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Purchasing Car Insurance with Bad Credit
nolimit
Posts: 8 Forumite
Does anyone know how strict companies if you want to purchase car insurance due to bad credit.
I am desperate to purchase some, however I'm also nervous about being totally rejected (due to my credit report stating that I'm not on the electoral register).
Paying the full amount is also not an option for me at the moment.
I am desperate to purchase some, however I'm also nervous about being totally rejected (due to my credit report stating that I'm not on the electoral register).
Paying the full amount is also not an option for me at the moment.
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Comments
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Does anyone know how strict companies if you want to purchase car insurance due to bad credit.
I am desperate to purchase some, however I'm also nervous about being totally rejected (due to my credit report stating that I'm not on the electoral register).
Paying the full amount is also not an option for me at the moment.
Why are you not on the electoral register ?
Speak to the insurers. I could be wrong but I don't think bad credit comes into it, maybe speak to a broker too.0 -
Depends on what your bad credit is:
Missed payments/defaults may load your monthly premium or it may not.
CCJ/IVA/ bankruptcy some insurance companies will not touch you. (In my experience and I have a CCJ which I am always open about, even when it is paid off But still on my file the value of the CCJ will cause me issues).Mortgage started 2020, aiming to clear 31/12/2029.0 -
A poor credit rating will most likely effect the premium quoted, as this is often a rating factor.
Additionally, insurers may not offer you credit facilities to pay monthly, or if they do at a higher rate.
There isn't much you can do as a quick fix if the policy is due in the next couple of weeks, other than to apply for their credit and hope for the best.0 -
MovingForwards wrote: »Depends on what your bad credit is:
Missed payments/defaults may load your monthly premium or it may not.
CCJ/IVA/ bankruptcy some insurance companies will not touch you. (In my experience and I have a CCJ which I am always open about, even when it is paid off But still on my file the value of the CCJ will cause me issues).
I don't have any other those on my credit report.0 -
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foxy-stoat wrote: »What is this "bad credit" you speak of then?
My name and address wasn't on the electoral register.0 -
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There's a difference, y'know, between "has a tiny imperfection" and "bad".0
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foxy-stoat wrote: »Is that it?
Also you don't need to be nervous about being rejected when you buy the insurance - I have done this online a few times without being on the electoral roll and its not been an issue.
Well I applied for a credit card a couple of months ago and it was enough to get declined, so i thought this was a big deal.0 -
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