Failing to write this correctly on your car insurance premium could invalidate your policy
DRIVERS have been warned that a failure to update their policy could land them in trouble and see their policy invalidated.
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Drivers are being warned that making a few innocent mistakes could invalidate their car insurance premium.
One thing that is absolutely crucial for a motorist to do is keep their car insurance premium up to date and accurate.
Some fairly innocuous things, such as forgetting to change your job title, could put drivers in a situation where their policy is invalid and they would fail to receive a payout in an accident.
Simon McCulloch, Director of Insurance at comparethemarket.com said that the motorists’ job title and address will affect how their premium is calculated and alterations could skew the results.
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He said: “Each year thousands of drivers change job role, and many will be unaware of the possible affect this may have on their car insurance policy.
“Insurers use complex algorithms to determine an individual’s premium and, although a job title may seem insignificant, insurers have found that their claims experience for individual job categories will vary widely.
When motorists move house or change job they just should inform their insurer.
This is because the area you move to or from could be perceived to be safer or more dangerous or you may be taking the vehicle from being parked on a garage to being parked on the road, which are sliding variables in the calculation.
Drivers also run the risk invalidating their car insurance by failing to keep this information updated.
You could risk invalidating your policy altogether, so it’s worth checking to be sure
“It is also worth noting that if you fail to inform your insurer about a change in occupation, you could risk invalidating your policy altogether, so it’s worth checking to be sure,” added Mr McCulloch.
Other ways drivers can run the risk of voiding their premium is by not being truthful about who the main driver is.
The process, often referred to as fronting, puts a more experienced driver as the main named person on the premium of a younger, newer driver to reduce the overall costs.
This can not only invalidate the premium but if the case does to court drivers could be penalised with a fine of up to £5,000.
Drivers are also encouraged to be completely honest about their job title and what mileage they expect to cover across the space of a year.
Different job titles can increase or decrease the amount a driver has to pay and having a title that is inappropriate could affect ability to make a claim of invalidate the insurance.
This is also true for underestimating the mileage.
