Vehicle Insurance and Bankruptcy

mallygp

I have a thread about this in Insurance & Life Assurance.

Some good feedback on why this happens.

I was declined Van Insurance a few days ago.

This will also apply with car Insurance.

Even though I paid the Policy in full. 5 minutes later no policy in the email just a note asking to phone the broker.

It's all about how Bankrupt individuals pose a risk as they are more likely to make a claim. Bogus claim I suspect. Statistic carried out. Would love to see that stat!

I managed to get another policy with another Insurer so please if you use a comparison site and they don't have a box asking if you have had ccj's or a bankruptcy please beware that even if paying in full they still do a credit search.

Find one that asks first. You'll be more likely to get that one as those that don't you may end up paying and later be declined.

I suspect later they may set up Insurance just for people who have been made Bankrupt with just much higher premiums.

My Bankruptcy was 5 years ago. This is this first time I have been affected by this.

luvchocolate

Its worth reading their terms and conditions to see if B.R is mentioned,
I never had a problem with car insurance, when I went B.R there was a clause in my contents insurance and when I called them they would not renew, but 5 years on now no problem since, but I always mention the B.R.

mallygp

yep same here. Never a problem over the last 5 years on other vehicles I have had.

TheGardener

I change insurer every year and have always paid in full (even before BR) and have never had a problem getting insured. Its never made a difference to the cost and I always ask if BR is an issue. I have always been told that as I'm paying in full it isn't a problem. However, so far (touch wood, fingers crossed etc) I have never claimed on my insurance so I suspect its a combination of paying up front and a good no claims track record that makes getting car insurance fairly straightforward.

mallygp

TheGardener wrote: »

I change insurer every year and have always paid in full (even before BR) and have never had a problem getting insured. Its never made a difference to the cost and I always ask if BR is an issue. I have always been told that as I'm paying in full it isn't a problem. However, so far (touch wood, fingers crossed etc) I have never claimed on my insurance so I suspect its a combination of paying up front and a good no claims track record that makes getting car insurance fairly straightforward.

Yeah same here. I'm hoping it's the first and last time as well.

PaulL2

Very frustrating! But remember even if they do a credit check after taking your money (and subsequently cancelling the policy) bankruptcy will only appear on said check for 6 years. After that it's up to them to ask.

mallygp

Yeah Feb 19 will be the 6 year point. Vehicle insurance due Apr 19. So happy days.

Thanks PaulL2

maxmycardagain

as if id pay £1200 so i could make a bogus claim?....

erm..........