MCE Insurance Company Limited in Administration-105,000 policies being cancelled

Gibraltar-based MCE Insurance Company Limited (“MCE”), was placed into administration on 19th November 2021.

Note: MCE Insurance Company Limited is an insurance company based in Gibraltar and should not be confused with MCE Insurance Limited who are a UK-based insurance broker that continues to trade as normal. You can still get a quote and purchase insurance through MCE Insurance Limited (the UK based insurance broker) on our panel, which would be underwritten by Sabre Insurance Group or an alternative underwriter.

MCE – Policies to be Disclaimed

MCE’s administrators have recently confirmed that motorcycle and scooter insurance policies issued by MCE Insurance Company Limited before 6 November 2021 will be disclaimed at midnight on 31 January 2022. If you are affected, MCE’s administrators should have written to you to advise that your insurance policy will no longer be valid from the end of January 2022. This means you will need to arrange a new insurance policy.

Remember, it is illegal to ride a motorcycle or scooter on a public highway in the UK without having valid insurance in place.

YOU MUST HAVE A NEW INSURANCE POLICY IN PLACE FROM 1ST FEBRUARY 2022 TO CONTINUE RIDING YOUR MOTORBIKE ON UK ROADS.

We can help you get insured

Many of our customers are asking if MCE has gone bust and we understand that if you are an affected policyholder, you may be concerned. But don’t worry, whatever kind of motorbike you ride, if it’s got two wheels, we can help.

The Bike Insurer was set up by bikers, for bikers and we want to keep you on the road.

The Bike Insurer was the UK’s first dedicated motorcycle insurance price comparison website and getting a quote takes just a few minutes. You can compare quotes and choose from over 40 brands.

Fill out our short online form and see what quotes you can get for your motorbike insurance.

CLICK HERE TO GET A QUOTE

What does MCE Insurance Company Limited entering administration mean for policyholders – Frequently Asked Questions

As you’re probably aware by now, Gibraltar-based MCE Insurance Company Limited (“MCE”), was placed into administration on 19th November 2021. As a result, MCE’s administrators have confirmed that motorcycle and scooter insurance policies issued by MCE prior to 6 November 2021 will be disclaimed at midnight on 31st January 2022.

This means, if you have motorbike insurance with MCE, regardless of your original policy end date, unfortunately, your insurance will no longer be valid from the end of January 2022, and you will need to arrange for new cover.

We know that many of our customers and friends within the biker community have questions, so we’ve compiled some of the most frequently asked ones below. Hopefully, these will help you if you have been affected by MCE entering administration and help ensure that we all stay protected on the roads.

What has happened to MCE?

Gibraltar-based MCE Insurance Company Limited (“MCE”), was placed into administration on 19th November 2021.

MCE Insurance Company Limited is an insurance company based in Gibraltar and should not be confused with MCE Insurance Limited who are a UK-based insurance broker that continues to trade as normal.

Why is my policy being cancelled?

MCE’s administrator has told policyholders that it will cancel all policies due to the ‘financial position’ of the company.

What does this mean for my motorbike insurance?

MCE’s policies will be disclaimed at midnight on 31st January 2022. This means that regardless of your original policy end date, your insurance will no longer be valid from 31st January 2022 and your motorbike will not be insured.

Can I still ride my motorbike?

Yes, your insurance cover remains in place until midnight on 31st January 2022. After that you will need another insurance policy to cover you and your bike. Remember, it is illegal to ride a motorcycle or scooter on a public highway in the UK without having valid insurance in place.

How can I arrange a new insurance policy?

It’s always best to shop around before accepting any quotations. Here at The Bike Insurer, we work with a panel of over 40 insurance brands, from which we will source a range of different insurance quotations based on your individual circumstances. Best of all, it’s quick and easy to get a quote.

Just click on the ‘Get Quotes’ button at the top of the page to access our simple, online quote form.

How can I save money on my motorbike insurance?

We know that January can be an expensive time of year for many people, so unexpectedly having to spend money on a new insurance policy probably comes as a bit of a blow.

The good news is that The Bike Insurer has a wealth of help and advice on how to get cheap motorbike insurance, so keep an eye on our website for regular updates.

What if I have an existing claim with MCE?

If you have an existing claim, you may be eligible for compensation via the FSCS. For more information, visit their website, www.fscs.org.uk.

My MCE insurance was not due for renewal until after 31st January 2021, can I get any compensation?

If you have paid for a policy in full, you may be eligible for compensation via the FSCS. For more information, visit their website, www.fscs.org.uk.

Are there two insurance companies called MCE?

MCE Insurance Company Limited is an insurance company based in Gibraltar and is the company that has failed. There is another company called MCE Insurance Limited who are based in the UK and who are an insurance broker and they continue to trade normally. The two are separate companies, but the similarity of the names can be confusing so check your insurance policy carefully.

What does ‘disclaimed’ mean?

It means that the insurer (in this case MCE in Gibraltar) cannot accept any insurance claims on existing policies and will therefore cancel your insurance policy on a specific date. In this case, affected policyholders will see their insurance cover end at midnight on 31 January 2022. After this point in time, unless you have arranged alternative insurance, your motorbike is not insured and so if it is stolen or damaged, you will not be covered. You will need to obtain new insurance.

Will I lose my no-claims bonus because I now have to choose a new insurer?

Different motorbike insurers are offering different approaches to things like No Claims Bonus at this time. Why not get some quotes from The Bike Insurer and you will then be able to see which brokers are providing you with a quotation and can speak to them about how they will treat your No Claims Bonus following the collapse of MCE.

My bike is not on the road right now, when should I renew my insurance?

Some bikers choose not to ride during the winter months and take their bike off the road. To do this, you will need to register your bike as SORN, which is short for Statutory Off Road Notification. It’s a process of telling the DVLA that your bike is off the road and you will not need to have insurance during this time. Remember though, if your bike is damaged while uninsured, you may have to pay for any repairs or replacements yourself.

When I take out a quote on your website, there is a question that asks, Have you ever had insurance refused or cancelled? What should I answer now that MCE is cancelling my policy?

This question is not intended to include situations where your insurance has been “disclaimed”, so unless you have had insurance declined, cancelled or special terms imposed at another point in time, you should click ‘No’.