Why bike insurance is more expensive than your old MCE policy
Over the last few weeks, the internet has been buzzing with talk of MCE Insurance. Specifically how they?ve let a massive portion of their customer-base down. Long story short, they?ve gone into administration, so any policies underwritten by their own underwriters will be void come the end of the month (January 2022). The fallout has forced many motorcyclists to shop around for new quotes. Unfortunately a lot of them are struggling to find a policy that?s as cheap as their old MCE one. So what?s going on" And why are all the other insurers wanting to charge you more" Well there are a few very good reasons.
First of all, let?s just discuss the blindingly obvious one. Most insurers can?t (or won?t) match the mega-cheap premiums MCE was offering some riders because it?s fundamentally not sustainable. If you?re trying to run a business by continuously selling a product for less than it?s worth, you won?t be running a business for long; you?ll go under. And that?s what happened to MCE Insurance. So if you really want to pay less for your insurance, you better be prepared to lose all your no claims bonus, and a percentage of half your premium, when your insurer goes out of business six months through your term. Yeah, that sounds a bit dramatic, but that?s exactly what?s happened to MCE Insurance and a lot of its customers. MCE Insurance have gone bust, now all those people who thought they were getting a cracking insurance deal, have got a massive headache on.
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May is Motorcycle Awareness Month
07-05-2024 08:33 - (
motorcycle )