Car Insurance renewal worries - help and advice please?
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BlushingRose
Posts: 1,621 Forumite
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
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
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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Comments
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well to start with you should be using comparrison websites and not going straight with your existing supplier anyway!Debtfree!0
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BlushingRose wrote: »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.0 -
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?
HHx0 -
BlushingRose wrote: »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 :TLBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt0 -
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 3080 -
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.BSC No 248
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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.
Thanks, that's also very helpful info xOur 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 3080 -
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 important0
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