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| 10 things your insurer needs to know |
By:
bythesea |
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Landing your dream job, buying a new plasma TV or getting married; chances are you won't share the good news with your insurance company first. But most lifestyle changes can affect both your cover and costs so when do you need to get in touch?
Renting your spare room
Someone new moving in and your insurer needs to know as a stranger in the house means a higher insurance risk. Your own possessions will still be covered under home contents insurance, but it's unlikely your policy will extend to your lodger's belongings. However, if you've got ‘accidental damage' you'll still be covered even if it's your lodger who spills red wine on the carpet.
A new job
Hairdressers, estate agents and doctors are top of the list for car insurance claims and if you're deemed to be in a ‘higher risk' job your premiums will go up. And if you're returning to work after a break, check you're covered for commuting rather than the ‘social, domestic or pleasure' category of insurance.
Friends driving your car
Off on holiday and have a friend without wheels? Loaning your car sounds generous but a prang can be costly. Even if your friend's car insurance covers them for ‘driving other cars' this is only third party cover and intended as a ‘one off'. So get them added on to your policy for a couple of weeks instead.
Splashing out
A new plasma TV or top of the range kitchen appliances could push you over the limit on home insurance cover. Check your policy along with any individual article limit. And every year when your insurance is up for renewal do a room by room check to ensure it's up to date. Try the Confused.com home contents calculator, available as an iPhone app to help you tot up your contents.
Your social life
Your car insurer won't want to hear what you've been up to every weekend, but if you drive less than the average 10,000 miles a year, you'll save money, so factor this in when getting quotes for car insurance.
Changes to your car
New wheels or modifications mean your car will cost more to fix if you're in an accident. Forgetting to tell your insurer may mean they'll only pay out for damage to the other vehicle, and not yours, if there's an accident. And if you deliberately avoid coming clean about changes you risk fraud charges.
Gifts & presents
An expensive sparkler on your finger and you may need it listed separately on your insurance. Most home insurance policies have a single article limit of around £1,500, particularly for jewellery, and worth adding on cover ‘away from home' in case you lose it while out.
A wedding
Singletons are generally classed as a higher insurance risk than couples when out on the roads and getting married or moving in with your partner can cut the cost of your motor premium. Likewise if you're single again after a divorce or widowed it could mean your policy price goes up.
A burglar alarm
Having one fitted to your car or home can mean cheaper insurance as can having new window and door locks on your property. Check first which systems and locks are the ‘insurer approved' ones to guarantee the biggest discounts.
Moving house
This works both ways and can mean higher or lower premiums depending on the area you move to. If say you've now got a garage or off road parking rather than fighting for space on the road you'll pay less but in some areas even moving just a couple of streets away can boost your premium depending on the postcode.
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For cheap home insurance quotes visit http://www.confused.com |
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