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  • FIRST POST
    • tenchy
    • By tenchy 9th Jan 18, 2:49 PM
    • 188Posts
    • 41Thanks
    tenchy
    Retired - need to tell motor insurance co.?
    • #1
    • 9th Jan 18, 2:49 PM
    Retired - need to tell motor insurance co.? 9th Jan 18 at 2:49 PM
    If I don't tell them are they likely to try and wriggle out of any claim? I'm retired as of 1/1/18 but might get part work at some point. At the moment I'm down with them as 'Employed'. Typically, is there a charge for updating this type of information?
Page 1
    • Quentin
    • By Quentin 9th Jan 18, 3:22 PM
    • 34,130 Posts
    • 18,081 Thanks
    Quentin
    • #2
    • 9th Jan 18, 3:22 PM
    • #2
    • 9th Jan 18, 3:22 PM
    You do need to notify this change and with most insurers expect admin fee together with premium adjustment (up or down - depending on what your employment was rated)

    Material changes like this not disclosed will be a breach of the policy conditions allowing them to cancel the policy when it comes to light
    • Sea Shell
    • By Sea Shell 9th Jan 18, 3:40 PM
    • 459 Posts
    • 467 Thanks
    Sea Shell
    • #3
    • 9th Jan 18, 3:40 PM
    • #3
    • 9th Jan 18, 3:40 PM
    Which is a right pain, if you retire and then decide to get a little part time job later on.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • tenchy
    • By tenchy 9th Jan 18, 4:09 PM
    • 188 Posts
    • 41 Thanks
    tenchy
    • #4
    • 9th Jan 18, 4:09 PM
    • #4
    • 9th Jan 18, 4:09 PM
    Which is a right pain, if you retire and then decide to get a little part time job later on.
    Originally posted by Sea Shell

    Yes, and this is what concerns me. It's entirely possible I could get part-time, full-time or short-term work, be retired again or a combination of all, and with different employers. So I could be ringing up the insurance company several times during the term of the policy, and each time having to pay £25!!
    • Clifford_Pope
    • By Clifford_Pope 10th Jan 18, 7:16 AM
    • 3,447 Posts
    • 3,543 Thanks
    Clifford_Pope
    • #5
    • 10th Jan 18, 7:16 AM
    • #5
    • 10th Jan 18, 7:16 AM
    When I retired from paid employment but remained a non-executive director I asked the insurance company what category I should now declare.
    Privilege said it didn't matter and made no difference to the premium, but if I opted for "director" rather than "retired" I'd still get the driving to a fixed place of work cover.
    They seemed to be taking the commonsense line that these days there is no clear demarcation, and that people can be in several categories of employment/occupation at the same time.
    • oscarward
    • By oscarward 10th Jan 18, 6:57 PM
    • 590 Posts
    • 221 Thanks
    oscarward
    • #6
    • 10th Jan 18, 6:57 PM
    • #6
    • 10th Jan 18, 6:57 PM
    Or insure with an insurer that doesn't charge an admin fee such as direct line?
    • AnotherJoe
    • By AnotherJoe 10th Jan 18, 7:24 PM
    • 7,905 Posts
    • 8,498 Thanks
    AnotherJoe
    • #7
    • 10th Jan 18, 7:24 PM
    • #7
    • 10th Jan 18, 7:24 PM
    If I don't tell them are they likely to try and wriggle out of any claim? I'm retired as of 1/1/18 but might get part work at some point. At the moment I'm down with them as 'Employed'. Typically, is there a charge for updating this type of information?
    Originally posted by tenchy
    “Typically” ? No idea. Try googling your specific insurer as that’s all that matters. Mine dropped by a few pounds when I phoned and there was no charge to change it (Direct line).

    Anyway, yes you had better do it because yes they are insurers and so will try to wriggle out.
    • Cornucopia
    • By Cornucopia 10th Jan 18, 8:42 PM
    • 9,651 Posts
    • 9,310 Thanks
    Cornucopia
    • #8
    • 10th Jan 18, 8:42 PM
    • #8
    • 10th Jan 18, 8:42 PM
    Yes, you have to tell them, but I would say tell them all that you plan to be doing over the premium year, making it clear that there is a degree of speculation about it. That should help avoid the need for repeat calls later. (The issue is not telling them things that you are doing, not so much the other way around).

    I do various things in self-employment, so I simply told the Insurers what they all are, and I now have this pleasant sounding clause on my Policy: "and for use in connection with the Businesses of the Policyholder".
    Last edited by Cornucopia; 10-01-2018 at 8:44 PM.
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