How Britons are risking their auto and home insurance insurance policies | MyWalletHero – Motley Idiot Germany
Image source: Getty Images
Share this page:
Did you know that you could possibly cancel your home or car insurance without realizing it? It's surprisingly easy. Here's a look at some of the main ways Britons accidentally void their insurance policies.
Ways to cancel your car insurance
According to a study by MoneySuperMarket, about 16% of drivers are unaware that they are voiding their car insurance if they do not notify their insurer when they change jobs. However, how else could you void your auto insurance? Well, here are some common – and surprising – mistakes:
- Driving your pet in the car without a restraint system makes you more prone to distractions that can lead to accidents.
- Failure to inform your insurer if you move – your details are incorrect and this risk of parking at your new address is not taken into account by your insurer.
- Convert a car without letting the insurer know – some conversions make your car even more tempting for thieves.
- Change parking spaces overnight – some places are less safe than others.
If your car insurance is invalid, your insurer will reject any claim you may make on your policy. So it's like you have no cover at all!
Ways to cancel your home insurance
According to a study by MoneySuperMarket, more than a quarter (27%) of people do not know that they can cancel their home insurance by leaving a window unlocked when they leave their home. Here are some other surprising ways you can override your policy without knowing it:
- Leaving a door unlocked when leaving the house makes it easier for someone to break in.
- Someone to stay with you for a few weeks – you need to provide a subtenant for your policy to stay in place.
- Post pictures while on vacation – show burglars that your house is empty.
- If you go away for more than 30 days without notifying your insurer – again, you will be leaving your home vulnerable.
When you cancel your home insurance, it's as if the policy never existed. The policy does not cover damage, loss or theft.
Keep your home and car insurance valid
The Easiest Way to Get Your Home and Car Insurance? Make sure you understand all of the terms of your policy. Go through your insurance records and call your insurer if you are unsure or if your insurance coverage is not suitable for your needs.
Remember, if you void your insurance, you will not be covered if something goes wrong. So make sure you know exactly what your policy covers to avoid high unexpected costs. Here are some more tips for sticking with your guidelines:
- If you tell your insurer that you have a fire alarm, make sure it is working.
- Keep garden furniture in a safe place, e.g. B. in a shed.
- Let your insurer know if you change your car in any way.
- If you are the victim of a crime involving your home or car, inform the police and report it to your insurer immediately.
As you can see, it is surprisingly easy to cancel your auto or home insurance. If you invalidate your policy it may make it harder to get coverage in the future, so it is worth keeping your insurance valid.
Is your coverage no longer suitable for your needs? Don't forget that you can shop around for a new policy, and price comparison sites are a good place to start. Visit sites like MoneySuperMarket and Confused.com to fill in some basic details and get quick quotes.
4 iron rules to save money on everything
Our editor Sam Robson has been on a personal cost-cutting mission for years – and it is time to share his wisdom.
Check out his best tips and tricks for saving in this free report. "Sam's 4 iron rules to save money on everything".
Simply enter your email address below for instant access to your free copy.
Was this article helpful?
About the author
Jennifer is a writer who specializes in debt, private banking, and small business finance.
Share this page:
Some offers on MyWalletHero come from our partners – this is how we make money and keep this site running. But does that affect our ratings? Nope. Our commitment is to you. If a product is not good it will be reflected in our rating or we will not list it at all. While we strive to offer the best products available, we don't review every product on the market. Find out more here. The statements above are owned by The Motley Fools only and are not provided or endorsed by any bank advertiser. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard and Tesco.