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Mar 17

Is your insurance valid?

Posted by:AutoMoney

Did you know that there are certain things than can invalidate your car insurance and mean that it is effectively cancelled? We have listed a few of these factors below:

Have you had a change of job?

When you apply for your insurance, you will be asked, either online or over the phone, for your job title. This has an impact on your premium as well as your ability to make a claim in the future. Although many of us probably do not think to do it, you should notify your insurance company once you have changed job or job title. This is all down to the fact that different jobs come with different risks associated with them and insurance firms then rate these jobs and risks accordingly. In some cases, people have filed a claim with their insurers, but as their job was different to the one held on record, their policy was invalid - leaving them with no insurance and no cover.

Added a few stickers?

Added a few stickers?Stickers added onto a car or vehicle can be classed as modification by some insurers. A famous case saw a vicar send in to her insurers a number of photographs of her car following a rather nasty crash. The photos covered all angles and clearly showed the damage. But the photographs also showed a rather large sticker attached to the bonnet of the car declaring ‘Christ for me’. Her insurers immediately asked how long the sticker had been there for and also why they had not been notified previously. Unfortunately, the insurers told the vicar that if they had been made aware of the stickers at the time the policy was bought, they would have declined the transaction and not insured her in the first place. On this occasion, they did cough up, but is it worth the risk?

Usage of the car

Insuring your car for purely “social use” can be much cheaper than if you also include “work use”. But you need to be honest with your insurer otherwise you could run into problems. Generally speaking, social usage is reserved for weekends and evenings, so if you make a claim for an accident that has happened at 9am on the way to work, you may find that your insurance company decline to pay out or cover you, as the insurance may be invalid in their eyes.

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350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.