Car insurance

SpreadableToast

MalMonroe said:

bazzyb said:

MalMonroe said:

D3xt3r5L4b said:

You’re not “adversely affected” by anything 

Beg to differ. It goes on your credit report as a loan and it DOES affect it adversely. I've been there.

It will affect you if you pay it late or don’t pay it at all. Otherwise it is unlikely to affect you in any way. 

Well it affected me in a way. 

Lenders judge you because you are so poor that you have to pay car insurance on a monthly basis and it DOES affect your credit report adversely. It certainly affected mine, nothing to do with the credit score which obviously went down too (although I know lenders can't see that).

I paid it on time by direct debit every month. No late payment and no missed payment.

Surely I cannot be the only one???

Lenders don't care, so no, it doesn't affect anything adversely.

Just like lenders don't give a crap if you don't pay your annual water bill in full at the start of the year, instead of paying it monthly.

Utilities and the like really don't matter as far as your file is concerned, unless you don't pay them.

bazzyb

MalMonroe said:

bazzyb said:

MalMonroe said:

D3xt3r5L4b said:

You’re not “adversely affected” by anything 

Beg to differ. It goes on your credit report as a loan and it DOES affect it adversely. I've been there.

It will affect you if you pay it late or don’t pay it at all. Otherwise it is unlikely to affect you in any way. 

Well it affected me in a way. 

Lenders judge you because you are so poor that you have to pay car insurance on a monthly basis and it DOES affect your credit report adversely. It certainly affected mine, nothing to do with the credit score which obviously went down too (although I know lenders can't see that).

I paid it on time by direct debit every month. No late payment and no missed payment.

Surely I cannot be the only one???

It’s interesting that (a) the lenders you are referring to all chose to give you details of their commercially sensitive underwriting policies and advise you of the specific reason for your decline, and (b) that they all actually said that they were far more interested in a car insurance policy than absolutely any of the other factors on your credit file which ultimately led to the decline. 

MinuteNoodles

MalMonroe said:

My renewal quote is £50 more than last year. I'm going elsewhere, as I do every year.

My renewal quote was £20 more than last year, I did go somewhere else. Got it £40 cheaper and assuming that the Quidco cashback actually tracks and pays that'll add another £58 saving.

MinuteNoodles

MalMonroe said:

How come your sis-in-law's car insurance was so high anyway?  I pay no more than £250 pa and now I'm a pensioner I have to pay more than younger folk. (Just in case, you know, I suddenly lose all my faculties/marbles.) 

How come your car insurance is so high? I was only paying £130 for a sports car.

Partly down to occupation and it's an older large lump of a thing so it costs more to insure as it lacks the safety features of modern cars and is more likely to be written off in an accident.