DMP and Insurances

katkins2

Hi all,

Just wondering if anyone knows the situation re taking out insurance when on a DMP?

I've been making payments to CCCS for 6 months now and during that time have been defaulted by one creditor. Its that time of year when I need to renew car and home insurances. I pay monthly at the mo by DD and being on a tight budget can't afford to pay the renewal premiums in full. Being quite into the MSE way of thinking now, I really would like to see if I can get better deals using the cashback sites but am concerned how my credit rating will affect this. Do Insurance companies carry out credit checks if you want to pay your insurance monthly?

Anyone any experience of this?
Many thanks in advance.
Kat

DarkConvict

I assume when not paying in full your credit rating is taken into account, as you are paying for the service over 12 months, thus credit. I assume if you have bad credit they may refuse. Either way... bump

Shoe_Gal

I had no problem getting monthly payments for my car insurance - have been on a DMP for 18 months and have several defaults

Tixy

Usually if you pay your insurance monthly it is effectively funded by a 3rd party and the monthly payments go to them rather than your insurers (often seems to be Close Finance when I've seen it).
But just as thought if this is the case then you could arguably be taking out credit (which is against the terms of a DMP).

ald65

we pay most of our insurances monthly and have noticed that the companies involved did a check on our files. We are on a DMP and have not been refused insurance[yet!]

katkins2

Hi and thanks for your replies.

I've just gotten a few quotes from the internet and it appears that my current provider is actually coming out cheapest anyway so think i'll be staying where I am.

Just for info though, when doing the quotes, some of the companies did advise they would perform a credit check in order to give a quote.

Thanks again for your replies.
Kat