Mce Insurance

[Rorschach]

So, the story goes like this.....

 

I renewed my insurance on my old VFR with MCE insurance on 21st January for the princely sum of about £240.

 

I cancelled said insurance on 25th February with immediate effect when I sold the VFR for a TDM  :clapping:

 

But, by 9th March no sign of a refund?  So I make some enquiries, and receive an email stating I will be refunded £86!!!

 

In fully understand the £30 something for admin/cancellation fee that the cancellation letter told me about, but where is the rest of my premium?  This is nearly £130 for one month's insurance, over 50% of what I originally paid!!!

 

I'll be checking back through my paperwork to make sure they're not screwing me over, but tbh I'm outraged...

[Rorschach]

Just as a follow up, I've checked all the docs and I'm entitled to 62.5% of the premium as I unfortunately just clicked into month two (minus their £32 admin charge) so should be getting a credit of £119.45

 

Robbing b*stards!!!

[Studley Ramrod]

You'll probably find that your actual premium is only about 2/3rds or less of the £240 with the rest being service charges and possibly breakdown cover and setup fees etc.  If it's any consolation, they all do that matey. 

 

I had a £160 cover a couple of years back where the actual premium was only £70 !  Robbin bassads they are !

[Rorschach]

Meh, it's not even the £30 that annoys me (although better in my pocket), it's just the principle of a faceless company basically doing whatever they want with no recourse.


I wouldn't even have cancelled, but they wanted an extra £200 to insure the TDM


Grrrrr!

[Robodene]

They're all rats and we should treat them as such. But we cannot do without them!

[Rorschach]

Hilariously, I received a letter the other day from MCE saying "Your account has now been credited with the refund, which can be used against purchases in the future.  If you would like us to send you a cheque please call....."

 

I mean c'mon!  Why do I have to make yet another phone call to chase the money that I'm owed and have asked for several times?!

 

I understand this may just be 'the process', but this is ridiculous, and I've never waited so long or had to jump through so many hoops to get a refund before for anything else.

[TDMick]

Why don't you have a moan at the here?

 

https://www.facebook.com/mce.biged

[LewisBlackburn]

Most companies now do answer social media as its very open to the public. 

You'll find that the majority of the charges are actually from the finance company that MCE and most insurers use. 

 

Best way to avoid this is stick the premium on a 0% credit card and pay it off monthly. that way you pay no interest and sometimes get a cheaper premium. 

[iand1947]

BikeSure did the same to me when I changed bikes mid-term. Mathematically I was due the best part of 200 quid, but they offered me 15 and claimed 25 admin charges for a "cancellation" - so I owed them 10 quid???

[johnhowarth]

I have a multi bike policy with Devitt, i removed my TDM from it as i traded it for a new MT07 with a three month waiting list, no refund but no admin charge,MT07 has now arrived and been added to the policy with only the £30 admin charge to pay, which i think is pretty fair. I would have liked a Tracer but they are a bit too tall, heavier and £2600 dearer than the 07, and Iam getting older ie 71 weaker and shorter i used to be 5 9" but am now only 5 8" isnt old age great!

[muddy]

I have a multi bike policy with Devitt, i removed my TDM from it as i traded it for a new MT07 with a three month waiting list, no refund but no admin charge,MT07 has now arrived and been added to the policy with only the £30 admin charge to pay, which i think is pretty fair. I would have liked a Tracer but they are a bit too tall, heavier and £2600 dearer than the 07, and Iam getting older ie 71 weaker and shorter i used to be 5 9" but am now only 5 8" isnt old age great!

Hi Howie, I'd be very interested in your views on the MT07 in comparison to the TDM. It's a bike I must get a ride on soon as I reckon Yamaha will give it an adventure makeover this year or next. 

[MikCoshell]

Try changing your bike 4 months through the year. They charged me £140 to switch from my TDM to the Super Ten. That was more than the premium for the TDM.. Wont be usng them again.

 

Mik

[johnhowarth]

Hi Howie, I'd be very interested in your views on the MT07 in comparison to the TDM. It's a bike I must get a ride on soon as I reckon Yamaha will give it an adventure makeover this year or next.

Hi muddy I am on my way to Portugal at the moment.I have only had a 25mile test ride on the 07 but found it great fun its still in the dealers waiting for the new 15 reg. Will send a full report later Howie

[Jacko575]

I had heard about the penalties that the insurers nail you with when you cancel your insurance. I was also equally worried that if I allowed my insurance to expire without declaring change of ownership, I would be liable for all funds should my (old) bike get involved in an accident (even if it were insured by the new owner!) Bikesure were informed prior to the 20th Feb, when my TDM insurance was up, but I didn't want to pay a £25 paperwork fee on my renewal quote (plus the additional £25 ish adjustment for the Tracer when I got it (last Friday!) The rep was quite good as he basically said that he would 'allow' it to end without renewal (with a sort of nudge, nudge, wink-wink!), despite my basically volunteering to pay whatever the rip-off cancellation fee may have been. As it was, the dealership happily took delivery of the bike prior to the expiry & now my new Tracer will have a full years insurance.

[Whooaa]

Last year went direct to MCE to renew. A few days later they called me and said 'last time you had this, this and this; do you want it again?'. I said 'of course I do, that's why I called you to renew; I wanted it to continue!'... They say, when they renew cover, the policy is to offer the bare minimum...


Had to pay way over what I paid the previous year to get same cover. So this year went back to the meerkat, did the comparison, and picked MCE anyway. Knocked 3rd off premium.