Martin Lewis has issued a warning to thousands of drivers across the UK.
The ITV presenter, and Money Saving Expert maestro, explains that from this weekend many drivers will find they are no longer insured - despite the fact they have paid for policies.
READ MORE - Michael Mosley approves three steps for easy weight loss around the belly
He explained: "MCE Insurance Company, which was one of the UK's biggest motorbike insurers, is to cancel all of its 105,000 remaining policies after falling into administration last year.
“The move comes despite the insurer initially promising to honour existing cover.
“For policies taken out prior to November 9 2021, the shake-up means car or van insurance cover will end at midnight on January 14, 2022.
“Cover for motorbike or scooter insurance will end at midnight on January 31, 2022.”
Speaking on the Martin Lewis Money Show, Mr Lewis urged drivers to arrange a new policy “pretty sharpish” reports the MEN.
He said those with car or van insurance with the company were “especially” affected.
However, he warned drivers are set to receive “most” of the money back for any unused months as part of a Government refund scheme.
He said: “Motorbike insurer MCE is, I'm afraid, cancelling 105,000 policies because it’s going bust.
If you got your policy before November 9, you will need to arrange a new one pretty sharpish.
"Especially if you've got car or van insurance."
The Financial Service Compensation Scheme (FDCS) which is Government backed, will pay you back 90 percent of your pro-rata refund for unused months.
You won't quite get it all, you will get most of it.
Equally, if you've got an existing legitimate claim, they will pay you at least 90 percent, depending on circumstances, of your payout.
You are still covered until those days, says the Express.
The Financial Conduct Authority (FCA) confirmed MCE had entered administration back in November.
They previously said: “On November 19, 2021, following an application for administration to the Supreme Court of Gibraltar the company was placed into administration.
“Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar) Limited have been appointed as joint administrators of the company.
“The company ceased writing new insurance on November 5, 2021, and predominantly wrote motorbike insurance and car insurance policies, specifically for UK customers.
“Existing insurance policies remain in force and are valid.
“If you are a policyholder of the company then your policy will continue to be administered by the UK broker MCE UK.”
