Some good news on Insurance

Bethankim

I was chatting to a good friend of mine about the problems of getting decent insurance at reasonable prices.

She works for Nationwide Building Society, she checked today and they dont ask the Bankruptcy question - as long as you can pay via direct debit on contents and buildings then its fine and for car insurance you have to be able to pay the 1st installment via a debit card and then can do monthly installments.

I just wnet through their policy document for house contents insurance and nope doesnt say anything about bankruptcy etc only convictions...

thought id add it in, obviously i cant recomend them but worth knowing that when shopping around for a quote.

dojoman

Thanks for that, at least it is another option when renewing. :beer:

confused76

good news beth!

on the same topic, i'm currently getting quotes for car insurance and i have read on this board the fact that br may make the policy void if not stated. so, i emailed the most reasonable quote, one of the big providers... and they emailed back today saying this was not a problem. needless to say i have put this email in a safe place!!

maybe car insurance isn't as bad as we thought?

still costs a fortune though :rolleyes:

fatou256

i may gave them a try .. thanks for this !

fiveyearplan

confused76 wrote: »

good news beth!

on the same topic, i'm currently getting quotes for car insurance and i have read on this board the fact that br may make the policy void if not stated. so, i emailed the most reasonable quote, one of the big providers... and they emailed back today saying this was not a problem. needless to say i have put this email in a safe place!!

maybe car insurance isn't as bad as we thought?

still costs a fortune though :rolleyes:

Thats good news and a good idea to keep the email! Will they let you pay in installments?

confused76

fiveyearplan wrote: »

Thats good news and a good idea to keep the email! Will they let you pay in installments?

yes i thought i was going to have a battle on my hands but apparently not too good to be true? i hope not!!!!

In_a_Mess_3

That is good news beth!

That was one of the things I have been most worried about, as it seems a silly thing to be penalised for being BR, we have built up a nice lot of no claims and us going BR isn't going to make us more likely to claim.

Or is it? I just had a thought whilst I was typing this, in the past if something has broken or whatever then we have simply bought a new one, on credit,rather than claim on insurance, I am thinking specifically of the freezer here. So maybe because we won't have that credit fall back we will claim more?

I am aware that I have contradicted myself by the way :rotfl: :rotfl:

alastairq

Or is it? I just had a thought whilst I was typing this, in the past if something has broken or whatever then we have simply bought a new one, on credit,rather than claim on insurance, I am thinking specifically of the freezer here. So maybe because we won't have that credit fall back we will claim more?

If I recall correctly...if a freezer conks out, then it is the contents that are covered, not the freezer itself...unless you policy specifically allows for the replacement of the broken-down item [usually a servicing policy anyway??]


Regarding the use of credit?

This doesn't really hold water.....

Personally I believe it's down to two things....[1] prejudice....and [2] prejudice.

The first prejudice {IMHO] is down to old-fashioned ignorance of BR....back from the days when a BR person was also deeemed, by others, to be on their uppers.

[shades of Newgate prison, and all that?}

Therefore, they deem [unreasonably] that a BR person is more likely to claim for all perils...or even, manufacture claims.....than a non-BR person. [which WE all know is rhubarb]

the second 'prejudice', I believe, stems from a ''from the top, down' policy of 'penalising' BR's.....my references to 'financial petulance?'

we have to ask, who actually finances insurance these days?

for within the 'controlling finance' I believe we may find the grinding axe?

In_a_Mess_3

Good post Alastair, I think you have a good point there re the controlling finances, I think that most of the insurers are owned by banks are they not? so I guess that is where the problem lies.

And as for the freezer, yes it would be just the contents, not the actual freezer, you are right, as I say I was just musing and thinking out loud via my keyboard.

boltonangel

I may be wrong (I usually am!) but under utmost good faith bankruptcy should really be mentioned even if not asked when applying for insurance.
If it's not a question on the app then it probably won't stop you getting insurance but could affect a claim payout if you haven't mentioned it.

I would rather mention it at the beginning rather than be refused a payout - otherwise why have insurance?

I took car insurance out with Prudential 3 months into bankruptcy and mentioned it to them and they had no problems with it (I don't know why any do though tbh) I got a quote from Directline also and they had no problems either.

hth

*MF*

As of now, it is a worry what you tell an Insurer, if they don't ask a specific question, but there may be changes to that position, see other post, here:

http://forums.moneysavingexpert.com/showpost.html?p=28289457&postcount=213