Car insurance for Bankrupts, IVA and DRO

Compare quotes for Bankrupts, Individual Voluntary Agreements (IVA) or Debt Relief Orders (DRO) providers

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 may be able to provide quotations in circumstances where you have had a bankruptcy, IVA or a DRO. Some may request annual payment upfront, whilst others will still give you a monthly payment schedule.  This panel of insurance providers may be able to provide cover for those with a previous bankruptcy, IVA or a DRO. The UK panel of insurance specialists, 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 in the United Kingdom can have implications when looking for bank accounts and in some case’s insurance. The broker will view you as more likely to default on your insurance payments. 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.  

What is an IVA?

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.

Does an IVA affect my car insurance?

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.  

Can I Get Car insurance with an IVA

Car insurance is available for those with IVA’s, but expect to pay a slightly higher premium as you will be considered a higher risk. This is all the more reason to use comparative sites like Multi Quote Time to gain access to the available options 

Can I Pay Car Insurance Monthly with an IVA?

Pay monthly car insurance with an IVA may also be available with  some brokers on the Panel, spend time shopping around to find monthly car insurance with an IVA.

Get your quotes now

In financial woes and need a good deal on car insurance? Click here to get comparative quotes from insurance providers that may be able to provide quotations to those that find themselves in financial difficulties

• Flexible payment terms : If you have been declared bankrupt or entered into a repayment agreement, the last thing you need is to be asked for a lump sum payment for car insurance. The panel may be able to provide you with a range of flexible payment plans, helping you to continue with any existing payment plans. 
• Compare Bankruptcy Car insurance easily: Having completed the easy quote form, you will receive multiple quotes for bankruptcy car insurance. Take time and compare the benefits and suitability and if you find one that  meets with your needs, simply select that policy.
• Save time and money on bankruptcy car insurance :  Finding a good deal on any product requires some groundwork by comparing multiple providers of the required service. Completing one easy from will give you instant access to a large panel of insurance brokers, all hoping to win you over as a customer

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 consider ways to make savings by taking the following steps

• Blackbox : If the device shows you as low risk, you will benefit from future discounts. 
• Downgrade: This does not have to be a downgrade unless you are driving a sports or luxury car, but choosing a car with a lower insurance bracket will attract a lower premium regardless of your financial situation.  
• Increase the Excess :  Agreeing with your broker to be responsible for a higher excess should be rewarded with a lower insurance premium. 

Edit

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

Get your quotes now

As the name suggests, we can provide multiple quotes from a panel of car insurance providers. The Panel may be able to provide quotations, regardless of your current financial difficulties. They may also be able to help in providing car insurance with a bad credit history 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!