PRESS RELEASE: April 3, 2012 - An insurance provider can only provide the best coverage and car insurance quotes when they are kept up to date on any changes that affect these items. Keeping the insurance company in the loop regarding life changes as well as anything else that affects how insurance policies are written and rated is important to accuracy. These tips from InsuranceHotline.com make it easy to know when contacting the insurance company is a good idea – or if it’s even required.
Most people only contact their insurance company when there is a claim to be filed or a problem with a bill. InsuranceHotline.com notes that there are some other times when it’s important to make a phone call and review policy information. Changes such as a move, a new job with a very different commute or requiring business use of the vehicle, a new driver in the household or the addition of after-market parts to a vehicle all require a fresh look at insurance policies.
Location Changes – Home or Work
If anything that affects where the car is kept or how far it is driven daily changes, it’s time to put in a call to the insurance company. The location where the car is kept, often referred to as the "garaging address" by the insurance company, may affect insurance quotes. A move to a new home is not just important information for the insurance company in terms of contacting an insured person – it is important information for the policy itself.
Equally important is a change in where the vehicle is being driven on a daily basis and how far. A large jump in commuting distance can make a change in the rates. The same applies to the opposite. Put in a call to the insurance company in the event of:
- A move to a new home
- A change in where the car is parked, such as in a locked garage rather than the street
- A new job with a large difference in commuting distance
- Retirement or working from home, removing commuting entirely
Driver and Vehicle Changes
Any time a new driver or a new vehicle is added to the household, calling the insurance company to let them know right away is vital. Whether a young driver has just been licensed or a new person moved into the household via marriage or in any other status that means they need to be on the policy, the insurance company needs to know.
When purchasing a new car, there is a limit on how long the insurance company will allow for reporting this information. Most vehicle dealers will not let you take the car off the lot without proof that insurance is in place. It’s best to call with the new vehicle information right away to ensure that coverage is in place in case anything happens. Put in that call right away if:
- A car on the policy is replaced with a different one
- A car is sold
- A new car has been purchased
- A new driver has entered the household
- A young driver has obtained their license or will do so soon
Additions to a Vehicle
Although not everything that can potentially be done after-market to a vehicle is insurable, it’s certain that the insurance company won’t cover if it they don’t know about it. Putting in a new stereo system or valuable wheels might be insurable items if they are documented properly. It’s important to discuss what is covered and what is not with the insurance company rather than get a surprise when a claim is filed, especially when putting a lot of money into upgrades.
There is another side to this as well; if an anti-theft device is added to the vehicle there may be a discount available. The insurance company won’t add the discount if they don’t know about it, so make the call.