One of the most important considerations drivers have to deal with is taking care of their motor insurance. They take great steps to ensure they do not violate their policy, in case some unforeseen catastrophe should rear its head and you are involved in an accident and you need the policy to pay up. However, a recent survey has revealed a large number of motorists may be knowingly voiding their car insurance by making what could be called straightforward mistakes with their policies.
Sources say over 50% of people in the UK have carried out acts which can void their car and home insurance. It could leave homeowners and drivers without cover, should they have a road accident or be a victim of a crime such as a burglary – in some instances, motorists may not be aware certain actions could cost them their insurance. For instance, many people may not realise that allowing another motorist to drive their car could cause their premium to be cancelled and there are other acts that could get you in trouble.
This is an astonishing fact: 13% of British people have disclosed they have started a new job without informing their car insurer, in spite the fact 45% of UK drivers knowing it could void their car insurance (the fact that 45% of drivers know that is an astonishing fact itself!).
Many different considerations are taken into account when figuring out how much your car premiums are and certain jobs are thought to be riskier which can affect how much you pay. So, if you have changed from a comparatively safe to a more dangerous occupation without letting your insurer know, it could invalidate your policy.
There have also been instances of people not properly disclosing their professional circumstances leading to drivers losing their cover. The research has shown that students who do not have a job and call themselves unemployed can increase their premium by over half, at a cost of almost £7000.
Naturally, basic security of your car should be common sense, including locking your car and setting your alarm (normally with a double-click of your car transponder) however, not everyone does lock their car, particularly if parked in their driveway or stopping briefly at a shop.
This goes to show how, by making only the slightest error, or by failing to share the correct information, you could either add to your insurance premiums or lose the policy altogether – what could that cost you in the long run?
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