Major Rushen Posted September 4, 2023 Share Posted September 4, 2023 (edited) I don’t believe it…… Residents contacted Manx Radio with concern over inability to renew policy Residents across the Isle of Man can no longer use Zurich for car insurance. The firm has confirmed it’s pulled out of the Manx market for standard car insurance customers. The decision is being taken due to what a Zurich spokesperson says are ‘regular reviews’ in the company’s ‘underwriting approach for every risk factor’. The Isle of Man features among those areas, and as a result the insurer is no longer offering new policies to Manx residents. Edited September 4, 2023 by Major Rushen Quote Link to comment Share on other sites More sharing options...
CrazyDave Posted September 4, 2023 Share Posted September 4, 2023 Ah well. There are plenty of good local places and this is going to become more common with UK firms. 1 Quote Link to comment Share on other sites More sharing options...
HiVibes Posted September 4, 2023 Share Posted September 4, 2023 All those old chuffs just too risky and they know it. Quote Link to comment Share on other sites More sharing options...
x-in-man Posted September 4, 2023 Share Posted September 4, 2023 No, no claims, so no loading of future premiums = reduced profit. 1 Quote Link to comment Share on other sites More sharing options...
Blade Runner Posted September 4, 2023 Share Posted September 4, 2023 37 minutes ago, CrazyDave said: Ah well. There are plenty of good local places and this is going to become more common with UK firms. Do you really think the "local" insurance places insure the risk themselves? FFS they are just brokers. Jesus H Christ, I know the islands schools used to fill children with nonsense about how good the island is/ was but, come on, have a think about what you just said. ETA I don't really think you locals get how bad this can get for the rock's residents re Credit Cards, general Banking and now Insurance. The lack of a national speed limit I would wager is the main problem for this latest insurance thing and even if it is not it will be at some point soon. 1 Quote Link to comment Share on other sites More sharing options...
Amadeus Posted September 4, 2023 Share Posted September 4, 2023 One of the firms Ross Gower uses also pulled out of IOM. Not good. 2 Quote Link to comment Share on other sites More sharing options...
Gladys Posted September 4, 2023 Share Posted September 4, 2023 22 minutes ago, Blade Runner said: Do you really think the "local" insurance places insure the risk themselves? FFS they are just brokers. Jesus H Christ, I know the islands schools used to fill children with nonsense about how good the island is/ was but, come on, have a think about what you just said. ETA I don't really think you locals get how bad this can get for the rock's residents re Credit Cards, general Banking and now Insurance. The lack of a national speed limit I would wager is the main problem for this latest insurance thing and even if it is not it will be at some point soon. Do we know the reason? Suspect it is to do with regulation and crossborder trading for financial institutions. Zurich have an office here, but does it have anything to do with local insurance? 2 Quote Link to comment Share on other sites More sharing options...
2112 Posted September 4, 2023 Share Posted September 4, 2023 So far, not a peep from Allinson or CM Cannan. Not that they care, but if other insurance companies not provide insurance cover, where does it leave people requiring insurance? Little choice, and take it or leave quotations? 4 Quote Link to comment Share on other sites More sharing options...
Gladys Posted September 4, 2023 Share Posted September 4, 2023 I had quite a few issues renewing my household insurance earlier this year. The previous insurer, Aviva, would not renew. A couple of new insurers were found to quote, but I had to give all kinds of info, like the date of construction (an old Manx cottage that I suspect was built as shack for the workers on the estate). Eventually, I provided what I could, with caveats as to accuracy. The interesting thing was one insurer invited to quote wanted a remotely monitored alarm system. I asked the broker to forget about that line of enquiry as they clearly did not understand the specific risk to the IOM. I have never had a claim. Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted September 4, 2023 Share Posted September 4, 2023 1 hour ago, Blade Runner said: The lack of a national speed limit I would wager is the main problem for this latest insurance thing and even if it is not it will be at some point soon. Doubt it. The issue will be cross-border finance issues and the profit levels here not being worth it. 8 minutes ago, Gladys said: I had quite a few issues renewing my household insurance earlier this year. The previous insurer, Aviva, would not renew. I’m surprised, Aviva have just renewed mine. And Aviva have always been better at understanding the offshore islands market, e.g. not having IPT. 2 Quote Link to comment Share on other sites More sharing options...
Gladys Posted September 4, 2023 Share Posted September 4, 2023 8 minutes ago, Ringy Rose said: Doubt it. The issue will be cross-border finance issues and the profit levels here not being worth it. I’m surprised, Aviva have just renewed mine. And Aviva have always been better at understanding the offshore islands market, e.g. not having IPT. I will check in case I am giving Aviva a bad name. 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted September 4, 2023 Share Posted September 4, 2023 21 minutes ago, Gladys said: I had quite a few issues renewing my household insurance earlier this year. The previous insurer, Aviva, would not renew. A couple of new insurers were found to quote, but I had to give all kinds of info, like the date of construction (an old Manx cottage that I suspect was built as shack for the workers on the estate). Eventually, I provided what I could, with caveats as to accuracy. The interesting thing was one insurer invited to quote wanted a remotely monitored alarm system. I asked the broker to forget about that line of enquiry as they clearly did not understand the specific risk to the IOM. I have never had a claim. Strange, I’m with aviva & got renewed no problem, checked with a few others like NFU, Tower & Aviva were cheapest by c£140 Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted September 4, 2023 Share Posted September 4, 2023 5 minutes ago, Gladys said: I will check in case I am giving Aviva a bad name. Mine went up from £555 to £615, but they did renew. Still cheaper than the others. Quote Link to comment Share on other sites More sharing options...
Manxmare Posted September 4, 2023 Share Posted September 4, 2023 (edited) I got a letter from Co-op last month they won’t insure Isle of Man or channels islands for car insurance anymore . However my house insurance renewal with them has just arrived Edited September 4, 2023 by Manxmare Quote Link to comment Share on other sites More sharing options...
CrazyDave Posted September 4, 2023 Share Posted September 4, 2023 1 hour ago, Blade Runner said: Do you really think the "local" insurance places insure the risk themselves? FFS they are just brokers. Jesus H Christ, I know the islands schools used to fill children with nonsense about how good the island is/ was but, come on, have a think about what you just said. ETA I don't really think you locals get how bad this can get for the rock's residents re Credit Cards, general Banking and now Insurance. The lack of a national speed limit I would wager is the main problem for this latest insurance thing and even if it is not it will be at some point soon. Are you a bit thick? 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.