ltd on 14th December 2016. All policy terms will remain the same, as will claims processes etc. There is nothing for you to do.
Letters will be posted out outlining this to all customers next week from Motorway Direct PLC, who are administering the transfer process.
We have also updated our website to confirm this information at
https://gapinsurance123.co.uk/1315/important-infor...
All current Enterprise policies remain 'live' and protected by the FSCS for claims until the transfer is completed.
If anyone has any queries please contact our office
Edited by Gap123 on Thursday 8th December 16:54
So sorry for the bump again. Just an update to confirm that all previously Enterprise underwritten GapInsurance123 policies have now been transferred to AM Trust International as of midnight 13th December 2016. This means that all your policy terms and features remain exactly the same it is just the underwriter is different.
The letters confirming this are being sent from the claims administrators at MotorWay Direct this week. We also understand that Grant Thornton will also be sending letters confirming the cancellation of the Enterprise cover now the transfer is complete. We are also endeavoring to email to all our customers confirming these details.
Further updates have been posted at https://gapinsurance123.co.uk/1315/important-infor...
If you have any queries please contact our office.
The letters confirming this are being sent from the claims administrators at MotorWay Direct this week. We also understand that Grant Thornton will also be sending letters confirming the cancellation of the Enterprise cover now the transfer is complete. We are also endeavoring to email to all our customers confirming these details.
Further updates have been posted at https://gapinsurance123.co.uk/1315/important-infor...
If you have any queries please contact our office.
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