Informing your insurance when you recieve points ???
Discussion
You have to tell them of anything immediately. It will always or should say in your terms and conditions. Also, as an insurance policy, you have a situation of trust where you must inform them immediately of anything relevant to your insurance.
For example, you would think it was a breach of contract if they decided that they had a change of policy and would not insure your stereo any more. If they then also decided that they would not tell you until renewal time, you would be seriously hacked off!
I was in a similar sitution. With Direct Line, I told them of that the court case was coming up, and they logged that I had informed them. This would cover my ass later if needed. When I was convicted, I also told them the same day. It only changes the cost of the policy when you come to renew.
I have heard of some lightly based argument on that a 'caution' and accepting a fixed penalty is different to conviction, and thus you dont 'really need' to tell them, but to be frank I would not rely on that when you write your £30k car off and do £30k worth of damage to another car and some council property, because I can guess that when an insurance company is left with trying to get out of a £60k bill, they would check *everything*.
For example, you would think it was a breach of contract if they decided that they had a change of policy and would not insure your stereo any more. If they then also decided that they would not tell you until renewal time, you would be seriously hacked off!
I was in a similar sitution. With Direct Line, I told them of that the court case was coming up, and they logged that I had informed them. This would cover my ass later if needed. When I was convicted, I also told them the same day. It only changes the cost of the policy when you come to renew.
I have heard of some lightly based argument on that a 'caution' and accepting a fixed penalty is different to conviction, and thus you dont 'really need' to tell them, but to be frank I would not rely on that when you write your £30k car off and do £30k worth of damage to another car and some council property, because I can guess that when an insurance company is left with trying to get out of a £60k bill, they would check *everything*.
You should tell them of course and they can put up the premium since the risk has changed.
After all, it's just like how they refund you some premium when during their mid year rate review it's discovered that your car is less risky than they first thought. Just like when you put a tracker on and reduce the risk of a claim. Just like when your points expire part way through the insurance term so your risk goes down. Just like when you don't actually do as many miles as you said you would at the start. Just like when you get a garage built and start parking it in there instead of on the road.
These circumstances also require a change in the cost of the insurance mid term, so you get a refund. Don't you? Well why ever not?
SM
After all, it's just like how they refund you some premium when during their mid year rate review it's discovered that your car is less risky than they first thought. Just like when you put a tracker on and reduce the risk of a claim. Just like when your points expire part way through the insurance term so your risk goes down. Just like when you don't actually do as many miles as you said you would at the start. Just like when you get a garage built and start parking it in there instead of on the road.
These circumstances also require a change in the cost of the insurance mid term, so you get a refund. Don't you? Well why ever not?
SM
supermono said:
You should tell them of course and they can put up the premium since the risk has changed.
After all, it's just like how they refund you some premium when during their mid year rate review it's discovered that your car is less risky than they first thought. Just like when you put a tracker on and reduce the risk of a claim. Just like when your points expire part way through the insurance term so your risk goes down. Just like when you don't actually do as many miles as you said you would at the start. Just like when you get a garage built and start parking it in there instead of on the road.
These circumstances also require a change in the cost of the insurance mid term, so you get a refund. Don't you? Well why ever not?
SM
Because, when the contact of insurance is accepted by both parties it is on the basic of the exact scenario when the information is given. If the situation changes, and the contract would technically therefore breached by one party (the driver), when the driver informed the insurance company, they make a decision on whether to cancel the contract based on the breach, for example if you were banned, or had a new disability, this would mean they would have no choice but to enfore the breach and end the contract. If it is less serious they could decide to continue with the contract for example if you just got some points. You still have to tell them though.
When it comes to renewal, the start of a new contract applies. It is based on the new information told to them. If they have been told during the year that you have a conviction, they can decide that this increases their risk, and your insurance cost. The other way round is, if you now build a garage, this would decrease their risk and so in the renewal year the contract would be based on that.
The other option is that if you *had* built a garage and you wanted this to reflect in your insurance cost, you are of course able to use any contract ending clause to end the current contract, and then ring them up to start a new one.
>> Edited by justinp1 on Friday 20th January 12:30
Very interesting. So in a nutshell if the risk increases, you pay more. If the risk decreases you pay the same.
I'd like to see a plumber staying in business when he increases his bill if the workload extends, but keeps the price the same if the customer cancels some of the work.
But then insurance companies operate by their own rules don't they?
SM
I'd like to see a plumber staying in business when he increases his bill if the workload extends, but keeps the price the same if the customer cancels some of the work.
But then insurance companies operate by their own rules don't they?
SM
supermono said:
Very interesting. So in a nutshell if the risk increases, you pay more. If the risk decreases you pay the same.
I'd like to see a plumber staying in business when he increases his bill if the workload extends, but keeps the price the same if the customer cancels some of the work.
But then insurance companies operate by their own rules don't they?
SM
Hmm, I dont think thats what I said.
The case is, if the risk increases you pay more, if the risk decreases you pay less. Either way it only comes into force at the end of your current contract. Both you and your insurer have the choice to end the contract, you if you want to start with new, lower terms, and them if you are now a greater risk and uninurable for them.
Tell them straight away - particularly if you have a less known ins co as they are more likely to try and not pay out for a claim.
I have never had probs with ins compamnies reducing premiums when I change circumstances. BUT I try and pay monthly as when you buy the policy strictly speaking you have bought it and are not due a refund if you claim etc..
I have never had probs with ins compamnies reducing premiums when I change circumstances. BUT I try and pay monthly as when you buy the policy strictly speaking you have bought it and are not due a refund if you claim etc..
just checked here www.admiral.com/yourPolicy/policyBooks.phtml
they say notify of endorsments on RENEWAL
and notify of disqualification as it happens.
they say notify of endorsments on RENEWAL
and notify of disqualification as it happens.
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