BR and Insurance Policies

DoshDolt

Hi,

I will be applying for bankruptcy in about 6 weeks time. I am being guided through the BR maze by the wonderful staff at the CAB. (They have saved my house, my marriage and my sanity!!!:j)

Obviously, I have researched the whole BR proceedure thoroughly, but just found something I'm not quite sure about.

It appears that I have to inform any insurance provider that I was, or am about to go bankrupt.

Why do they need to know?
Do I have to tell them?
Will it affect my premiums?

Any advice welcome.

Thanks in advance.

DD

dojoman

Read your policy, if it states in them about BR and informing them then yes you do have to tell them, if there is nothing in the policy then you do not have to tell them.

Why do they need to know, apparently we BR` s are not trustworthy people
which is a load of crap.

I have changed both my house insurance and car insurance since going BR, and I am still able to pay by instalments, and both premiums are lower than what I was paying. The gocompare website has a box asking about BR for home insurance, so any quotes that come up are by BR friendly companies, I found this very useful. The car insurance I found by scouring the web.

DoshDolt

Hi dojoman,

Many thanks for that. I'll check my policies today.

Imagine insurance companies calling us untrustworthy! Pot calling kettle black?

Thanks again.

fiveyearplan

Hi and welcome DoshDolt. It is my understanding you need to tell any insurer about your bankruptcy.

dojoman

fiveyearplan wrote: »

Hi and welcome DoshDolt. It is my understanding you need to tell any insurer about your bankruptcy.

I didn`t realise that, I was told that you only had to mention it if it was in your policy, why do you have to tell them if it is not in the policy wording?

beentheredonethatstilhere

You have to tell them as a fact, I can't remember what the wording is on the insurance documents but it a 'something' fact. Sorry lack of sleep is addling my brain.

If an insurance company can find a way of getting out of paying out they will so don't give them the ammo to do so. Just email them and say you are/are going bankrupt and will they have a problem with this. If they email back and say no they won't keep the email for future reference.

confused76

beentheredonethatstilhere wrote: »

You have to tell them as a fact, I can't remember what the wording is on the insurance documents but it a 'something' fact. Sorry lack of sleep is addling my brain.

If an insurance company can find a way of getting out of paying out they will so don't give them the ammo to do so. Just email them and say you are/are going bankrupt and will they have a problem with this. If they email back and say no they won't keep the email for future reference.

i've heard this as well. not worth taking the risk if something happens and they find a way of getting out of paying up...

it wasn't mentioned in my car insurance policy but when i phoned them they said they wouldn't insure a br

best to cover your own back

dojoman

confused76 wrote: »

i've heard this as well. not worth taking the risk if something happens and they find a way of getting out of paying up...

it wasn't mentioned in my car insurance policy but when i phoned them they said they wouldn't insure a br

best to cover your own back

True, best to err on the side of caution.

lilibet1

My advice would be to tell them as like others said they will wriggle out of paying if they can. Also, say you had an accident in your car and hurt someone else and they didnt pay up you would never forgive yourself, and then of course the police could get involved, best to be upfront me thinks!!!!

x

fiveyearplan

No point in paying out premiums if they aren't going to pay out if you need them.

Confused - who was your car insurance with?

DoshDolt

Thanks to everybody who took the time to answer.

DoshDolt