Cornmarket Insurance signals withdrawal from Republic of Ireland motorcycle market

Update  21st April 2017: We have received a formal statement from Cornmarket which is included in this post.


Cornmarket Insurance (formerly Adelaide) has signaled its intention to withdraw from the motorcycle insurance market in the Republic of Ireland.

In a letter sent to customers the company informed them that with effect from 1st July next they would not be writing new business or renewing existing policies. The letter went on to state that existing customers would be offered an option of having their details passed on to another insurer for he purposes of quoting a renewal.

Cornmarket logo

MAG Ireland has approached Cornmarket via their head office for a statement but the company has not issued a formal response as we went to press. We expect a statement to be issued shortly and we will update this post accordingly. Update: Statement issued, see below.

In a telephone call with MAG Ireland yesterday a representative of the company confirmed that they will continue to offer renewals and write new business up to and including June 30th 2017 but not beyond that date. Customers who have renewals falling due before that date will receive a renewal offer, however customers who have renewals falling due after that date will instead be offered the option of having their details passed to another insurer for the purposes of offering a renewal quote with that company.

Adelaide motorcycleMAG Ireland is disappointed to lean of the company’s plans to cease offering cover in the Republic of Ireland given the recent upturn in the motorcycling market here. MAG Ireland fought long and hard to successfully open up the Republic of Ireland market to competition and while we’re not quite back to the bad old days of the Norwich Union monopoly, we cannot but see this as a retrograde step.

We will continue to watch the situation as it develops and should more information come to light we will update this post accordingly.


The following statement was received from Cornmarket on 21st April 2017 and we reproduce it here in full.

Cornmarket Statement 21st April 2017

Click or tap on image for PDF version.


The text of the statement is reproduced below:

Statement – 21 April 2017

Cornmarket Insurance Services will no longer offer motorcycle insurance in the Republic of Ireland from 1st July 2017

Following a strategic review, the underwriter of Cornmarket Insurance Services’ motorcycle insurance scheme has decided to withdraw from the motorcycle insurance market in the Republic of Ireland. As a consequence, from 1st July 2017, Cornmarket Insurance Services will no longer be in a position to offer new motorcycle insurance policies in the Republic of Ireland.

However, customers who currently have a motorcycle insurance policy through Cornmarket Insurance Services will be covered until their next renewal date.

To ensure that the insurance needs of our valued customers continue to be met after this date, Cornmarket Insurance Services has searched the market for a partner who can provide specialist bike insurance expertise at a competitive price. On this basis, Cornmarket Insurance Services has selected Carole Nash, one of the country’s most experienced motorcycle insurance brokers to provide customers with a new quote at next renewal date. Carole Nash has operated from its Dublin office since 1999 and is a proud supporter of the biking community.

Cornmarket Insurance Services has written to a number of customers who are due for renewal shortly, advising them of this change. All of Cornmarket’s motorcycle insurance customers in the Republic of Ireland will receive a communication either by post or email in the coming weeks.

This change does not affect any other aspect of Cornmarket’s business in either the UK or the Republic of Ireland.

We would like to assure our customers that there is no change to existing policies, up until next renewal date.

If you have any queries, please contact Cornmarket Insurance Services on 048 90442200 or email us on bikes@cornmarketinsurance.co.uk

We have put together a list below to answer some of the questions our customers may have.

Q: I currently have a motorcycle insurance policy with Cornmarket Insurance Services. What does this mean for me?

A: The most important thing to know is that there is no change to your existing policy. You will continue to be insured through Cornmarket Insurance Services until your next renewal date. Before your next renewal date, Carole Nash will contact you with a new quote.

 

Q: As an existing customer of Cornmarket Insurance Services, what do I need to do next?

A: If you are happy for Carole Nash to offer you a quotation at renewal, you don’t need to do anything.  Cornmarket Insurance Services has made arrangements to ensure that you will receive a quotation from Carole Nash in advance of your next renewal date.  Until that date, you will still be insured through Cornmarket Insurance Services.

 

Q:  How will I continue to pay for my policy?

A: In terms of payment for your existing policy, nothing changes until your next renewal date. Carole Nash will contact you before your next renewal date with a quotation.  If you are happy with the premium, you will need to contact them to accept the quote and make arrangements for payment.

 

Q: I have an outstanding claim, who do I need to contact?

A:  Cornmarket Insurance Services remains your insurance provider until your next renewal date so any on-going claims will continue to be dealt with by Cornmarket Insurance Services.

 

Q:  What if I want to make a change to my existing policy?

A: If you want to make a change to your existing policy prior to your renewal date you should contact Cornmarket Insurance Services as usual on 048 9044 2200. However, if you wish to make a change effective on, or after your renewal date, you will need to contact Carole Nash. Contact details will be included in the information pack you receive from them.

 

Q:  If I need to report a new claim, who do I contact?

A:  If the accident occurs prior to the renewal date of your policy, you should report your claim to Cornmarket Insurance Services on 048 9044 2200. Lines are open from 9am to 5.30pm Monday to Thursday, from 10.00am to 5.00pm on Friday and from 9am to 12.30pm on Saturday.  If the accident/claim occurs after your policy renewal date, you should report it to Carole Nash or your chosen new insurer or broker.

 

Q: Will you share my data with Carole Nash?

A: Yes. Details of your current motorcycle insurance policy will be sent to Carole Nash, purely for the purpose of providing you with a quote.  Carole Nash may contact you about this quotation by phone or in writing. If you do not wish to have your details shared with Carole Nash, please contact Cornmarket Insurance Services. However, it is important to note that if you request that your policy details are not shared, responsibility lies with you to ensure that you have adequate insurance cover in place with effect from your renewal date.

 

Q:  How will my new policy be affected by this change?

A:  Before your next renewal date, a policy summary will be provided by Carole Nash as part of your quotation pack. Cornmarket Insurance Services has selected Carole Nash as they are an experienced motorcycle insurance broker and can offer you a great package at a competitive price.