Car insurance- discharged BR

Momofthree_2

Morning

My husband is due to be discharged from BR in April. Car insurance is due in May and we are struggling to get the funds together for car insurance up front. Can anyone recommend any insurance companies who would possibly allow him to pay monthly (we have a deposit)

Thanks
L

wild666

Most insurers have a monthly payment plan your premium is divided into 12 monthly instalments, but you pay interest on it

elljay

I'm with NFU Mutual and after my BR year I was able to continue with them and on monthly payments. They knew about my BR, and had to check with 'Head Office' but there's no interest, in fact there's a discount (think it's called a bonus or something) for staying with them.

For mine it was worth it to be able to continue with the insurance as I was a known quantity to them and I didn't want the hassle of lots of price comparing. In fact the second year post-BR I got just as good a price with them for 2 cars, or even better, than those on price comparison sites, so I've stayed.

No I don't work for them! but it might be worth continuing with your current insurer for another year just to avoid credit checks. It's very individual depending on the company, but if they already know you as reliable then they're more likely to be happy to keep you on monthly terms.

EJ

Momofthree_2

Thanks both. I think im more concerned that when it come to monthly payments he will get turned down if/when they do credit checks. Should have clarified that in Original post, sorry.

So i suppose my question should have been - can anyone recommend a company who self finance rather than use credit companies.

Will definitely try the suggested comoany above though

Thanks
L

TheGardener

wild666 wrote: »

Most insurers have a monthly payment plan your premium is divided into 12 monthly instalments, but you pay interest on it

Yes, but this is a credit agreement and BR's don't get credit - so the OP is asking what to do if she is refused credit - which would be normal for a BR...

OP - the first year I was BR I rang the company that gave the best quote - they immediately said no chance - I then asked if I could pay a lump sum (but not the total amount) and just paid the balance over 3 months - after a check with the supervisor, they said yes.

You could just allow it to auto renew, a bit more expensive but tolerable. However, you need to check the policy document closely to see if there is a BR clause that would invalidate the policy.

If you struggle - find a local insurance broker and see if they can help. However, the reality is that really, you may need to find the full amount up from at least for this year.

Momofthree_2

Thanks TheGardener. Abit gutted as paid up front this year as husband had been BR for a month already so was hoping (& praying!) That this year, with him being discharged, it may be a little easier.

I suppose its part & parcel of BR, its a bit of a pain though as surely if you miss payments your insurance is invalid anyway.

Thanks for responses as always
L

TheGardener

TBH - credit is almost impossible to get until the 6 years has passed - and only then if you have managed finances impeccably is the norm. Since I started paying up front the for the year, I've done it every year since - its simply a case of putting the money in a savings account each month and having the discipline to leave it there. Don't get me wrong, there have been times I've dipped into it but only if a dire emergency.
Without a car I can't work or get anywhere so the incentive to save is strong.

Momofthree_2

That was the plan but i ended up using the money we had aside for my own BR. I hoped we would manage better!

Still 2 paydays to try and get something set aside and may just need to admit defeat and ask mother in law for help (i hate asking family!)

Thanks
L

TimeToRebuild

I took out my insurance with Swiftcover and they had no problem with me paying monthly.

I took that out when i was still bankrupt.

I rand a few who just said no straight away, just got to shop around

Good Luck!

maxmycardagain

Credit for insurance post-BR (or during) is usually ok as any non-payment means cover is cancelled so insurers (and the credit provider) know theres a strong possibility there will be no defaulting

I certainly got it whilst BR

Momofthree_2

Thank you, feel much more optimistic

If i remember i will report back at the time with how i get on for anyone else who may be worried about the same thing