Car Insurance

BlewIt

Hi,

I have recently been sequestrated (bankrupt in scotland).

I am wondering what people's experiences of vehicle.insurance were post bankruptsy.

We had a quote for a vehicle that has been inflated by 1000% of what it was before declaring the bankrupsy.

I this the norm?

I wasn't made aware prior that we would encounter such issues?

What about other insurances?  such as commercial liability etc?  home insurance?

Thanks in advance.

luvchocolate

In England so may be different. Car insurance I had paid for the year in full I called to let them know of my bankruptcy and they had no problem. 
Content insurance totally different..paid in full for the year but they cancelled it, my trustee actually rang them to explain my circumstances but they were adamant. 

I went online and got insurance a little more expensive..of course you have to answer truthfully 

DullGreyGuy

BlewIt said:

Hi,

I have recently been sequestrated (bankrupt in scotland).

I am wondering what people's experiences of vehicle.insurance were post bankruptsy.

We had a quote for a vehicle that has been inflated by 1000% of what it was before declaring the bankrupsy.

I this the norm?

I wasn't made aware prior that we would encounter such issues?

What about other insurances?  such as commercial liability etc?  home insurance?

Thanks in advance.

Most insurers charge more to those that have been made bankrupt and some will also refuse to offer instillments. Being 10x more expensive is excessive but it would somewhat depend on how low your premiums were before. 

Commercial Liability isnt a normal class of insurance... do you mean Public Liability? Are your business activities as a sole trader, partnership or have you incorporate? Ultimately it's another yes here too, even if you have an LTD they will normally ask about both the company and its directors past and present. 

BlewIt

Thanks,

From £700 to £7000.  yikes!

Yes, public liability insurance is was referring to.

BlewIt

Further to the car insurance - which we got sorted with a far more amenable cost of only 300% increase 🫨

I have received public liability quotes in the region of £4000.  It was previously around £250.

I haven't asked about installments as I assume I will have to pay in full.  Its a big chunk of money to find.

Does this continue like this forever more or does it get better as time goes on?