Trust Deed Forum - Car insurance monthly payments
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Keepingthehope
Just Joined

2 Posts

Posted - 09 June 2022 :  21:47:12  Show Profile  Reply with Quote
Hi everyone

I am new to the forum and so glad I found this as a place for advice. My wee question is, will being registered in a Trust Deed make it hard for me to gain car insurance that I pay monthly?
Has anyone been successful in finding a car insurance company that take on those within Trust Deeds?

Thanks in advance.. keepingthehope.

TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 10 June 2022 :  09:10:26  Show Profile  Reply with Quote
Welcome to the trust deed forum Keepingthehope.

From the years we've spent operating this forum we know that people who are in trust deeds are typically able to obtain car insurance on monthly terms. It's not really credit like (for example) a bank loan because ultimately if you don't pay the policy they will simply cancel your cover.

You might find that some insurers are reluctant to offer cover on monthly terms, so you may need to be ready to shop around.

You should also be careful that the insurer doesn't have a policy restriction/exclusion about trust deeds, personal insolvency etc. Some do, which could render your policy useless if you ever needed to claim on it. You'll need to check the policy small print and/or go out of your way to disclose the trust deed to the insurer when taking out the policy in the first place.

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Keepingthehope
Just Joined

2 Posts

Posted - 14 June 2022 :  20:50:33  Show Profile  Reply with Quote
Thank you for all the info!
This may seem like a silly question but would this also be the same for when I am insured in someone else car? Would my trust deed affect the policy even if itís not my vehicle(Iím not the main driver)?
Thanks again I advance
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Paul McDougall
Trust Deed Expert



156 Posts

Posted - 16 June 2022 :  08:43:36  Show Profile  Reply with Quote
Morning Keepingthehope

I do not foresee there being an issue. I agree with TDA, I have been providing advice for over 18 years and administering trust deeds and i have never encountered anyone unable to obtain car insurance. It is less risky for the insurance company to provide this type of "finance" agreement simply because if you do not pay each month, the car insurance provider will cancel the cover. The onus of risk is on the customer , not the provider.

Hope that puts your mind at ease.

p

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