How To Change Your Car Insurance Policy

Car insurance is an expensive requirement for motorists, but legally we all must have a policy and it must be correct and up-to-date. If you have inputted incorrect or misleading information when registering your policy or failed to inform your insurer on an important change, there can be many consequences depending on the scale of the deception. It can range from invalidating your policy, meaning the insurance company won’t pay out and can potentially result in you being blacklisted from other insurers, to facing a fine, to being found guilty of insurance fraud and potentially facing a criminal conviction. So, how do you amend your car insurance policy? Well, it’s simple. All you need to do is contact your insurer, let them know about any changes and they will inform you on how much it will cost to alter your policy, as well as any changes to the cost of your premium. It is then for you to decide if you want to continue with the change or not, but if you don’t adjust your policy, you may have to come up with another solution. Keeping incorrect information on your policy isn’t an option.

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When do I need to change my car insurance policy?

Your policy must always be up-to-date with the correct information and you can contact the insurer of your amendments at any time. Any changes in personal information or alterations made to your car need to be updated in your policy. For example, if you upgrade your car, you will need to look into how to change your car insurance to add your new car.

Some of the most common changes in your life that your insurer needs to be informed on include:

  1. Moved to a new house
  2. Change in marital status
  3. Bought a new car
  4. Modified your car – not including simple changes, for example, floor mats and seat covers
  5. Changed your job role
  6. Changed or added a named driver
 Keeping your car insurance policy up to date is important. This includes changes in your address, marital status, job role and more.

It is often worth informing your insurer of any changes and they can confirm whether you need to update your policy or not.

Do I need to change my car insurance policy?

Changing your car insurance can come at a cost. Each insurer will charge different prices to amend your policy, but it is often between £15 and £30. However, as the BBC have found, the admin fees can sometimes be hidden, so check the Ts & Cs of your insurer or contact them for the information.

Updating your policy can also affect the price of your premium; it may increase or decrease due to your change in circumstance. Therefore, sometimes changing your policy isn’t necessarily the best option, sometimes it’s worth cancelling your car insurance and opting for a completely new policy.

There is also a charge if you cancel your car insurance, again this will vary between insurers, but is often £50 if it is cancelled after the cooling off period. However, sometimes this one-off payment is worth it to find yourself a cheaper car insurance premium.

So, what alterations can cause your premium to rise?

1

Change in address

Location can have an impact on your car insurance premium due to the risk-factor associated with that area. If you live in a place that has a high crime rate, the cost of your cover could increase as the insurers may believe your car has a higher chance of being targeted; either stolen or damaged.

2

Increased car value

How much your car is worth will also affect your insurance premium. The more expensive the car, the more expensive your car insurance will be. Therefore, if you change your policy to include a higher valued car then this will increase your premium.

3

Change in job role

One of the surprising details that can alter the cost of your premium is your occupation. If you have a high-risk job, carry equipment for work in your own vehicle or commute far then this can affect car insurance.

4

Add a named driver

If you add an inexperienced driver to your policy, for example, if your son or daughter has recently passed their driving test and is using your car before they can afford to purchase their own, then this can increase your premium. The risk associated with new drivers can send the cost of your car insurance through the roof.

There are options to consider when it comes to amending your car insurance. Just like when purchasing your insurance in the first place, you need to weigh up the benefits and the cost and consider the options of changing your policy or cancelling for a brand-new one. Either way, as long as the information on your insurance policy is correct, it is up to you which one you decide.

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