Retired - need to tell motor insurance co.?

tenchy

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?

Quentin

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

Which is a right pain, if you retire and then decide to get a little part time job later on.

tenchy

Sea_Shell wrote: »

Which is a right pain, if you retire and then decide to get a little part time job later on.

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!!

System

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

Or insure with an insurer that doesn't charge an admin fee such as direct line?

AnotherJoe

tenchy wrote: »

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?

“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

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".