If you change your address does your insurance premium change?

Ricochet J · 23 Oct 2008 at 19:34

Say if you move from a low risk area to a higher risk area within your policy are you as a customer obliged to pay the increase? Or once the plan has been taken out that's it, it is a fixed deal between yourself and the broker?

Rainmaker · 23 Oct 2008 at 19:38

Your price will increase proportional to their perceived increase in the risk. They may or may not also charge an 'admin fee' for changing the policy. Just ring them and ask

NathanE · 23 Oct 2008 at 19:38

You have to tell your insurer and it is most likely they'll ask for some more money on the spot.

MarkDavis · 23 Oct 2008 at 19:38

Yes, the premium will change.

The contract of the insurance is based on the information you give them at the time the contract was entered into. If that changes, and you don't notify them, the contract is void ab initio if you make a claim (and they find out you've moved but without telling them).

gillywibble · 23 Oct 2008 at 19:39

MarkDavis said:
Yes, the premium will change.

The contract of the insurance is based on the information you give them at the time the contract was entered. If that changes, and you don't notify them, the contract can be void ab initio.

No it can't. It can be voided from the time of material change, not from inception.

MarkDavis · 23 Oct 2008 at 19:45

Voidable then rather ab inito. Happy?

At the end of the day, the bottom line is they can potentially refuse to pay out if you haven't notified them of the change.

agw_01 · 23 Oct 2008 at 20:58

ignore me.

stoofa · 23 Oct 2008 at 23:32

Ricochet J said:
Say if you move from a low risk area to a higher risk area within your policy are you as a customer obliged to pay the increase? Or once the plan has been taken out that's it, it is a fixed deal between yourself and the broker?

If I insure a car on day 1 and then on day 10 slap a Turbo on it - am I obliged to pay the extra or as the plan has already been taken out, that's it?

Look at moving from a low risk area to a high risk area as a "modification" to your vehicle, hence the need to inform the insurance company and pay the difference on the increased premium.