Colleague having a tough time
Discussion
So a colleague of mine is having a run of bad luck, the latest one is he was involved in a bike accident where he was quite badly injured. The insurer took the bike, he gave the keys over and signed over the bike only for the insurer to go bankrupt (he reviewed a letter today). Without getting more detail from him is their any legal recourse to recover his bike?
https://www.fscs.org.uk/what-we-cover/insurance/
I think you should start here - as motor insurance is covered. Not sure about getting the bike back - but they are probably a good place to start
I think you should start here - as motor insurance is covered. Not sure about getting the bike back - but they are probably a good place to start
Backtobasics said:
So a colleague of mine is having a run of bad luck, the latest one is he was involved in a bike accident where he was quite badly injured. The insurer took the bike, he gave the keys over and signed over the bike only for the insurer to go bankrupt (he reviewed a letter today). Without getting more detail from him is their any legal recourse to recover his bike?
Insurance co's don't just go bust, more info needed, His co or a 3rd party's, who are company is a good start?
t show.martinbiz said:
Insurance co's don't just go bust, more info needed, His co or a 3rd party's, who are company is a good start?
That's BS too. You're good at this being an insurance expert 
Yes they do especially in the case of MCE, another hated insurance company of which there are many. Bloody parasites take the money then don't pay out. Just ask on the Biker Banter forum and see how popular they are.
https://www.fca.org.uk/news/news-stories/mce-insur...
LordFlathead said:
That's BS too. You're good at this being an insurance expert
Yes they do especially in the case of MCE, another hated insurance company of which there are many. Bloody parasites take the money then don't pay out. Just ask on the Biker Banter forum and see how popular they are.
https://www.fca.org.uk/news/news-stories/mce-insur...
Don't take things so literally, my comment "they don't JUST go bust" was meant slightly tongue in cheek, ie they can't just disappear like the local builder with all their customers cash. Existing policies which have been already underwritten will be still be valid. Perhaps you should read your link, it will probably explain how it works there.Yes they do especially in the case of MCE, another hated insurance company of which there are many. Bloody parasites take the money then don't pay out. Just ask on the Biker Banter forum and see how popular they are.
https://www.fca.org.uk/news/news-stories/mce-insur...
Backtobasics said:
Just found a few posts on this after you posted thanks, looks a good shout given the dates.
I’ll pass the compensation scheme info on too thanks
OP your friend's existing policy should still be valid, he needs to contact the UK MCE broker first before you start thinking about compensationI’ll pass the compensation scheme info on too thanks
Below From the FCA report
"Existing insurance policies remain in force and are valid. If you are a policyholder of the company then your policy will continue to be administered by the UK broker MCE UK."
Edited by martinbiz on Monday 13th December 22:28
martinbiz said:
Don't take things so literally, my comment "they don't JUST go bust" was meant slightly tongue in cheek, ie they can't just disappear like the local builder with all their customers cash. Existing policies which have been already underwritten will be still be valid. Perhaps you should read your link, it will probably explain how it works there.
I think he was just looking to have a rant, and yours was the first comment that came along.Ignore him.
Chozza said:
https://www.fscs.org.uk/what-we-cover/insurance/
I think you should start here - as motor insurance is covered. Not sure about getting the bike back - but they are probably a good place to start
^^this.I think you should start here - as motor insurance is covered. Not sure about getting the bike back - but they are probably a good place to start
Hol said:
martinbiz said:
Don't take things so literally, my comment "they don't JUST go bust" was meant slightly tongue in cheek, ie they can't just disappear like the local builder with all their customers cash. Existing policies which have been already underwritten will be still be valid. Perhaps you should read your link, it will probably explain how it works there.
I think he was just looking to have a rant, and yours was the first comment that came along.Ignore him.
People seem to be advocating that the OP panics and starts looking at how to get compensation when in reality he has a current valid UNDERWRITTEN policy. Assuming his friend has received a settlement figure in writing that has been accepted, then he should not have any ssues
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