Car Insurance Credit File

JGUK

Hi Guys,

Took out a car insurance policy with Tesco Bank today and signed up for the monthly payment offer as it wasn't too steep.

The advisor said they only soft check and don't report to credit agencies unless you default.

Does that sound accurate to you guys? Their documents are quite light on the ground surrounding what they do or don't do.

Thanks
JGUK

xlnc99

never had any soft check or hard check when ive done car insurance

ive seen other threads on this where they have. Im not sure on the protocol regarding insurance but i alwways do monthly payments and have never been credit checked any sort of way

maybe they do it as an identity check and maybe ive never had to do it because ive always had no claims bonus and they always do a check on that so they have never needed to do a credit check for me

boo_star

xlnc99 wrote: »

never had any soft check or hard check when ive done car insurance

ive seen other threads on this where they have. Im not sure on the protocol regarding insurance but i alwways do monthly payments and have never been credit checked any sort of way

maybe they do it as an identity check and maybe ive never had to do it because ive always had no claims bonus and they always do a check on that so they have never needed to do a credit check for me

House insurance has resulted in a litany of soft checks whenever I've done a comparison.

JGUK

Yes but when you pay the car insurance off in instalments over the year and in this specific case via Tesco Bank Car Insurance & Tesco Bank, do they post the account reporting to any of the credit files?

Aviva have done in the past to CallCredit/TransUnion only - but I think they've stopped all that now with their new Aviva Plus insurance.

[Deleted User]

Ask Tesco if they report to the CRA’s

sambaird

I don’t think that they would report the monthly payments to a CRA as paying for an insurance premium on a monthly basis is not a credit agreement.
If you missed a payment, the policy coverage would simply be terminated.

boo_star

sambaird wrote: »

I don’t think that they would report the monthly payments to a CRA as paying for an insurance premium on a monthly basis is not a credit agreement.
If you missed a payment, the policy coverage would simply be terminated.

Actually, it is.

Insurance is (usually) an annual policy, so by opting to let you pay monthly you are being extended credit and along with that there is a credit agreement. Whether that is reported to the CRAs I couldn't tell you as I pay annually.

A few links to people getting credit agreements for insurance being paid monthly...

https://forums.moneysavingexpert.com/discussion/4902638
https://forums.moneysavingexpert.com/discussion/3132608
https://forums.moneysavingexpert.com/discussion/4897202

sambaird

Happy to stand corrected!

twhitehousescat

had car and bike insurance on pay monthly (10 payments per yr or whatever) , lots of soft credit searches

this year is the first time that motorcycle insurance is shown in my credit file , each month showing how much is left to pay