I've got a home insurance policy expiring and have found a much better deal, current provider tried to swing a 20% increase from last year which prompted the shopping around. I've set the new policy date for when the old one expires, however am wondering if it is worth calling the current probider after the expiration date and letting them know and if I don't, does it affect my credit score?
If not then I'll just let it lapse and ignore their reminder notices.
Thanks!
Does Letting Insurance Lapse Affect Credit?
LanceVance on 09/04/2024 - 17:22
Comments
As long as its not set to auto renew you should be a-okay
if it is worth calling the current probider
Why don't you call them before it lapses.
Mine gave me a better price.
Tried that, no bueno.
Did you speak to the retentions team?
I called to cancel and they put me through to another team.
Initial offer was nowhere near as good as another deal I found, after I said no thanks, they beat my other offer…
Which insurer is this?
Unless you are borrowing money from your insurance company or owe an overdue amount how could it possibly affect your credit score?
Wasn't sure if it comes under the same category as a bill or not. Late payments of those affect it.
The policy will just self cancel when you don't make a payment. You don't owe them money so it can't be a late payment.
Wait so if I miss my monthly OnlyFans subscription bills, my credit score drops!? 🤯ðŸ˜
Credit score - what a load of shit.
Can confirm. I signed up for credit scores due to the Optus hack. As a result I'm spammed with bullshit loan offers every.single.day.
They should be banned.
No. Because you don't actually owe them money for the following year of insurance yet. After the original term ends they can offer you another one, but until you pay/accept that offer you do not have an agreement with them.
As long as you're insured then it shouldn't matter. And maybe if you ever get a loan against your property one of the questions will be "do you have property insurance", maybe if you say no then your ability to get that kind of credit may be affected you'd think?
Letting it lapse won't affect credit record.
But notifying them via chat you got a better deal they can collect the statistics and sort their pricing out!
Just let it lapse and ignore reminder notices - has no effect on your credit score