Can I get monthly car insurance with an IVA?

It may be more difficult to obtain car insurance with an Individual Voluntary Arrangement (IVA). An IVA is a legally binding agreement that allows you to reach an agreement with your creditors to pay off your debts over an extended period of time. While an IVA can help you to get your finances back on track and avoid bankruptcy, it may have a negative impact on your credit rating, which can make it more difficult to obtain credit in the future.

Car insurance companies often use credit scores as one factor in determining premiums and may charge higher rates to individuals with lower credit scores. As a result, you may find it more difficult to obtain car insurance with an IVA, and you may have to pay higher premiums if you are able to obtain coverage.

If you are having difficulty obtaining car insurance with an IVA, it is a good idea to shop around and compare quotes from different insurers. Some insurers may be more willing to offer coverage to individuals with an IVA, and it is worth taking the time to find the best deal.

It is also a good idea to consider ways to improve your credit score, such as by paying your bills on time and reducing your debt burden. This can help to make it easier to obtain credit in the future, including car insurance.