Compare Car insurance for Bankrupts, IVA and DRO
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Having poor credit, bankruptcies and CCJ's can make getting car insurance from some providers more difficult. We have partnered with Quotezone who have a panel of specialist car insurance providers that specialise in providing car insurance to those of us with a chequered credit history. Some may request annual payment upfront, whilst others will still give you a monthly payment schedule. This panel of insurance providers can provide cover for those with a previous bankruptcy, IVA or a DRO. The panel like us believe that your past shouldn’t have to be a guide to your future.
A guide to car insurance for those who have been declared bankrupt
The impact of being declared bankrupt can have implications when looking for bank accounts and in some case's insurance. The broker will view you as higher risk in for payment defaults. Insurance is still available, but some brokers may increase the premium to reflect the added risk, others will only accept full payment in advance. It is not a requirement to declare bankruptcy, but such an order can stay on your credit history for a period of 10 years.
An IVA is a formal agreement between a debtor and their creditors. IVA stands for an Individual Voluntary Arrangement. After entering into an IVA the creditors can no longer pursue you for any outstanding debts, any outstanding debts become frozen, and further interest can be accumulated. The idea is that it will allow you to take stock and pay back your debt in a fashion that is affordable to you, letting you continue with your lifestyle without the stress of continual debt recovery harassment. The term is normally 5 or 6 years, at the end of which any unsecured loans are written off.
Having an IVA will not affect your existing car insurance policy. However, when it comes to renewal you may find that some brokers are reluctant to provide you with a monthly payment option, preferring an upfront payment. Given that you are on a tight budget, this is most likely not suitable. The good news is that some brokers will still allow monthly payments, but you must shop around for these brokers. The panel of Quotezone can provide you with car insurance on with monthly payment options so that you can continue with any repayment commitments.
Car insurance is available for those with IVA's, but expect to pay slightly higher premiums as you will be considered a higher risk. This is all the more reason to use comparative sites like this one to compare the available options with the select panel of insurance providers
Pay monthly car insurance with an IVA is available with a some brokers on the Panel, spend time shopping around to find monthly car insurance with an IVA.
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In financial woes and need a good deal on car insurance? Click here to get comparative quotes from insurance providers that specialise in providing cover to those that find themselves in financial difficulties
Tips for Reducing Car Insurance Costs
Given that your car insurance costs will have increased because of your current financial situation, you may wish to cider ways to make savings by taking the following steps
| Getting out of Debt Solutions | Description | Term | ||
| IVA or Individual Voluntary Arrangement | This is when you are able to agree a payback term with your creditor of a period of time. The payback term can vary, but is typically over a number of years | 1 to 5 years | ||
| Personal bankruptcy | This is an option only available in a situation that you are unable to pay off your debtors. This is best avoided if possible. | 12 Months | ||
| Debt Management Plan or DMP | This is an informal agreement reached between debtor and creditors to repay debt. The debt is normally non priority debts, examples include credit card debt and store cards or unsecured loans | To be agreed | ||
Did you know? The government offers free debt advice, follow this link for full details https://www.gov.uk/debt-advice
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As the name suggests, we can provide multiple quotes from a panel of car insurance providers. The panel is able and willing to provide you with car insurance, regardless of your current financial difficulties. They specialise in providing bad credit car insurance and insurance for those with convictions. Simply click the Get Quotes option below and fill in a quick form to get access to multiple quotes. Then all you have to do is pick the best one!
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**51% of consumers could save £529.95 on their Car Insurance. The saving was calculated by comparing the cheapest price found with the average of the next five cheapest prices
quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from February 2024 data. The savings you could achieve are
dependent on your individual circumstances and how you selected your current insurance supplier.