car insurance credit checks?

rapunzelz86

Hi, ive just bought a car, so im putting insurance quotes through but none of them will accept me for monthly payments as it says i failed their credit check. I cant afford to pay the amount in full its £1500 :eek:
So does this mean im uninsurable?

Stigy

I've never known of anybody failing such a check for Motor Insurance. I know they are carried out, because I've just got my car insured. If anybody would normally fail one it's me! But I managed it okay. I went with Tesco for information.

KillerWatt

sadeelisha wrote: »

So does this mean im uninsurable?

Not at all, it just means you have to find £1500 as you are not considered creditworthy.

rapunzelz86

everyone ive spoke too cant quite believe it. i must have the worst credit rating ever. even though my debts probably amount to about £1500 and surely people with higher debts than this manage to insure their car? Will try tesco now.

Stigy

sadeelisha wrote: »

everyone ive spoke too cant quite believe it. i must have the worst credit rating ever. even though my debts probably amount to about £1500 and surely people with higher debts than this manage to insure their car? Will try tesco now.

I can't believe it either to be honest. I have been uncreditworthy for years now and have nevr had this issue. I understand it works like a loan agreement, but I fail to see how they are loaning you the insurance, as even if you default, you've surely paid for most of what you've used? Not my forte I must admit, but does seem strange!

rapunzelz86

Just a quick reply for the benefit of someone else in my situation, i have managed to get insurance with kwik fit. very competitive too

Hammyman

The simple fact is nowadays, most insurers offering monthly payments do it by you taking out a loan with a finance provider they have an agreement with.

Give Direct Line a try or any other insurer offering monthly payments with no additional penalty for doing so, i.e the monthly amount is 1/12 of the quote so you pay the quoted amount.

bigjl

I know somebody with 10k of mortgage arrears and was discharged from bankruptcy two year ago that has had insurance financed by Premium Credit for the previous two years.

Premium Credit are also the folk that finance both Swinton and Santander policies, or at least they do the wifes and my current policies.