London cab drivers are scrambling to reinsure their cars after Danish insurance company Alpha went bust yesterday, invalidating their policies.
Alpha, which insured numerous taxi drivers through brands such as Cover My Cab and Protector, filed for bankruptcy yesterday, immediately terminating all existing policies.
Cab drivers reported receiving text messages today telling them that their insurance had been cancelled and to seek alternative insurance as a matter of urgency.
Just got this text as have other drivers—
URGENT MESSAGE - your taxi insurance policy with Alpha Insurance is cancelled with immediate effect. Please contact Protector on 020 74467676 where we will be able to arrange alternative cover. ??
Alpha Insurance has gone bust Taxi drivers check your insurance - seen half of #Epping's drivers @ broker this morning Not everyone was notified of insurance being cancelled @ 1700 on 08/05/17
The London Taxi Drivers Association (LTDA) said that it was emailing all of its members with an update on the situation shortly.
LTDA general secretary Steve McNamara said: "We have notified all of our members about this change, to ensure that no-one is unintentionally driving without insurance. We will be supporting any of our members that may have been affected."
A statement from the Danish Financial Supervisory Authority explained that policyholders insurance had been terminated as of 8 May.
It said that policyholders with a compulsory insurance policy must write a new insurance policy with another insurance company as fast as possible to obtain their compulsory insurance cover.