Motor dealer Gap Insurance provider Premia Solutions announced that 177,000 Gap Insurance policies will be cancelled with effect from 11th August 2018.
This worrying news follows the bankruptcy of the underwriting insurer Alpha Insurance A/S, a Danish insurer who declared bankruptcy on 8th May 2018.
Premia Solutions supply Gap Insurance to a large number of dealers and dealer groups throughout the UK and Ireland and have done so for 16 years.
Premia Solutions do appear to have been extremely fortunate on this occasion and have found an alternative underwriter to save the day for many thousands of motorists
The financial failure of non rated Alpha Insurance follows the bankruptcies of Enterprise Insurance and Gable Insurance – also small unrated overseas insurers.
For those who assume motor dealer Gap Insurance is safe and secure, think again. Make sure you choose a financially ‘rated’ insurer!