Some good news for MCE Insurance policyholders, as bike specialist Principal steps up to offer support;
Principal Insurance has stepped up to help bikers affected by news that Green Realisation 123 Ltd – formerly MCE Insurance Company Ltd – intends to ‘disclaim’ their insurance policies. The announcement means that well over 100,000 motorcyclists and scooterists currently covered by the underwriter will need secure new insurance when their cover is withdrawn at midnight on 31st January.
Policyholders were notified of the planned move by email on Tuesday night. That message warned that they “need to seek and put in place alternative insurances”.
Principal has responded by securing special deals with motorbike insurers to soften the blow for former MCE Insurance policyholders. These include assisting them in securing no claims bonuses and exclusive discounts.
“We were sad to hear of the troubles that hit MCE Insurance Company, not least because of the impact this will have on over 100,000 policyholders, the majority being bikers or scooterists,” commented Principal’s founder and managing director Dave Bowcock. “When the news broke we immediately contacted our insurer partners to see how we might best help those people who must urgently seek replacement cover.”
Bowcock says one concern Principal immediately picked up on from MCE Insurance customers was the possibility that they could lose their no claims bonus (NCB).
“We stressed this worry to our insurer partners who have given us dispensation to honour no claims bonuses in certain circumstances. We are dealing with this on a case-by-case basis and would urge those concerned about the potential loss of NCB to call our specialist bike team.”
He added that knowing those affected by the situation could be facing a financial hit, he had also negotiated exclusive discounts for former MCE Insurance policyholders.
“The Financial Services Compensation Scheme guarantees that, in time, 90% of any unused premium will be refunded. However, the situation regarding the remaining 10% is currently unclear given the underwriter is in administration. With that in mind we’ve taken action to minimise new premiums for those affected. These discounts are in addition to those we already offer for things like advanced riding qualifications, use of insurance-approved security and membership of recognised owners clubs.”
Principal is also reaching out to bike couriers who may be affected. “Our commercial team is primed to be both flexible and sympathetic to those who need insurance to ensure they can keep working.”
Bikers seeking advice on maintaining their NCB and securing alternative cover can call Principal on 0330 024 0087. Bike couriers should ring 0330 024 0135.