Can you get a new insurance policy during bankruptcy?
As bankruptcy lasts for at least 12 months, you’ll need to renew any insurance policies you hold during this time.
Insurers will be aware of your bankruptcy from your credit file, and this may make it harder to get a policy in the future. You may be refused or you may have to pay a higher premium.
Also, if you pay for your insurance by monthly instalments, you’ll have to tell the insurance company about your bankruptcy if the total amount you’ll pay back under the agreement is more than £500. This will apply to a lot of car insurance policies, and not telling them about your bankruptcy would be a criminal offence, even if they don’t ask you.
If the total you’ll pay back is under £500, or if you pay your insurance in a single amount, you only need to tell your insurer about the bankruptcy if they ask.