Tempcover.com is the online temporary car insurance website of Temporary Cover Limited based in Fleet, Hampshire and trading as Temp Cover Insurance.
Temporary Cover Limited is a subsidiary of Fyfe Group, which was bought in 2007 by Royal & Sun Alliance (RSA). However, Royal & Sun Alliance no longer underwrites tempcover.com car insurance policies in the UK. The underwriters are Provident Insurance PLC, Haven Insurance, Mulsanne Insurance, Markerstudy Insurance Ltd and Invictus Insurance Services.
How financially strong is tempcover.com?
In order to evaluate the financial strength of tempcover.com, it is necessary to investigate the ratings of its policy underwriters. Many companies provide financial strength ratings including Moody’s, Standard & Poor’s and A.M. Best’s.
The ratings publishers base their evaluations on information provided by the rated companies and analysis provided by other reliable sources. In most cases, there is no actual audio of the company.
Here are the financial ratings for tempcover.com underwriters:
Provident Insurance PLC is the only tempcover.com underwriter rated by the major ratings publishers. The company's financial security is good according to the ratings, but below the A class ratings that mark the companies with greatest financial strength.
S & P found that Provident had moderate potential for further upgrades and that its conservative investments and excellent capitalization were strong characteristics. However, the company suffered from the current unfavourable business environment.
While the other underwriters are not rated by the major ratings publishers, they are all ultimately backed by the Financial Services Authority of the UK. In case these companies should not be able to meet their obligations, the FSA covers client claims although there could, of course, be some inconvenience involved.
For the Gibraltar-based companies, policyholders must first make their claims using the Gibraltar-backed schemes, but if these fail, they also have recourse to the FSA for their claims. In this way, they are generally assured compensation in full although the UK Financial Services Compensation Scheme is a compensator of last resort; ie all other avenues must be explored first.
The policies underwritten by Provident Insurance PLC could be considered those offering the most informed choice on financial security. Unfortunately, the company withdrew from the ratings scheme, but there is still recent analysis available from Standard & Poor's.
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