Car insurance renewal

SIM

Do I need to inform my car insurance that I've been made Bankrupt?

They've just sent over a renewal and I am wondering if me informing them I've gone bankrupt will increase the quote?

luvchocolate

Hi mine did say in the terms and conditions they needed to be informed.....I called them and they were fine. Unlike the contents insurance who would no longer insure me.

terrence45

The only way to tell is to read the T&Cs applicable to your policy - both the current one (which MAY right now be invalid if it doesn't cover bankrupts) and the renewal.

If you pay by instalments, it's possibly affected. If not then I doubt there'll be a problem, but there's no way of us knowing without reading the small print.

SIM

Thanks for the replies. It's with Hastings Direct.

Can't see anything in the Ts & Cs.

If renewing a policy, I guess they wouldn't do another credit check as they have offered us to pay by installments still?!

Oliver2809006

I'm sure in your 1st year of bankruptcy you won't be able to pay by installments or monthly.

TheGardener

SIM wrote: »

Thanks for the replies. It's with Hastings Direct.

Can't see anything in the Ts & Cs.

If renewing a policy, I guess they wouldn't do another credit check as they have offered us to pay by installments still?!

Paying car insurance by instalments is a credit agreement. If the amount is more than £500 you have to inform the lender.

I would ask anyway - you don't want to find out there is a problem at the point you make a claim...

Faith177

SIM wrote: »

Thanks for the replies. It's with Hastings Direct.

Can't see anything in the Ts & Cs.

If renewing a policy, I guess they wouldn't do another credit check as they have offered us to pay by installments still?!

Some companies do credit checks every year

Oliver2809006

I'm with Hastings and they appear to credit check even though I always pay the premium in one go.