13 March 2020

When you experience a significant life change, the last person you probably think about telling is your broker. However, some life changes alter your level of risk. Inform your broker of the following life changes: 

  • A new job— Your career has a significant impact on your risk. After all, while some jobs require a lot of time on the road, others offer remote options.
  • A new address— Depending on where you live, you may face greater risks for vandalism or theft.
  • Marriage— Married couples tend to get into fewer accidents and receive cheaper premiums.
  • A driving offence— Points on your licence means higher premiums. If you withhold this information from your insurer, it is a crime.
  • Annual mileage— If you start spending more time on the road, you may be at an increased risk of getting into an accident.

© 2018 Zywave, Inc. All rights reserved. This publication is for informational purposes only. It is not intended to be exhaustive nor should any discussion or opinions be construed as compliance or legal advice. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly.