I have had it verbally that insolvency does not affect the ability to claim on car insurance from Diamond. When I'm back in London I'll dig out my policy number and send them an email to have this confirmed in writing for my policy specifically and to check it doesn't increase the premiums. X
I agree with all the posters who feel they shouldn't be responsible for deciding what to tell their insurance company and who are offended by the implication that being insolvent means you are more likely to commit fraud, but the insurance companies won't be the losers if they investigate our claims and decide not to pay out. It all depends on how much of an appetite you have for risk!!
If the issue of insolvency is so pertinent as to weather an insurance company pays out on a claim or not, then surely this should be one of the questions THEY ask when insurance is being set up, and not for us to second guesss.
Given that most people who are insolvent are not proud of the fact and are very unlikely to volunteer such information simply due to embarrassment unless specifically asked for it.
It seems insolvency is being used as another reason by insurance companys to wriggle out of their side of the contract.
And to assume that due to insolvency we are criminals or at least potential criminals more likely to make a fraudulent claim i find sickening.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
The thing is though Kat...it couldn't matter less what we think. Best to take a pragmatic approach and 'suck it up' as my American aunt would say. Inadequeste sign up procedures don't negate your responsibility to yourself to declare the iva now you know it could impact on your ability to claim.
I agree with what your saying BOL, now that we know this to be the case we should seek to protect ourselves, However there are many people in IVA's who are not members of this forum and would not have given a second thought to how it might effect an insurance claim, as indeed many of us here did not.
which takes me back to what i originally said, If being insolvent is so pertinent to an insurance claim and payout then the insurance company's should ensure they make it a standard question to be asked from the outset.
we all know insurance companys are quick to take our money and then try any way they can to wriggle out of their responsibility when a genuine claim is made, what infuriates me is this actually has nothing to do with insolvency and risk but is just masquerading as such.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
I will be checking our policy but, as stated previously, we have made three claims on the household insurance since being in the IVA and each time have had no problems when the claim went through.
I think two points are being conflated here. One: Should insurers be more specific about What constitutes material information? I don't think anyone would disagree the lack of clarity benefits anyone but the insurers themselves. Two: should we disclose the iva now we know it could cause problems claiming? Here some people are saying no as in their opinion it doesn't make any differenceto their driving or integrity...which is missing the point as it isn't their opinion that counts.
Harpic and Skippy - I'm not talking about what's gone before or saying anyone has done anything wrong. Only that now we have had clarification on the point about insolvency being material information it seems silly not to act on that...to protect ourselves. If that means never being allowed a fresh start, then its just something we have to put up with. It isn't a matter of opinion whether an insolvency is a material fact as an expert in the industry has confirmed it is. I'm not arguing the point about disclosure of material information in general.
Sorry BOL, this does apply to material information in general. If insurance companies have decided that insolvency is a material issue (but don't see fit to advise people of this) then what else are they keeping from us that will affect us if we try to make a claim?
I agree with Skippy, you don't know what is material issue or not, you have to guess. As such I'm guessing that a completed IVA has no impact on driving.
Skippy you're arguing a different point to the one I'm making! I know material information affects all sorts of things and that isn't my immediate concern. My only point has been that now readers of this thread know insolvency is a material fact, it does no one any good not to phone your insurer and disclose this to check you are covered. There's no point being stubborn and going on about the rights and wrongs as they simply don't matter when it comes to making a claim.
Matrix - guess if you wish all you like with your home insurance as you would be the only loser but please at least make sure you are covered to be driving around!!
