BR and insurance

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
4 replies 761 views
maxmycardagainmaxmycardagain Forumite
5.1K Posts
Part of the Furniture 1,000 Posts Combo Breaker
✭✭✭✭
edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
Quotes hard to get (business use) when i asked my broker he replied the underwriters see BR's as a "Moral Hazard"

but will cover for 20% extra

I think THATS immoral...


(Not my case thankfully)
Dont worry, be happy

Replies

  • MovingForwardsMovingForwards Forumite
    11.8K Posts
    10,000 Posts Third Anniversary Name Dropper Photogenic
    ✭✭✭✭✭
    Deemed a higher risk with a BR.

    I'm deemed a higher risk with a CCJ, even with a clean licence of nearly 20 years and full NCB.

    Not all insurance companies touch people with BRs / CCJs.
  • maxmycardagainmaxmycardagain Forumite
    5.1K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    Deemed a higher risk with a BR.

    I'm deemed a higher risk with a CCJ, even with a clean licence of nearly 20 years and full NCB.

    Not all insurance companies touch people with BRs / CCJs.


    My broker said insurers ask..
    Have you ever been declared bankrupt, or have any CCJ's within the last 6 years whether settled or not?

    Now seeing as the ID checks come back as per a credit check, in fact they ARE credit checks, they forgot to ask about DRO/IVA,etc,etc?...
    Dont worry, be happy
  • This is only for 6 years, right? I.e. credit file - I doubt they trawl the London Gazette every time they quote.

    I hope no car insurers say 'ever been bankrupt' as that's just silly.
  • wildheart83wildheart83 Forumite
    738 Posts
    Part of the Furniture Combo Breaker
    ✭✭
    terrence45 wrote: »
    This is only for 6 years, right? I.e. credit file - I doubt they trawl the London Gazette every time they quote.

    I hope no car insurers say 'ever been bankrupt' as that's just silly.

    When I first went BR almost 10 years ago, many insurance companies did indeed ask if you'd "ever" been BR. There were also quite a few who refused to even quote due to BR being on your file.

    Thankfully it's less harsh now.
This discussion has been closed.
Latest MSE News and Guides

Ultrafast broadband upgrades

Being made available to more English counties

MSE News

30+ ways to stop scams

Incl tips to spot 'em & what to do if you're scammed

MSE Guides

£37 of No7 beauty products for £12

Available online and in stores

MSE Deals