Purchasing Car Insurance with Bad Credit

nolimit
nolimit Posts: 8 Forumite
in Insurance & life assurance
Does anyone know how strict companies if you want to purchase car insurance due to bad credit.

I am desperate to purchase some, however I'm also nervous about being totally rejected (due to my credit report stating that I'm not on the electoral register).

Paying the full amount is also not an option for me at the moment.
«1

Comments

  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    nolimit wrote: »
    Does anyone know how strict companies if you want to purchase car insurance due to bad credit.

    I am desperate to purchase some, however I'm also nervous about being totally rejected (due to my credit report stating that I'm not on the electoral register).

    Paying the full amount is also not an option for me at the moment.


    Why are you not on the electoral register ?


    Speak to the insurers. I could be wrong but I don't think bad credit comes into it, maybe speak to a broker too.
  • MovingForwards
    MovingForwards Posts: 16,907 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Depends on what your bad credit is:

    Missed payments/defaults may load your monthly premium or it may not.

    CCJ/IVA/ bankruptcy some insurance companies will not touch you. (In my experience and I have a CCJ which I am always open about, even when it is paid off But still on my file the value of the CCJ will cause me issues).
    Mortgage started 2020, aiming to clear it in 2026.
  • paddyandstumpy
    paddyandstumpy Posts: 1,486 Forumite
    First Anniversary Name Dropper First Post
    A poor credit rating will most likely effect the premium quoted, as this is often a rating factor.

    Additionally, insurers may not offer you credit facilities to pay monthly, or if they do at a higher rate.

    There isn't much you can do as a quick fix if the policy is due in the next couple of weeks, other than to apply for their credit and hope for the best.
  • nolimit
    nolimit Posts: 8 Forumite
    MovingForwards wrote: »
    Depends on what your bad credit is:

    Missed payments/defaults may load your monthly premium or it may not.

    CCJ/IVA/ bankruptcy some insurance companies will not touch you. (In my experience and I have a CCJ which I am always open about, even when it is paid off But still on my file the value of the CCJ will cause me issues).

    I don't have any other those on my credit report.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    nolimit wrote: »
    I don't have any other those on my credit report.

    What is this "bad credit" you speak of then?
  • nolimit
    nolimit Posts: 8 Forumite
    foxy-stoat wrote: »
    What is this "bad credit" you speak of then?


    My name and address wasn't on the electoral register.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    nolimit wrote: »
    My name and address wasn't on the electoral register.

    Is that it?

    Also you dont need to be nervous about being rejected when you buy the insurance - I have done this online a few times without being on the electoral roll and its not been an issue.
  • ThePants999
    ThePants999 Posts: 1,748 Forumite
    First Anniversary Name Dropper First Post
    There's a difference, y'know, between "has a tiny imperfection" and "bad".
  • nolimit
    nolimit Posts: 8 Forumite
    foxy-stoat wrote: »
    Is that it?

    Also you don't need to be nervous about being rejected when you buy the insurance - I have done this online a few times without being on the electoral roll and its not been an issue.


    Well I applied for a credit card a couple of months ago and it was enough to get declined, so i thought this was a big deal.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    nolimit wrote: »
    Well I applied for a credit card a couple of months ago and it was enough to get declined, so i thought this was a big deal.

    Its more of a big deal for credit cards than paying for insurance by direct debit.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.8K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards