Zurich Pulling out. Of Manx Car Insurance

[Roxanne]

He’s from Yorkshire. 

[Fred the shred]

I had this problem last year with the Insurers I have been with for years with both house and car, I have never claimed.    I cannot understand the house insurance as the Isle of Man is no burglars paradise and there doesn’t seem to be a lot of fires or floods except in Laxey I wonder how the poor souls on the Glen Road get insured for a reasonable price?   I don’t know why this is happening.

[Non-Believer]

This will be tied in with regulation and the delights of being "offshore", in line with the similar banking and credit card issues for IoM residents. It may also be down to companies' individual interpretation of said regulation, have there been any new regulations introduced lately?

Still, it opens up yet another opportunity for our enterprising Govt, to enter the domestic insurance market and set up the "IoMG Insurance Co." with motor and household cover for captive residents, the premiums could reflect the Govt revenue gap. More opportunity for Govt expansion too.

[When Skies are Grey V2]

Lets become the Self Insurance Island - great tag line to lure the teachers, nurses, dentists and the like

 

Isle of Man - where you can (as long as you're careful) C

 

[The Phantom]

I think the FSA changed the rules regarding Captive Insurance a few years ago, partially with the intention of local groups getting together and creating quasi co-operative insurance schemes.  I definitely remember it being mooted in relation to the insurance cover CSPs have to hold and also seem to be finding it more and more difficult to get every year.   I know some firms have seen their insurers pull out and also then ending up having to pay more than double, despite having never claimed on their policies.  But the FSA insists they have to hold it as part of their licence.   Some CSPs are even willing to lock up large sums on deposit for the possible eventuality of a pay-out, but this is not allowed. 

Nonetheless you'll find that the changes the FSA made, actually made it significantly more complex and there has been little, if any uptake. 

[Banker]

15 hours ago, CrazyDave said:

Are you a bit thick?

He’s more than a bit thick😂

[madmanxpilot]

I had a fairly significant hike in premium for my motorhome insurance a couple of years ago, so trawled the market and discovered this company.

They say they can offer island dwellers lower premiums because of the risk factors involved.

I managed to more than halve the premium I’d been quoted by my previous insurer.

They have a fairly decent app that you can use to manage your documents and account too.

[NoTail]

Whilst on the subject of insurance I have just discovered that the Isle of Man bank gold card travel insurance in no good for me and indeed most of us. Been travelling for years thinking that I had valid travel insurance. 

Because I travel in my motorhome I do not pre book hotel accommodation therefore I am not covered.  If you go across to stay with relatives, have a heart attack.  Tough luck repatriation costs are down to you. Apparently this applies to most travel insurance. 

[TheTeapot]

It's almost as if it's mostly a con.

But no, it couldn't possibly be.

[Ray Manx]

I wanted to keep my car insurance local with Kestral but the quote that came back was 4 times more expensive than Direct uk and for less like for like cover 

[Albert Tatlock]

10 minutes ago, Ray Manx said:

I wanted to keep my car insurance local with Kestral but the quote that came back was 4 times more expensive than Direct uk and for less like for like cover 

Try a couple of others here...CTH, Tower etc. but ask them if they can match your LAST years quote.

See what they come back with...prices can be negotiable.

[A fool and his money.....]

14 minutes ago, Ray Manx said:

I wanted to keep my car insurance local with Kestral but the quote that came back was 4 times more expensive than Direct uk and for less like for like cover 

Never had any luck with Kestrel, I don't even ask them to quote anymore. CTH have always been good and fair though - as insurance companies go.

[John Wright]

18 minutes ago, Ray Manx said:

I wanted to keep my car insurance local with Kestral but the quote that came back was 4 times more expensive than Direct uk and for less like for like cover 

Kestrel isn’t local. It’s just a broker. The policies are written off island. Even the Manxman policies.

Same applies to CTH @A fool and his money.....

[CrazyDave]

36 minutes ago, NoTail said:

Whilst on the subject of insurance I have just discovered that the Isle of Man bank gold card travel insurance in no good for me and indeed most of us. Been travelling for years thinking that I had valid travel insurance. 

Because I travel in my motorhome I do not pre book hotel accommodation therefore I am not covered.  If you go across to stay with relatives, have a heart attack.  Tough luck repatriation costs are down to you. Apparently this applies to most travel insurance. 

Isn’t that the same for nearly all travel

insurance?  You also have to be a certain distance from home so aren’t always covered in Liverpool, Belfast etc

[CrazyDave]

Slightly related to car insurance.

Local brokers seem to ask about convictions in the last ten years.  By UK law most convictions are spent after five years and can’t legally be used to inflate a premium.  Is it right that the local brokers still hold an offence from eight years ago against a relative (legally, not morally)