Home Insurance declined.

cheeseoatcake

Hi all.

My buildings and contents are due for renewal so I used a comparison site to get some quotes.

The cheapest quote came back at just under £200. I normally pay by monthly DD. The problem came when i got to the payment stage on the new insurers website. It stated they couldn't offer installments to anyone in an IVA or Bankrupt, I'm currently in an IVA. So i opted for the lump sum payment then the webpage froze and the payment didn't go through.

The following day Zurich Insurance phone me to ask if i was happy with the quote and if i had any problems with the website.
We went through 5 minutes of questions before the question of is anyone in the house in an IVA etc.
Then I was told Zurich won't offer me the insurance because of the IVA.

My question is do I now need to ring my current insurer and inform them that I have had insurance declined?

Kind regards

InsideInsurance

No, its a refusal to quote and doesnt have to be declared

Empty_pockets

Whats the difference?

whatmichaelsays

Empty_pockets wrote: »

Whats the difference?

Insurance being declined is when you would normally meet the insurer's underwriting criteria (ie, you fit their age, location and demographic profile) but, for reasons probably relating to previous indiscretions, they refuse to insure you.

Refusal to quote is when you don't meet the insurers criteria. For example, some car insurers refuse to cover anyone under the age of 21, which means that an 18 year old attempting a quote would be refused.

In this case, the insurer's underwriting criteria is that customers must not currently have an IVA in place. You therefore don't fit their criteria so they have refused to quote.