Getting car insurance after BK???

[Beeheery]

Hi everyone,
Is there ever an issue getting car insurance with poor credit especially after BK? I ask because I would like to get a cheap car (paid in full) after BK and don't know if I will pay out the a$$ for insurance since my credit is so bad. The car would be something cheap/paid off so I would only need bare bones coverage. Anyone who has experience with this, I appreciate your help. TIA!

[magyar123]

Depends on the state you live in. Some states allow insurance companies to profile, others don't.

[okiemom2008]

Depends on the state you live in. Some states allow insurance companies to profile, others don't.

Do you know if Oklahoma does?

[Keebler]

Allstate jacked up my rates a full 50% due to credit review BEFORE I filed. I got quotes for ten times the coverage from almost every other insurance company for less than I was paying Allstate BEFORE the increase.

[maxfax3]

I haven't filed yet but my credit score has been crap for almost 5 years now...

My dad has been insured with Nationwide since 1955.. I was on his policy untill I was spun off on my own policy 10 years ago.. Being with the same company for so long has some added benefits...

No accidents but alot of speeding tickets two crap cars with better than min liability and extra coverage for my job so I can crash other people's cars and be covered..
I pay just under $700 / year... However if I were to switch companies... OUCH!!!!

Starting out with a policy fresh out of BK you may not have great rates but there is so much competition out there in the auto insurance industry there ought to be someone out there that can meet you needs...

[Beeheery]

well i currently live in FL and am on my moms insurance as a second driver on her car. insurance is currently 72.00 a month on the car (its paid off) and i am just afraid its going to go through the roof after i file. the insurance is allstate. i dont really like them but am afraid to switch to something else.

[maxfax3]

Since the policy is in your mother's name and you are just listed as a secondary driver, your bankruptcy should not matter.. Every company seems to have their own different way of coming up with a price, but I would guess that pricing is mostly based on her history.. ALot may depend on how long she's had a policy with allstate too..

Of course if you went out and mowed down some collection people with the car, you'd be a high risk driver.. Having a high risk driver on your policy usually will drive the price up...

Probably not the best time to be switing.. A new company is going to check you out pretty throughly, and continue to watch everything for about the first year or so.. Having a BK pop up just after writing a new policy will certainally make dollar signs appear....

[Beeheery]

thanks max. i hate having to worry about all of this stuff. such a pain....

[maxfax3]

I hear you on that... Just keep thinking about the light at the end... I've covered more aspects of my life in the last month than I can even begin to fathom.. I haven;t even settled on an attorney yet... Think positively, you're working towards a new start, but this time armed with alot more knowledge...

Insurance was one aspect I never considered until I talked with a good friend of mine that just happens to be an insurance agent.... He explained alot of the ins and outs of auto insurance to me.. THe main thing he stressed that switching companies for a few years is a bad idea... Told me that home owners or any sort of commercial policy isn;t going to happen for a few years (not like I could affrd that anyhow)
I also had an off the record chat with my auto insurance agent (a friend of my parents' go figger) and her explanation was about the same.. She also mentioned that I should not make an big changes (stuff to motivate the insurer to check me out) in my policy like adding a new car with full coverage (once again how would I pay for that)..

[Keebler]

I haven't filed yet but my credit score has been crap for almost 5 years now...

My dad has been insured with Nationwide since 1955.. I was on his policy untill I was spun off on my own policy 10 years ago.. Being with the same company for so long has some added benefits...

No accidents but alot of speeding tickets two crap cars with better than min liability and extra coverage for my job so I can crash other people's cars and be covered..
I pay just under $700 / year... However if I were to switch companies... OUCH!!!!

Starting out with a policy fresh out of BK you may not have great rates but there is so much competition out there in the auto insurance industry there ought to be someone out there that can meet you needs...

I was with Allstate for 20 years or so. Every time I shopped around I couldn't find anyone with lower rates. Even the "cheaper" companies like Geico wasn't beating Allstate's rates. Then my credit started to slip and got bad near the end. The 50% increase got my attention and I couldn't believe that almost EVERYONE was quoting me rates lower than Allstate was charging me BEFORE the increase.

I wonder how long I was paying too much and thinking everyone else was going to be higher.

[maxfax3]

WOW, Allstate sucks.... Companies like Geico and Progressive, even Safe Auto seem to only be able to give good rates to those who have questionable driving and credit histories..

Every renewal I shop around just to make sure I can;t get a better deal... I came close to choosing Esurance, but when I got the requested paperwork I noticed some differences in coverage.... Also found out their one of those companies that like to do the introductory rate thing... Get a year in then she starts to climb... They're as bad as CC companies...

As my credit has slipped my car insruance has remained reasonable.. Of course they make enough from me on speeding tickets to make up the difference.. In another year and a half I'll be violation free, and hopefully about a year past BK.. Maybe then I might be able to find a better rate... Even if I don;t switch I throw it to my current agent and see what she can do... Worked once before....