Quinn insurance gone bust
Discussion
http://news.bbc.co.uk/1/hi/northern_ireland/859501...
I'm sure there's a few on here using Quinn for their insurance. Just a heads up.
I'm sure there's a few on here using Quinn for their insurance. Just a heads up.
they nearly went pop last year since sean quinns dodgy dealings where he used Quinns money to try and buy an irish bank, where he lost £200m overnight.
Awesome news for us as they are a thorn in our side writing commercial insurance at suicide rates..........and they have been bitten hard!
Awesome news for us as they are a thorn in our side writing commercial insurance at suicide rates..........and they have been bitten hard!
ZOLLAR said:
Not allowed to underwrite new business so how are they going to bring in money?
bbc said:
"The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business."
One would presume, then, that the Irish part of it is profitable. v1paul said:
s
t! I was relying on them for my insurance when I pass my test because they seem to be the only ones who will quote reasonably. Do you reckon there prices will stay the same if the come out of administration??
Well, I would assume that the reason they are in the st! I was relying on them for my insurance when I pass my test because they seem to be the only ones who will quote reasonably. Do you reckon there prices will stay the same if the come out of administration??t is because they give cheap quotes to (no disrespect) high risk drivers and then wonder why they have to pay out loads of claims. So no, I doubt it. miniman said:
ZOLLAR said:
Not allowed to underwrite new business so how are they going to bring in money?
bbc said:
"The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business."
One would presume, then, that the Irish part of it is profitable. 
I'd be very, very surprised if they survive at all. People over here are leaving them in droves, thanks to strange situations (like cancelling policies with no notification, etc).
Quinn Direct are the LingLong of the insurance industry. Pull you in with cheap prices and high published specs, but first sign of a rainy day leave you on your roof in a field.
Quinn Direct are the LingLong of the insurance industry. Pull you in with cheap prices and high published specs, but first sign of a rainy day leave you on your roof in a field.
I was insured with Quinn about a few years ago my quote was about £200 on a £700 car when everywhere else wanted between £400-700, as soon as I changed over to a more expensive car it went up naturally, I thought they were ok although I didn't have to deal with making any claims from them.
I generally believe it is a shame to hear about a company going into receivership as there will be staff members now unexpectedly having to look for work.
I generally believe it is a shame to hear about a company going into receivership as there will be staff members now unexpectedly having to look for work.
insurance_jon said:
they nearly went pop last year since sean quinns dodgy dealings where he used Quinns money to try and buy an irish bank, where he lost £200m overnight.
Awesome news for us as they are a thorn in our side writing commercial insurance at suicide rates..........and they have been bitten hard!
+1Awesome news for us as they are a thorn in our side writing commercial insurance at suicide rates..........and they have been bitten hard!
Looking forward to an influx of business following this. Its been a long time coming and in the end everyone (consumers & the insurance industry) will be better off with one less cowboy outfit in the industry.
freakynessless said:
insurance_jon said:
they nearly went pop last year since sean quinns dodgy dealings where he used Quinns money to try and buy an irish bank, where he lost £200m overnight.
Awesome news for us as they are a thorn in our side writing commercial insurance at suicide rates..........and they have been bitten hard!
+1Awesome news for us as they are a thorn in our side writing commercial insurance at suicide rates..........and they have been bitten hard!
Looking forward to an influx of business following this. Its been a long time coming and in the end everyone (consumers & the insurance industry) will be better off with one less cowboy outfit in the industry.
A guy at college who is 18 (looking for insurance for his first car) was rubbing it in someone elses face because he got quoted £1300 by Quinn, where as the cheapest this other guy can get quoted is £3000! Now who's gonna be devastated! 
I was insured with Quinn (4 years ago) on my first car. Yeh it was the cheapest, but not by an awful lot.
I was insured with Quinn (4 years ago) on my first car. Yeh it was the cheapest, but not by an awful lot.
I don't think they'll be missed; they were cheap but their level of care following accidents was abysmal in my experience. Took them 10 months to sort a no-fault claim made by my brother last year and that was after ALOT of arguing to convince them it wasn't his fault. Unless you made an at-fault claim with no complexities (i.e. no admin effort for them) they just weren't interested. I suppose you get what you pay for.
I contacted them today regarding insurance for a 1.6 MX-5 ... They declined to give me a quote, stating that I would have to be 31 years old before they would cover me since they considered it to be, and I'd going to quote what they said for hilarity, a "Very high performance car"
This is coming up to the third year I am using them now and they have always been very good with policy changes and changing things... but other companies are cheaper and will insure a 1.6 MX-5 before I reach my thirties!
This is coming up to the third year I am using them now and they have always been very good with policy changes and changing things... but other companies are cheaper and will insure a 1.6 MX-5 before I reach my thirties!
Have heard the horror stories about Quinn in the past through this website, there buisness plan in the UK isn't the same as at home in ireland. Giving cheap quotes to provisional drivers and then doubling the quote when a full licence has being gotten seems like madness. On a side note i play 5 a side football with employees from quinn every week, will this effect that 
tuborgman said:
Have heard the horror stories about Quinn in the past through this website, there buisness plan in the UK isn't the same as at home in ireland. Giving cheap quotes to provisional drivers and then doubling the quote when a full licence has being gotten seems like madness. On a side note i play 5 a side football with ex-employees of quinn every week, will this effect that
The bold bit is the only thing you'll notice about them serious note if the company has any kind of business ability they may be able to shift existing staff to different departments claims,customer service or renewals they just cant have a sales team that's all, re-train sales staff to do any of the other jobs in insurance and try and improve their image.
Whilst this might seem like good news for the industry (and I haven't met many people in insurance circles who have good things to say about Quinn), let's consider the impact this is going to have on rates for young drivers.
It's not in anyone's interest to price young people off the road entirely, and while Quinn's rates might have been suicidally low, that's not what did for them - it was using their insurance assets to prop up other parts of the extensive Quinn empire to the extent that they breached EU requirements on solvency margins.
Quinn's rates were in some cases several hundreds of pounds cheaper than alternative quotes in the young driver market. They may well have been losing money hand over fist, but they must surely have helped many kids get onto the road, both directly and by forcing competitors to compete with their bargain basement rates.
The immediate effect of this is that average young driver rates are going to go up overnight by... well who knows? 10%? 20%? Not a good time to be a young motorist.
It's not in anyone's interest to price young people off the road entirely, and while Quinn's rates might have been suicidally low, that's not what did for them - it was using their insurance assets to prop up other parts of the extensive Quinn empire to the extent that they breached EU requirements on solvency margins.
Quinn's rates were in some cases several hundreds of pounds cheaper than alternative quotes in the young driver market. They may well have been losing money hand over fist, but they must surely have helped many kids get onto the road, both directly and by forcing competitors to compete with their bargain basement rates.
The immediate effect of this is that average young driver rates are going to go up overnight by... well who knows? 10%? 20%? Not a good time to be a young motorist.
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