FSCS issues warning to Gable Insurance customers about their insurance

1st December 2016

Don’t take the risk compensation scheme tells drivers 

The Financial Services Compensation Scheme is warning Gable Insurance customers their motor policies will lapse on 16 December. 

Gable Insurance is in default. FSCS is stepping in to protect UK customers of the Liechtenstein company and is talking to the trustee in bankruptcy (Batliner Wanger Batliner Rechtsanwalte). 

People only have two weeks to find alternative cover, says the Scheme. So time is running out for people to act. It’s illegal for people to drive without insurance; the consequences can be very serious, particularly if drivers have an accident. 

If anyone thinks they may have motor insurance with Gable but aren’t sure, they should ring their broker to check. Insurance brokers who think they may have customers with Gable Insurance should help them to find alternative cover. 

The deadline will also apply to employers’ liability insurance so companies insured with Gable Insurance will need to act too. 

If people don’t find new insurance before the deadline they will not have cover, and FSCS will not be able to protect them if they have a claim. 

FSCS Chief Executive, Mark Neale, says people should not take the risk. “Gable customers need to find alternative motor cover as soon as possible. The consequences of driving without insurance are very serious and we cannot protect you if you have an accident after the 16 December deadline. Please act now to avoid problems.” 

The FSCS website has information about its insurance protection generally and specific information about Gable.

 

Jargon Buster

  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.