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  • Adrian flux underwriter gone bust

    Just had to fork out another £175.00 ,to insure my rs2 as the underwriter of my previous policy which is only a month old has gone bust,£248.00 out of pocket,flux can't even tell me if I will get any money back of the fscs,Midas is the underwriter so check your policies
    Last edited by curlylee; 29 July 2016, 16:29.

  • #2
    That's not good......whilst I know nothing about how the insurance industry works (other than they get you at every turn?!) I would think that as you'd paid your money to A.Flux they would be bound by law to honour the contract as they're the middle man?
    Have you contacted the insurance ombudsman for advice ?

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    • #3
      Only found out 1 hour ago,they even said I could still drive my car on the public roads but if I had an accident the underwriter would not be able to pay out, how's that work

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      • #4
        Do not drive your car unless you are sure you are covered. What happens if some div lets their child out the wrong side of the car and you mow them down?

        Surely the broker is responsible. The underwriter just covers the risk, so I personally think Flux are still reponsible for your car. They would just be in deep doo doo if lots of people made claims. I could be wrong but it is surely not poss for you to get nailed by this or I hope not anyway. How did you pay for the cover? Did you pay in full? If so, how? If by CC, get on to your credit card and tell them to cancel it. Should be poss now you are not getting what you paid for.

        Insurers are c*cks basically.

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        • #5
          Paid on my debit.i have set up another policy so im covered.adrian flux seem to be washing there hands of it.they say that they are the middle man and only take a commision.ive sent an email to insurance ombusmen so see what happens.like you say insurance companys are c***s. Come on dan@adrian flux tell me where i stand and alot of other forum members who have a clissic policy with flux

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          • #6
            Jaysus

            Hope you get it all sorted.
            Cheers'en, AndyC
            1994 ABY Coupe - Projekt Alpinweiss

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            • #7
              Originally posted by curlylee View Post
              Midas is the underwriter so check your policies
              I've never heard of them and whilst I've changed job roles of late, I used to have to deal with insurance companies every day. Might you be able to double check your policy and read off the underwriter details at the bottom for us? Midas is probably a trading name for another underwriter. Make sure non of us have a policy with them.

              Forgive me trying to see the positive in every negative....... but at least you found out this way rather than the hard way (as mentioned above). Especially on a super rare RS2



              edit - spelling
              Last edited by Ian_C; 30 July 2016, 11:20.
              B5 B6 B7 B9

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              • #8
                Midas appear to be an Essex based insurance broker.

                Office on the outskirts of Chelmsford, CM2 5LB, close to Chelmsford Audi. Registered address Canary Wharf (probably PO Box style). Authorised and regulated by the Financial Conduct Authority (FCA)

                http://www.midasuw.com/news/enterpri...29th-july-2016

                I'd imagine you are (were) underwritten by Enterprise Insurance

                https://www.eigplc.com/index.php
                http://www.fsc.gi/fsc/EnterpriseStatement.htm

                They are Gibraltar based, hence almost certainly not authorised and regulated by the FCA, but there is a small statement on the FCA website

                http://www.fca.org.uk/news/enterpris...t-is-insolvent

                Would strongly advise not drive the RS2 and make sure it's under lock and key until Flux have acknowledged receipt of your second payment and have confirmed by email / post they have successfully insured you with another underwriter.

                http://www.insuranceage.co.uk/insura...-to-pay-claims
                B5 B6 B7 B9

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                • #9
                  Yes that's the one Enterprie insurance, Midas underwriting head office icon house 1-5 Irish town Gibraltar

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                  • #10
                    Sorry to hear this... not sure what the rules are with insurance... if it was paid for with a credit card I would get on to them as you likely have some cover.

                    For what it's worth.. when I smashed up my coupe with AF I was mis-sold on a policy that didn't pay out on mods cover that I expected. To be fair it was the underwriter being rather crafty with their small-print wording and I hadn't picked up on it, but AF basically saw themselves as an introducer with all onus on me to understand the policy and sign it accordingly. They basically told me it wasn't their problem and any complaint or issue should be taken directly to the underwriter. So don't hod your breath on getting anywhere with them! Also certainly try!

                    Good luck.
                    AUDI - saving Dad's from minivans since 1994

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                    • #11
                      Hi,
                      I'm really sorry for all the issues this situation has caused our clients. Unfortunately there is very limited information regarding what's going on with Enterprise and we really have nothing further than what's available on-line.
                      We are trying our best to help wherever possible regarding seeking alternative cover for our clients.
                      I don't really have any further information to add at present though.
                      Regards,
                      Dan.

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                      • #12
                        Hope you get this resolved ASAP. Driving your car at this moment in time. Without fully understanding where you stand from an insurance perspective, must be very nerve wrecking..

                        And that reply above is a typical text book response usually heard on the phone..

                        Best of luck.
                        Last edited by SE_30; 2 August 2016, 13:37.
                        Stuart
                        B2 90 quattro with boost

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                        • #13
                          Criminal, IMO.

                          'We'll sell you an insurance policy'.

                          'They've cancelled your policy, thanks for the money, we'll be happy to find you another. Interested?'

                          Of course you'll be happy to sell him another FFS. Two yearly commissions for the 'middle man' within a month

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                          • #14
                            I wonder if you cancel your policy because of their underwriters going pop, they will still charge you the cancellation fee and commission?

                            Stealing fu*kers

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                            • #15
                              most likely, and now there will be so many more people driving uninsured

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