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Car Insurance renewal worries - help and advice please?
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# 1
BlushingRose
Old 06-12-2012, 10:51 PM
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Join Date: Jan 2008
Posts: 1,617
Default Car Insurance renewal worries - help and advice please?

Hi all,

As you all know we've been on a DMP for almost a year...
Today we got a letter from our car insurance company, telling us that renewal will be in Feb 2013 but that in order to give us their best quote, they will be doing a credit check...well that can't end well, can it?
Are they going to turn round in Feb and tell us that they won't insure us any more?

Please advise as I'm worried about this.
Thanks
Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568

Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70


DMP Support number 424 - Long haul number 308

Last edited by BlushingRose; 06-12-2012 at 11:08 PM.
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# 2
DebtClearer
Old 07-12-2012, 1:37 AM
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Join Date: May 2012
Posts: 256
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well to start with you should be using comparrison websites and not going straight with your existing supplier anyway!
LBM - DEBTS @ 06/01/14 - £20,577.79
CURRENT DEBTS @ £21,181.57 LEGAL DEBTS@£6,839.12
SAVINGS @ LBM - £3.93/15000
CURRENT SAVING @ - £90/£15,000
CLEAR DEBT AND GET HOUSE DEPOSIT BY XMAS 2017!


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# 3
richardc316
Old 07-12-2012, 1:44 AM
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Join Date: Jun 2009
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Quote:
Originally Posted by BlushingRose View Post
Hi all,

As you all know we've been on a DMP for almost a year...
Today we got a letter from our car insurance company, telling us that renewal will be in Feb 2013 but that in order to give us their best quote, they will be doing a credit check...well that can't end well, can it?
Are they going to turn round in Feb and tell us that they won't insure us any more?

Please advise as I'm worried about this.
Thanks
Who's your insurance company? I've been with 5 or 6 different companies and i've never seen anything like this on a rewal quote. I assume you pay monthly? maybe this is why they do a credit check, but i think as long as you've been paying your insurance every month then you'll be fine. Mobile phone companies also do credit checks on me whenever i take out a new contract, but despite being in a dmp and having an awful credit rating they still give me the new contract no problem.
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# 4
Hopelessly Hopeful
Old 07-12-2012, 2:49 AM
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Posts: 3,265
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Morning

I don't know anyone who has a problem with this. If you think about it.......If you don't pay they stop the insurance so little risk for them?

HHx
Started DMP June 2010. Completed DMP 26th August 2014.

DMP mutual support thread # 381, Paddle # 27.

Proud to have dealt with my debt
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# 5
Time to face the music
Old 07-12-2012, 6:15 AM
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Quote:
Originally Posted by BlushingRose View Post
Hi all,

As you all know we've been on a DMP for almost a year...
Today we got a letter from our car insurance company, telling us that renewal will be in Feb 2013 but that in order to give us their best quote, they will be doing a credit check...well that can't end well, can it?
Are they going to turn round in Feb and tell us that they won't insure us any more?

Please advise as I'm worried about this.
Thanks
I panicked about this too BR but after reassurance from HH, and others on the DMP Support thread, went through with it and all was fine. They actually did the credit check while we were on the phone. As HH says, if they don't pay, they cancel the insurance.

Make sure you get plenty of quotes and mentions Mr BR's profession, we saved around £150 thanks to professional membership
LBM 10/1/12 ~ DFW Start 5/2/12: £82344 ~ Month 32: £11839=85.62% paid ~ DFD 31/1/16 ASAP
9/11 unsecured debts down, 2 to go ... Next target Marbles
Mortgage free 3rd July 2014 - Grateful thanks to the 2013/4 MFW threads
“Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt” Henrik Ibsen
Proud to be dealing with our debt and making our money our own
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# 6
BlushingRose
Old 07-12-2012, 1:10 PM
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Thanks all,

Debt Clearer, yes, we know about comparison sites, but this letter has made us think about ALL the insurance companies - we can't afford for any of them to do a credit check and not insure us!

We're with the Post Office and as renewal comes up in Feb, we would have already been on the DMP by then but with no defaults - now it's different.
We pay monthly as we don't have a lump sum to pay it all upfront which is a shame really cos I have a feeling that it would work out cheaper if we did.
What's nice is that they've written to us with plenty of warning so we can looking around, although Mr BR I think wants to stay put for the sake of a quiet life and less hassle so it'll be me that has to look.
Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568

Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70


DMP Support number 424 - Long haul number 308
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# 7
Lensman
Old 07-12-2012, 5:58 PM
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I got 3 hits on my credit file from using a well known comparison site. I don't suppose it further reduces my credit worthiness though - it is already a very small number indeed.

I have probably been paying a higher premium (a complete guess is a 10% loading), but I have had no problems getting monthly payments from the AA.

I have 3 defaults on my file and have had a repossession.

I got a renewal figure from the AA and managed to get that reduced by 25% by asking them to re-quote. They got a better price from a different underwriter. So yes, your hubby might like the quiet life but you could get a good discount just by phoning them up and asking.
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# 8
BlushingRose
Old 08-12-2012, 6:27 PM
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Quote:
Originally Posted by Lensman View Post
I got 3 hits on my credit file from using a well known comparison site. I don't suppose it further reduces my credit worthiness though - it is already a very small number indeed.

I have probably been paying a higher premium (a complete guess is a 10% loading), but I have had no problems getting monthly payments from the AA.

I have 3 defaults on my file and have had a repossession.

I got a renewal figure from the AA and managed to get that reduced by 25% by asking them to re-quote. They got a better price from a different underwriter. So yes, your hubby might like the quiet life but you could get a good discount just by phoning them up and asking.

Thanks, that's also very helpful info x
Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568

Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70


DMP Support number 424 - Long haul number 308
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# 9
Walaboobah
Old 07-01-2013, 3:37 PM
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Join Date: Jan 2009
Posts: 223
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I was thinking about this myself, we are advised to shop around but was also wondering if we change providers for insurance, power etc will the fact we are on a DMP effect things.

My personal circumstances have changed recently and am likely to lose wife's income from tomorrow so shopping around becomes even more important
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