WEDNESDAY, JANUARY 27, 2021
When you move, you have to take everything you own with you, not least your car. However, moving your car is about more than just physically moving it. It’s also about legally moving the car to your new address. Among several legal transfers you will have to make is the transfer of your auto insurance.
Your auto insurance policy reflects not only the risks posed by your vehicle ownership status and driving habits, but also those posed by your location. Therefore, when you move, you must make certain that your auto policy reflects the risks you face in your new place of residence. Your insurance agent can help you update and adjust your coverage so that always continues to provide optimized protection.
Call Your Insurer When You Move
By moving, you expose your vehicle to different risks than those present at your previous residence. Your car resides in a different place day to day, and even by simply changing the route of your commute, you will face different chances of an accident occurring. This might cause your chances of making an auto insurance claim to increase or decrease, which might also influence both your coverage needs and premiums.
The primary reason that you might see changes in your auto insurance is because different communities have different driving risks. For example, if you move from a rural community to an urban one, then you will face considerably higher accident risks in the latter location. That will equal more of a cost risk to your insurer, and as a result, your auto insurance premiums might increase, even if you have no accident on your record. Even moving a few miles might change your risk profile enough to raise your premiums.
Additionally, by moving, you must also adopt different driving hazards. For example, what was once a 15-mile commute might double to 30 miles. Therefore, you are on the road twice as long, and might travel through areas where there are higher accident risks. It might be a good idea at this time to review your auto insurance policy with your agent. They can tell you if you need to update your coverage to ensure that you continue to receive optimized coverage.
Still, you don’t want to face a spike in your auto insurance premiums just because you moved. There’s no harm in talking to your agent when you relocate to see if they can recommend any changes that will help you avoid or minimize any potential increase in your auto insurance premium.
Plus, by relocating, you must update the address on your auto insurance plan to reflect your new place of residence. If you fail to do so, then you might face challenges, which could include a denial of your claims and the further risk of policy cancellation. Therefore, just consider updating your auto insurance an essential part of moving. It’s something to put near the top of your to-do list.
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