ernie
Active Member
I've just had a notification that the GAP Insurance I took out with Warranty Direct a year ago is being cancelled due to the liquidation of LAMP Ins. Co., who underwrite it for WD. Anybody else in the same boat?
As it is protected by the Financial Services Compensation Scheme, I will be refunded pro-rata and paid 90% of what is due. WD has done the decent thing and said that they will refund the remaining 10%.
It does make me wonder if they got caught out by the increasing numbers of write offs of modern cars and their increasing complexity because we don't often hear of insurance companies going bust.
The question might be whether I will be able to re-insure as I have the notion that these policies need to be arranged within a certain time of purchase.
There might well be other companies affected by this as well as WD.
Ernie
As it is protected by the Financial Services Compensation Scheme, I will be refunded pro-rata and paid 90% of what is due. WD has done the decent thing and said that they will refund the remaining 10%.
It does make me wonder if they got caught out by the increasing numbers of write offs of modern cars and their increasing complexity because we don't often hear of insurance companies going bust.
The question might be whether I will be able to re-insure as I have the notion that these policies need to be arranged within a certain time of purchase.
There might well be other companies affected by this as well as WD.
Ernie