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A UK-based insurance company says it will longer be able to enter into or renew existing motor insurance contracts with customers in the Channel Islands, following new legislation brought in by the Government of Gibraltar.
Admiral Insurance's car and van insurance products are underwritten by Admiral Insurance (Gibraltar) Limited, which can no longer entry into motor insurance contracts with customers located in the Channel Islands or Isle of Man following the new laws.
A spokesperson for the Admiral Group confirmed that the changes came into effect from 1 September.
Existing customers who have a car or van policy with the company will still be insured right up until their policy expiry date – even if that’s after 1 September – but will not be able to renew their policy after this date.
Admiral Insurance's other insurance policies aren’t affected by this law change, so Channel Islands customers with pet or travel insurance with the company will not be impacted.
Pictured: Channel Islands customers with pet or travel insurance with Admiral Insurance will not be impacted.
A spokesperson for the Admiral Group explained: "The Government of Gibraltar has brought in new legislation – Financial Services (Prohibited Insurance) Notice 2023 – which means a Gibraltar insurer can’t enter into motor insurance contracts with customers located in the Channel Islands or Isle of Man.
"Both our car and van insurance products are underwritten by Admiral Insurance (Gibraltar) Limited so unfortunately, as we don’t like to lose our customers, that includes us.
"Our other insurance policies aren’t affected by this law change, so there won’t be changes to our customers with pet or travel insurance with us living on these islands."
They added: "Our existing customers who have a car or van policy with us will still be insured right up until their renewal date – even if that’s after 1 September – but once they get to their renewal date, they’ll need to insure their vehicle with another provider. We’ll contact our customers before their renewal date to let them know.
"Customers are also still able to make changes to their policy right up to their renewal date, except adding another vehicle.
"New customers who live on the islands won’t be able to insure their car or van and our advisors will let them know if they call us, or they will be unable to continue with their quote online once they put in their address."
Admiral Insurance's statement follows a similar announcement from one of the Channel Islands' major insurance brokers, Ross Gower, who wrote to customers under the age of 21 last month informing them their existing policies will be cancelled due to a change in the law in Gibraltar, where one of its insurance providers is based.
One customer received a letter saying: "We are sorry to tell you that your current insurer is no longer able to offer motor insurance in the Channel Islands. We do not have access to any alternative insurers."
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