Having a discussion at work - when do you have to inform your insurer?
Is it straight away, or at next renewal?
I reckon it's straight away, but can't find any proof of this on the internet, can anyone help?
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Straightaway and the premium may or may not increase depending on offfence and attitude of the insurer.
Son got 3 pts and £60 speeding fine - insurance lopped on £35 / year and that will be 3 years!!
Friend with similar 3 pts spoke to his insurance company - they noted the 3 pts and did not increase the premium at all.
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Just checked this out with my insurers who state that in strict legal terms they should be notified of any convictions and points on license at next renewal date albeit they advise that early notification to them is advisable lest you forget to mention it upon renewal!
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When this happened to me (SP30) my broker confirmed that you only need to advise at renewal time and do not need to at the time. I'm not sure whether these relates to 'all' convictions or just SP's - which are now very common. I'd guess there could be more drivers with endorsements now than without -- any views?
As regards loading, this would depend on the ins co -- some allow 1 or 2 SP's with no loading, others don't.
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If during the course of the insurance year you cop a dangerous driving charge and get 6 points, if you subsequently have an accident you are going to be in deep bother with your insurance company.
You will find in your small print a clause re informing them about any material changes in your cirumstances that may affect their risk. How you interpret that is up to you but it may have consequences.
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RF - currently 1 Renault short of a family
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for example, this is just what one motor insurance company states:
7. What should I do if my circumstances change during the period of insurance?
You must tell us as soon as possible if any of the following occur:
you make changes to your car which improves its value, performance or attractiveness to thieves
you change your car
you want to use your car for a purpose not included in your schedule
you become aware of any medical condition of any driver named on the policy which may affect their ability to drive
you or any other driver named on the policy are convicted of a motoring offence other than fixed-penalty parking offences
you change the address where you normally keep your car
you or any other driver named on the policy change your occupation
you change your annual mileage.
We may then re-assess your cover and premium. If you don't tell us about any relevant changes, we may reject or reduce any claim or treat you as being uninsured. We may charge you an administration fee for any changes you make to your policy details during the period of cover. This is shown in your policy schedule.
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Son got 3 pts and £60 speeding fine - insurance lopped on £35 / year and that will be 3 years!!
Make that 5 years (that most companies ask for offences) or 4 years that the points are on your licence.
Martin
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From the sound of the above, it can vary from company to company, and you really need to read the small print.
Should re-assure - I have not copped any points, is just a discussion.
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I would advise anyone to tell their insurers immediately after they receive the points.
Then the ball's in their court as to what to do.
Nothing can be taken for granted. My Van insurance company hadn't even listed the accident I had last year in the van - the one they paid out for!
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When I got done for speeding, I informed my insurance company straight away. They said my premium would go up by 10% at next renewal, and be at that higher level for 3 to 5 yrs. When it came to renewal, I was pleasantly surprised that the premium had not increased, so thought I should check that they had taken my offence into account.
Oh no, they said - we'll charge you 10% more, and also charge your wife 10% more - as you are a named driver on her policy. When I complained I had already told them, they said that wasn't relevant - the obligation was on me to disclose all material facts at time of renewal, even though they already had a record of my earlier telecon.
Very unimpressed, and this was one of the big insurers. Needless to say, have now switched to another insurance company!
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