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Insurance - Does moving addresses affect policy?

Discussion in 'Businesses and Service Providers' started by gracebeey, Sep 26, 2007.

  1. Hi all,

    I'm looking into getting a new policy (comprehensive) - as I just got a new bike. One of the things I'm wondering is: what happens to your insurance policy if you move addresses after paying the premium?

    For example:

    In January, Ms. G lives in a nice, safe suburb. Ms. G pays annual premium for $100 (upfront payment). Then in April, Ms. G moves to a shitbox of a suburb where crime is rampant and bikies don't dare come after dark.
    Normally, premium in the shitbox suburb would be $3gazillion / annum.

    However, considering Ms. G already paid for her annual premium in Jan, does she have to do anything else? Ie. notify the insurer that she changed addresses? If so, will the insurers make her pay the shortfall between what she should pay in the new address, or would the old policy continue on until renewal time (when it gets reassessed)?

    The reason I ask is because I will be moving to Melbourne 6 months into the policy. Do I have to cancel the policy then and get another policy, or can I just let it run its course and then at renewal time they can reassess the premium?

    I'm a bit confused, so any help would be great!

    Thanks in advance,

  2. You should tell your co. that you are moving and changing address, or the renewal will end up nowhere.
    I'm not an underwriter but I'll take a stab and say that most co's will simply let the policy expire and worry about an increase at renewal time.

    But I'm just using common sense. Which, unfortunately, these days, is no where near as common as one would like for it to be :)
  3. gracebeey,
    The suburb does matter,
    my brother has pay by the month on his comp cover,
    called the insurer, changed the address,
    the suburb we moved too is cheaper for his cover,
    Some are dearer, depends on the stats for the suburb.

    Definate tell them of the change of address,
    don't give the insurer any excuse not to pay out on a claim,
    bacause they will take the smallest and run with it.

  4. Scuzzy suburbs can be cheaper because they cant afford bikes to crash or to make a claim when they do crah.

    I'd agree with vic, they usually wont change a policy until it is completed.

    Dont forget to tell them all the mods - including the Yoshi.
  5. When we moved there were 3 insurers involved. All three tried to to jack the prices on the premiums on the spot. All three lost the business at renewal time.

    If you DON'T advise them as soon as you move and you have to make a claim from that address you will find life becomes complicated and joyless.
  6. Every policy has a section covering your "Duty of Disclosure" which in simple terms means you MUST let them know of anything which could affect your policy as soon as you become aware of it.

    This would include changes in rego, speeding tickets, modifications to the bike and the biggie, changes to the garaged address of the bike (physical address of it to changes from on street to back yard or in garage parking and so on).
  7. Make a difference? I moved 500m down the road (into a different postcode) and the policy went up $150 a year!!! :evil:
    Tell 'em though. Tell 'em everything.
  8. You only have to tell them if you want them to pay out. If anything in reality doesn't match what's on the paperwork they'll leave you high and dry...