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Moving house and car insurance

Moving house is one of the most exciting times in your life, but it is also one of the most stressful. With so many different things to organise, from gas and electric final bills to changing ‘phone lines, broadband and satellite TV, it’s no wonder that many people forget to let their car insurance company know that they have moved.

But did you know that changing address can invalidate your car insurance policy because the terms of that policy are based on your old address. It can work both ways – your new insurance may be more expensive, but it can also be cheaper.

How will moving house affect your car insurance?

Several things about your new address could change your car insurance premium:

  • New postcode – most insurers use your postcode to assess the risk in insuring your vehicle. You may have only moved down the road, and the area may seem exactly the same to you, but your insurance company may see things differently. On the plus side, moving to a better area may actually reduce what you pay for your car insurance.
  • New circumstances – where you leave your car overnight is another major factor in assessing the risk. If you no longer have a drive and have to park on the street, this could push your policy price up. However, if your new home has a lockable garage, you could save on your policy.
  • New job – if, like many people, you have moved house for a new job, you need to let your insurer know this. Your new job may affect the cost of your car insurance. If you have to drive further to work, or you actually spend some time on the road, your monthly mileage will increase and this will affect your premium. If you start to work from home, less miles means less costly car insurance.

Remember car insurance is your responsibility

It is your responsibility to inform your car insurer of any changes in circumstances, including a change of address, so make sure you don’t forget in all the madness of moving. If you fail to let them know, and your car is stolen from your new home, or you have an accident, you could find that they will not pay out on your policy.

Moving house is a good time to shop around for a better value car insurance policy, as different insurers assess postcodes in different ways. What might have been the best deal at your old address may not be the best deal for your new home. Octagon Insurance will always be happy to give you a competitive car insurance quote for your new address.

Be safe when moving house

Many people use their cars a lot when moving home, making regular trips back and forth with goods and chattels, and carrying valuables in their cars that they wouldn’t normally carry. If you do this, remember to keep such valuables out of sight if you leave them in your car, as sneak thieves need little encouragement to break in and steal your stuff. You should also check your car insurance to ensure you have enough cover for the contents you are transporting.

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One Quote Direct Insurance Services Limited trading as Octagon Insurance Services is an appointed representative of Europa Group Limited and acts as a credit broker and not a lender in relation to premium finance contracts. Registered as a limited company in England and Wales No. 5479983. Europa Group Limited is authorised and regulated by the Financial Conduct Authority, Financial Services Register No. 309794. Registered office: Europa House, Midland Way, Thornbury, Bristol, BS35 2JX.

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