Yep, got the good news yesterday. Paid mine with Credit Card so going to pursue that option plus the FCSC although I'm sure there'll be some small print that they can avoid doing something.
Edited
Also just looked at gapinsurance123 website and would seem things may be ok.
https://gapinsurance123.co.uk/1315/important-information---enterprise-insurance/
This must be new as I didnt see it before today when I checked their website..... Copied and pasted for info :
STATEMENT FROM AEQUITAS AUTOMOTIVE LTD T/A GAPINSURANCE123 REGARDING ENTERPRISE INSURANCE COMPANY PLC
You may have seen details in the press or received a letter in the post from Grant Thornton regarding the liquidation of Enterprise Insurance Company PLC. Enterprise Insurance Company PLC was the underwriting insurer for the GapInsurance123 policies until 22nd July 2016. From that date, any new GapInsurance123 policy has been underwritten by AM Trust International Underwriters Ltd.
Before we explain in more detail, we would like to make the following clear:
- Your GAP Insurance policy has not been cancelled; it remains live and in place. Claims are currently being processed via Financial Services Compensation Scheme
- Aequitas Automotive Ltd t/a GapInsurance123 has not gone into liquidation. There is no tie to Enterprise Insurance Company PLC other than they were the original underwriting insurer for GapInsurance123
- There is a mechanism to transfer the remaining Enterprise underwritten policies automatically to AM Trust International Underwriters (who carry an 'A' credit rating) should the liquidator (as we expect) cancel the Enterprise policies in the coming weeks
Before we provide more details on how this may affect your policy going forward, we would firstly like to stress that your
GapInsurance123 policy has not been cancelled at this time. Indeed claims are currently being paid via the same claims administrators at Motorway Direct PLC in Sheffield on behalf of the Financial Services Compensation Scheme. The FSCS is the standard protection provided by your insurance policy if the insurer cannot meet their obligations to you. Full details of the FSCS can be found at
FSCS.org.uk
Since the FSCS has taken over the claims Motorway Direct PLC, have paid out over £500,000 for the Gap and Warranty schemes they administer on behalf of the FSCS.
The letter that was sent out by Grant Thornton on 11th November was a legal notice to inform you that Enterprise has been placed into liquidation. However what may not have been clear was the situation for your current Gap Insurance policy. The letter does state however that Grant Thornton had only disclaimed policies were those for motor insurance 'road risk' policies and teacher absentee cover. All other policies remain in force and under review at this time. The Financial Services Compensation Scheme continues to process valid claims until further notice.
What happens next?
While we have to stress we cannot speak on behalf of Grant Thornton we can provide details of what has been discussed with ourselves and the options available at this time as we understand them.
While Grant Thornton have already cancelled some motor insurance policies, the same solution is not ideal for all classes of insurance. The mechanism to cancel insurance such as motor insurance is quite simple. It is an annual policy that when a pro rata refund is provided then, you are free to simply buy a new insurance policy.
Gap Insurance is quite different as you normally must buy the policy within a set period of buying the vehicle. If you have had a GapInsurance123 policy for say two years, then you would be unable to buy the equivalent type of cover again in the market today in most cases. For this reason, it would not be ideal for Gap Insurance customers to simply take the route of issuing a refund for the remainder of cover, leaving them with little prospect of replacing that policy.
For that reason, a mechanism has been worked out that would provide an 'en bloc' transfer of all GapInsurance123 policyholders to our new underwriter, AM Trust International, should the liquidator take the step to cancel the Enterprise Insurance cover.
- This process will be automatic with nothing for you to do
- The cover will be for a 'like for like' basis matching your original policy terms and remaining period of cover
- There will be no cost to yourself
Key points of the transfer option
If the liquidator takes this route, then he will go back to court to disclaim the policies, and you will receive a letter detailing this along with a letter confirming your new cover at the same time, as we understand it.
You will also have the option to opt out of the transfer process if you inform Motorway Direct PLC within 14 day period of receipt. A refund will be issued via the FSCS for the remaining premium on a pro rata basis less 10% deducted by the FSCS.
This mechanism has been worked out by the Liquidator of Enterprise (Grant Thornton), the FSCS and Motorway Direct on behalf of GapInsurance123 and would extend to include all Gap policies administered by Motorway Direct in the UK dealer and broker market.
What is the alternative to en bloc transfer?
The alternative route is that the liquidator decides they have sufficient funds to continue to pay any expected claims for the remainder of our policyholders cover and therefore your current policy will remain in place with claims handled by available funds. It is our understanding that, while we cannot confirm for certain, that this second route is highly unlikely.
We do not believe any further options are being considered to the best of our knowledge.
What timescales are involved?
We have not had confirmation when the liquidator may ask the court to cancel the Enterprise policies, but we are lead to believe that the end of the second week of December 2016 is the strongest possible date.
To reiterate if Grant Thornton do cancel the policies then your current GapInsurance123 policy will transfer automatically to AM Trust International under the same policy terms subject to all parties agreement. There will be no change in policy cover, claims procedure and this will come at no cost to our policyholders.
Please accept our apologies for any concerns caused by the letter from Grant Thornton, as we were unaware it was to be sent nor had any prior knowledge of its contents. Please be assured that your policy is still live and that claims will continue to be processed by the FSCS at this time. We expect formal notification of the transfer of your policy will be confirmed in the coming weeks when, as we expect, Grant Thornton cancel the current Enterprise policies.
Please be assured we have been working as hard as we can to ensure a simple and secure solution for all GapInsurance123 policyholders.
We will endeavour to keep our customers updated but please do not hesitate to contact us if you have any further questions or queries.
Kind regards
Mark Griffiths
Director
Aequitas Automotive Ltd t/a GapInsurance123