Redundancy-affect car insurance?

smarston

I have 2 cars which I insured when I was emoloyed,both full comp do I need to notify insurance company I have been made redundant?
I/we use cars less now in fact will have to sell one probably.
Also will insurance go up/down or stay same?
Thanks

Quentin

They usually do need change of occupation notifying ASAP (check your policy regarding this, as some insurers will say they only need notifying at renewal).

You can check the effect this will have on your premium by doing some virtual quotes online and changing your occupation.

Ada3050

Just been doing a few quotes, my premium jumps £70 for being unemployed!

I wouldn't mind, but I only use it a couple of times a week, so it should come down!

lisyloo

Not necessarily.
People who drive less can be statistically more risky.

I know what you mean, but they look at statistics not logic.

jamesdrew

You only need to advise at renewal because it is your occupation when you took out the policy on which the premium is based. Hopefully you will have a new job when you next renew.

raskazz

jamesdrew wrote: »

You only need to advise at renewal because it is your occupation when you took out the policy on which the premium is based. Hopefully you will have a new job when you next renew.

Bad advice. Many, if not most, policies contain a clause that requires you to disclose a change of occupation.

For example:

"You must tell us immediately if any of the following details change:
...
if you, or anyone covered by this policy change jobs, including
part time."

(Direct Line)

"Please tell us immediately if:
...
you or any insured drivers change address or occupation;"

(Hastings Direct)

"You must tell us as soon as possible if any of the following happens:
...
you or any other driver covered by your policy, change your occupation;"

(esure)