Car insurance - retired

rubble2

Apologies if this has been covered before.

I have just retired from self employment, my car insurance covers both myself and my wife for business use as well as the usual social/domestic etc.
I am guessing that there is no need to inform insurer about future lack of business use as policy is fully paid annually and to be frank, they don't know what the purpose of my trips are on a daily basis.

What I really want to know is when it comes to renewal (April) is it necessary/advantageous to delete the business use element of the renewal or if there is no financial impact, can I just renew again under the same terms?

Thanks

dunstonh

Don't assume that a change in occupation from self-employed to retired will automatically remove business use.  You should inform them of the occupation change and the removal of business use.

DullGreyGuy

The difference between SDPC and Business Class 2 is typically small (difference between SDPC and Business Class 1 can often be nothing). 

If you aren't working though then you could reduce it to SDP and remove the Commuting element and that does tend to have a more material saving if both of you are retiring.