I have to agree with Bol in that, now it has been pointed out that an IVA is a material fact from the insurers point of view ( although, like Matrix, I cannot see why) we should cha=eck.
However, the point remains that it shouldn't be down to the likes of us to decide what is and isn't material --- as we have seen, it isn't always obvious !!
The insurance companies, as, again, we have seen, will use any ploy to wriggle out of paying a claim (to the extent that I doubt, when push comes to shove, not many of us are covered at all by our various policies). Maybe this should be regulated and agreed that, if the comp0any feel something is pertinent they should ask the question !!!
Parellels can be drawn to the sale of PPI --- are we being mis-sold all forms of insurance ??
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Point being made on the home insurance. The question is asked "has anyone in the household been made bankrupt"
Son not told parents about BR, parents renew insurance answering No to the question. Insurance claim becomes invalidated. That's what I was pointing out.
Car wise I've made claims on the policy with no issues. I've not been asked the question at renewal though they do a credit search.
I've also asked my insurance company today, LV, and they have confirmed on the phone I am fully covered. As far as they are concerned an IVA would only affect whether they can offer monthly payments or not and they'd find that out by way of a credit search.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
But you did check Matrix and I'm glad! It's another 'safe' insurer to add to the list.
I'm not on the side of the insurers and I don't like their wriggly little antics any more than anyone else does. I'm concerned about the consequences of posters not being covered.
We can't cover off every material fact here but this one is within our control. You never know, I might not be covered for the car because I'm dyslexic or have a fringe that falls over my eyes or bite my fingernails but I don't know that so have to take my chances! The iva is one chance i don't have to take.
One other question and hopefully John will be able to answer this. If I decide to change my insurer when my car insurance is due and a company says they won't insure me because of my previous BR do I then have to say to any other companies that I have been declined insurance?
If so surely this gives the insurers yet another get out clause? They seem to be out to screw you whatever you do.
I hope John picks up on this because it would be interesting to know the answer! I guess you'd have to answer truthfully that you had been BR - but don't insurance questions usually come with a time limit rather than the dreaded "have you ever"? Though that doesn't necessarily mean the new insurer would refuse insurance too.
John - please come back and contribute to this thread. You have rightly stirred up a bit of a hornet's nest, but most of us take insurance renewals for granted without really checking what we may or may not be covered for. It goes to show that expert advice is needed on a lot of areas we may not have considered in the past, and your experience and knowledge is valuable to forum posters who have concerns.
My car insurance is with the Co-op and they have confirmed that my past bankruptcy isn't an issue for them, they don't class it as a material fact. They are only interested in NCD, licence points or if you have been refused insurance or had a policy cancelled.
Can I just add that I didn't ask about current IVAs or BR. Anyone who is in an IVA or is BR at the time they take out insurance with the Co-op will need to check for themselves.
One other thing they confirmed is that if you pay by direct debit they do credit check.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Skippy
One other thing they confirmed is that if you pay by direct debit they do credit check.
Yes I think all the insurance companies do a credit check. LV who I spoke to yesterday certainly do a credit check to see if you're eligible for pay monthly by DD. If you're in a current IVA then you can only pay annually with them I guess, but it wont affect your insurance with them.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
TheMatrix
"Insurance Company confirmed on the phone that I am still covered although in an IVA". Who confirmed this – the switchboard operator ? To have real value the confirmation must be in writing, and from someone with the authority to commit the Insurer to a course of action.
Skippy
You are asking me whether you have to tell the truth. Of course you do, or you are not showing “Utmost good faith” – the basis of every insurance contract.
Broke of London
The Bankruptcy question normally starts with “Have you ever”.
To pull this together, try to focus on the positive, and to address the real fear you may have about coming clean with your Insurer, I suggest that you ask me to ask your Insurer about their attitude towards Insolvency. Then you do not have to declare any declinature.
Just post:
Bankrupt or IVA
Start date of Bankruptcy or IVA
List each type of policy you have along with the name of the Insurer
I will collate all the information without identifying anyone, then in the name of my Company under our FSA number, I will formally request each Insurer to confirm their Underwriting position on the Insolvency factor alone.
I will display the results on a web page and publish its web address on here.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by CoverItAll
TheMatrix
"Insurance Company confirmed on the phone that I am still covered although in an IVA". Who confirmed this – the switchboard operator ? To have real value the confirmation must be in writing, and from someone with the authority to commit the Insurer to a course of action.
To be fair to the "telephone operator" who I spoke to she went away for about 5 minutes to check before confirming what I already suspected.
A completed IVA has no relevance to my car insurance at LV. I do however take your point, I'll write to them.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
