Defcon5 Posted March 30, 2010 Report Share Posted March 30, 2010 Quinn Insurance went into administration this morning, it seems have a hole of £200,000,000 in their finances. It has been put into administration to prevent it from losing any more cash.I beleive the owner attempted to buy a bank last year wih the companies money and wiped out half its liquid assets overnightSeems that giving low-cost quotes to hight-risk drivers wasnt such a good business plan after all All policies will remain valid, however seen as they can no longer trade I cant see them being very generous with payouts Quote Link to comment Share on other sites More sharing options...
pro3mark Posted March 30, 2010 Report Share Posted March 30, 2010 Luckily i'm not, but they must have a plan to keep drivers genuinely insured! Quote Link to comment Share on other sites More sharing options...
marcusgrant Posted March 30, 2010 Report Share Posted March 30, 2010 Oh great, policy with them until August Quote Link to comment Share on other sites More sharing options...
Spoorsy Posted March 30, 2010 Report Share Posted March 30, 2010 im with them until march next year!! just renewed a couple weeks back Quote Link to comment Share on other sites More sharing options...
pro3mark Posted March 30, 2010 Report Share Posted March 30, 2010 Oh great, policy with them until August Not too bad.im with them until march next year!! just renewed a couple weeks back Thats just unfair! Quote Link to comment Share on other sites More sharing options...
LUPOLICIOUS Posted March 30, 2010 Report Share Posted March 30, 2010 i was literally going to take out a policy yesterday with them...dodged that bullet Quote Link to comment Share on other sites More sharing options...
Xavier259 Posted March 30, 2010 Report Share Posted March 30, 2010 I'm with them until mid July... (opens new tab and loads comparison website) Quote Link to comment Share on other sites More sharing options...
pro3mark Posted March 30, 2010 Report Share Posted March 30, 2010 Lucky! Quote Link to comment Share on other sites More sharing options...
Spoorsy Posted March 30, 2010 Report Share Posted March 30, 2010 so whats that mean for me now? if i need to claim or summit? might give them a ring and see what the crack is....just checked some comparison sites and Quinn isnt even showing up on them now. Quote Link to comment Share on other sites More sharing options...
Xavier259 Posted March 30, 2010 Report Share Posted March 30, 2010 eww dont load 1 of them! Quote Link to comment Share on other sites More sharing options...
CopeyCupra Posted March 30, 2010 Report Share Posted March 30, 2010 oh ****! there must be a contingency plan surely? Quote Link to comment Share on other sites More sharing options...
bossjohnc Posted March 30, 2010 Report Share Posted March 30, 2010 Don't worry - there are underwriters for this kind of thing.The administrators will decide what happens next, it may be that you'll find your policy is cut short without a refund (which would be worst case), but you shouldn't assume you're uninsured unless the Quinn admins tell you. They'll write to you as a creditor in due course.I think what might happen is that the administrators may find another insurance company to take the client base and admin over with a view to getting more long term customers, but that's just speculation. Quote Link to comment Share on other sites More sharing options...
bjblyth Posted March 30, 2010 Report Share Posted March 30, 2010 It's a similar situation to when all the banks went bust - other banks or financial institutions bid for and bought the mortgage books of the failed bank - this gains them (as bossjohnc said..) long term business which over time will give them profit due to the interest being paid. If you're paying an APR on your insurance with Quinn, you can bet your bottom dollar that there'll be a company out there wanting to buy the books of all policies because that APR is where they make a lot of their money.Depending though, on how cheap your policy was (if you bought based on price, which most of us do) you may be in for a hefty increase at your renewal as whoever buys the policies in place will have to spend to gain in the long run. Your friend is probably www.comparethemeerkat.com right about now, but as has been said - don't worry until someone writes to you to say quite clearly 'YOU ARE NO LONGER INSURED' - until then, it's as you were folks! Quote Link to comment Share on other sites More sharing options...
Gibbeth! Posted March 30, 2010 Report Share Posted March 30, 2010 This doesn't come as any surprise to me, in my first year they beat everyone else by a few hundred quid (1300 compared to next best of around 1800) yet at renewal couldn't come close.My brother was the same in his first year of driving. Their logic seems totally out of sync with every other insurer. Quote Link to comment Share on other sites More sharing options...
little rich Posted March 30, 2010 Report Share Posted March 30, 2010 poo Quote Link to comment Share on other sites More sharing options...
pro3mark Posted March 30, 2010 Report Share Posted March 30, 2010 poo YOU ARE NO LONGER INSURED Quote Link to comment Share on other sites More sharing options...
little rich Posted March 30, 2010 Report Share Posted March 30, 2010 ****ing better be! Sensible me payed those scotish lovely persons up front Quote Link to comment Share on other sites More sharing options...
pro3mark Posted March 30, 2010 Report Share Posted March 30, 2010 Paid those Scottish lovely persons up front Thieving ****ers! LMAOYou are insured Rich, for now.What would happen if you wanted to change your policy to another vehicle etc? Quote Link to comment Share on other sites More sharing options...
nfbr Posted March 30, 2010 Report Share Posted March 30, 2010 The hole in their finances has appeared due to their name being incredibly similar to the word Quim. Or so I'm lead to believe. Quote Link to comment Share on other sites More sharing options...
pro3mark Posted March 30, 2010 Report Share Posted March 30, 2010 Makes sense. Quote Link to comment Share on other sites More sharing options...
99hjhm Posted March 30, 2010 Report Share Posted March 30, 2010 ****ing better be! Sensible me payed those scotish lovely persons up front Irish ****s actually Rich. Quote Link to comment Share on other sites More sharing options...
nfbr Posted March 30, 2010 Report Share Posted March 30, 2010 Makes sense.Perfect logical sense Quote Link to comment Share on other sites More sharing options...
little rich Posted March 30, 2010 Report Share Posted March 30, 2010 Call centre must be in scotland then!I need my years NCB off them come june time, Quote Link to comment Share on other sites More sharing options...
pro3mark Posted March 30, 2010 Report Share Posted March 30, 2010 Write the letter yourself, and spell things wrong, so you seem scottish.'Dear Rihsard,You get yourr first yaer of no claims beacaue you are 15!Mr Quim Quote Link to comment Share on other sites More sharing options...
beckythump Posted March 30, 2010 Report Share Posted March 30, 2010 The hole in their finances has appeared due to their name being incredibly similar to the word Quim. Or so I'm lead to believe....I shouldn't have laughed, but I did. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.