Car insurance has gone down while in bankruptcy

[andy158]

Since we filed bk13 19 months ago our credit score was the least of or worries. Got a letter last month from our car insurance company that stated they were doing a review of our policy (which included a credit analysis) to renew our policy. Nothing has changed in our policy reguarding cars or family members insured. No accidents or claims. We have two children ages 17 and 21 (students) who we carry on our policy. I thought here it goes! We are going to get hit with higher rates from filing bk.

Well much to our surprise we got a statement yesterday that our rates have actually gone down a whopping $336 per year! I couldn't believe it. I don't know what our credit score is and don't care, but apparently it is good enough to warrant a decrease in our rates.

[woeisme]

Congrats! Good to hear that it's not always bad news while in this process!

[DesdemonaB]

OMG - just today I switched because I completely forgot my company offers discounts for car insurance via MetLife, I thought lets see what they quote me - I got more discounts then Progressive - plus they do a pay roll deduction - with no downpayment to start the new policy. I was just shocked at how much less the basis rate was before the discounts I signed up with a start date of tomorrow and have my cancellation of March's payment to Progressive set for Monday. Maded my Wednesday

[shark66]

Funny enough, with Ch. 13 all over my credit (haven't checked, couldn't care less, but it simply MUST be there) I have never paid less for my car or homeowner's insurance...and both of these are brand new policies with a company that I've never had any dealings with previously...

I guess that is - at least partially - a result of somewhat healthy competition amongst insurance companies...

Now, if one could do the same thing with the health insurance - buy it across the state lines - a lot of people would start breathing again...

Good luck to us all.

[andy158]

OMG - just today I switched because I completely forgot my company offers discounts for car insurance via MetLife, I thought lets see what they quote me - I got more discounts then Progressive - plus they do a pay roll deduction - with no downpayment to start the new policy. I was just shocked at how much less the basis rate was before the discounts I signed up with a start date of tomorrow and have my cancellation of March's payment to Progressive set for Monday. Maded my Wednesday

Coincidentally MetLife is our insurance company.

[beenfive]

Part of what the Councellors do is to teach you to deal with it, and they also negotiate on your behalf to obtain lower rates on your debts, and to help you by arranging a consolodation loan. Just make sure you avoid the ones that want cash up front.