If you are like most people, the only times you think of reviewing your insurance policy are if you are making a claim or when you get your renewal notice in the mail. But did you know that there are a number of common changes to your driving profile that require you to notify your insurance company or insurance professional?
How you use your vehicle forms part of your driving profile and how you use your vehicle today can be different from the way you used your vehicle at the time you completed the original application for car insurance. Depending upon what has changed, you could find yourself without coverage or reduced coverage in the event of an accident.
To ensure that you are protected at all times, here are five instances when you should always contact your insurance professional:
1. Changes to the use of your vehicle. Let your insurance professional know if the use of your vehicle since the time of your application has changed; for example, from pleasure to its current use to make sales calls or deliveries, even if you only do this part-time.
2. Changes to the drivers of your vehicle. If there are changes to the people who are driving your vehicle, make sure to provide your insurance professional with an up-to-date list of the drivers along with their driving information. Make sure to include any of your children who may now be licenced drivers and were not when you applied for auto insurance.
3. Vehicle modifications. Let your insurance professional know if you have made any changes to your vehicle since your application. Changes like altering the suspension or major enhancements to your engine could impact your coverage.
4. Change of address. Let your insurance professional know if you have moved, even if it is within the same neighborhood. Part of your rate is based on where you live and even moving a small distance can have a significant impact on what you pay.
5. Are you being paid to drive? If you or someone else using your car receives compensation for being a driver, you need to let your insurance professional know to ensure that you are covered.
When in doubt about whether or not a change affects your policy, play it safe and make the call. Don't leave it until you are making a claim or you receive your renewal notice. Similarly, if you suspect you might be overpaying on your car insurance, there's no reason to wait to shop around for a better rate.