Is your credit score affected by too many insurance quotes?

Teacake_3

I do not know if this is an urban myth or not but I have heard that by requesting many quotes for any insurance, this will affect ones credit score. I was wishing to search around for car insurance quotations. but was put off by having heard that this can affect the credit rating one has. Thank you for any advice.

YorkshireBoy

As long as they're simply ID searches (eg Electoral Roll, CIFAS etc), they should be classed as unrecorded enquiries. This means they're only visible to yourself and the credit reference agency, and other lenders will not see them when searching your file for credit purposes.

However, to be certain you should read the respective website legal/privacy statements. For example, www.confused.com say...

These checks will include electoral roll and credit information. Some insurance checks are registered as general insurance searches and may be viewed by other companies when you apply for credit or insurance, and may affect your credit rating. Often the financial services organisations from whom you request quotes will only do a credit check once you have decided on a particular supplier.

Trojan1965

Unless you actually take out a policy and opt for payment by instalments i.e. credit then I fail to see why any search would/should be done. After all you are only obtaining quotes not binding an agreement.

lisyloo

Unless you actually take out a policy and opt for payment by instalments i.e. credit then I fail to see why any search would/should be done. After all you are only obtaining quotes not binding an agreement.

Royal & Sun alliance put searches on my reports for a quote only.
I was trying different compbination of cover etc. and ended up with about 20 searches however YorkshireBoy is right that they are identity checks only and not credit checks.

It will be written in the small print somewhere that you agree to it.