Contents Insurance protocol!

melody916

I have found since being becoming a bankrupt and even now that I'm now discharged from bankruptcy, that insurance many companies ask the question on their application forms, have you ever been a bankrupt or a discharged bankrupt.

Question: What is the insurance companies slant on this, would they refuse contents insurance cover [we all need to cover our possession however small] or is the premium going to cost me more?

As a discharged bankrupt, I feel stigmatised and prejudiced against even though I was only in bankruptcy for 7 months [a genuine case] but the best move made considering my circumstances at the time. It would seem even 10-20 years on this question would still be asked by insurers!

Can someone clarify this situation for me.
Thank you in advance.

Kier_2

I'm afraid I don't know the answer to this, but I hope someone does because it's one of the big questions that's been worrying me too.

So many applications - banks, insurance, services, whatever - have that "or have you ever been" question on them. Is this going to affect my life forever?!

user55

I was turned down for contents insurance while bankrupt. I don't know whether it would be different now I'm discharged.

Hey I might try to get quotes and find out!

Kier_2

The problem is you can get quotes without going through the whole application process can't you?

You never know what surprises are lurking at that final hurdle.

brightonman123

should tell them, and emphasise discharged - will only decline any subsequent claim, if they found later you didnt disclose this?

suziewin

I had to renew my contents insurance and had no problems in getting a policy despite being undischarged. Some insurers will not accept bankrupts, but many do. I made double sure the new insurers knew of my status as I would hate to be in a position to need to make a claim and be rejected because of misinformation.

melody916

hi, thanks to all that have replied. The suggestion would be to try it out first when enquiring on the phone and see the insurers have to say, will try this.

suziewin

Melody916 -

better still, use the search engines stated on here so you can search all the insurance companies in the UK - it will take about an hour and you will need to check the small print re BR - but it is totally worth it. I saved £200 a year by doing this.

melody916

hi again, found out just now that one < does not > have to tick the YES box if a person is a discharged bankrupt, only when bankrupt, so enquiry solved!

Kier_2

Do you not have to tick the box even if it says "or have you ever been.."?

melody916

.......not sure what one writes down if the question asks < have you ever been etc. > but Castle Insurance checked and informed me that their box need only apply to existing bankrupts, so it might be an idea to clarify with other insurance companies if their policy is the same.:j