Retiring - Do I need to tell my car & home insurance?

pimento

As per the title, I'm retiring on Friday. I have no immediate plans to work but might take on a part-time job if one presents itself to me.

Do I need to tell either my car or home insurer? Is it a material change in circumstances?

If I do, is it likely to cost me more money?

Thanks

AnotherJoe

I told my car insurer, i think i got two quid a year off or something like that. The main reason to do it is so they cant come back after a claim and say that because you didn't tell them your insurance is nullified. Do say you've retired. Do not say you are unemployed as i have read that will raise premiums.

i didn't tell my house insurer simply because i didnt even think about it On the face of it, as you will be at home for more than before, that should not increase their risk but its probably a good idea to do it anyway.

huckster

You would notify any Insurance of change in occupation, if they asked you for your occupation at the time of applying.

So yes do notify Car and Home Insurers, as occupation is a risk factor in their calculations. It might not change the premiums you pay as a mid term change. But at renewal time, it would certainly be worth shopping around, as you may be more attractive to companies, as a safer risk.

But also think about any other Insurances you have taken out, if any.

pimento

Thanks. I think I only have car and home insurance. I'll give them a call.

pimento

Just an update. I'm retiring today and told my motor insurer who charged me £6.53.

The home policy didn't seem to have a section for occupation.

I thought it would be cheaper. I should have realsied that insurance is rarely cheaper..

Quentin

£6.53 is cheap for making a mid term change.

Most insurers charge admin fee (£20 upwards)

Maybe your change of occupation in fact resulted in a reduction in premium!

(Which got wiped out by the admin charge)

McKneff

Mine uppued mine 50 quid . They said because i was not at work, i would likely be out in the car more therefore increasimg the risk.

I didnt renew with them when it came around

pimento

Quentin wrote: »

£6.53 is cheap for making a mid term change.

Most insurers charge admin fee (£20 upwards)

Maybe your change of occupation in fact resulted in a reduction in premium!

(Which got wiped out by the admin charge)

Ah yes, I didn't think of this.

pimento

McKneff wrote: »

Mine uppued mine 50 quid . They said because i was not at work, i would likely be out in the car more therefore increasimg the risk.

I didnt renew with them when it came around

Wow! That's cheeky (of them, not you.)

QuagaarWarrior

Don't forget to check other aspects of your insurance...now you're retired have your contact details changed? Has your mileage changed? Presumably your property is now occupied during the day? Is your car now kept somewhere else during the day (drive way instead of work car park for example)?
There's probably plenty of others I just can't think of them off the top of my head

System

Same with mine - Privilege. No charge, same premium.