Car insurance warning: Why parking your car on the drive could invalidate cover
Car insurance policies could be axed if motorists convert their garage as this could increase the overall risk of making a claim. Turning a garage into an office could cause many owners to move their car out of a garage and onto the side of a road, or their driveway.
Failing to inform insurance providers that motorists have moved their vehicle out of its usual place could be considered misleading which carries the risk of invalidation.
In a worst case scenario changing where you park without informing a provider could be considered insurance fraud.
Leaving a vehicle on the street is also seen as more dangerous due to the added risk of vehicle crime.
Disclosing this to insurance providers will likely see an increase in your overall premiums which may leave many to keep the information secret.
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“If you used to park your car in your garage but have since converted that garage into a home office you could run the risk of invalidating your insurance if you fail to disclose this change in your parking arrangements to your insurance provider.”
Invalidating your car insurance will have major consequences for motorists who will face rising costs.
Insurers will refuse to pay out for any repairs needed to your vehicle which could leave owners settling expensive bills worth hundreds of pounds.
Invalidating cover could also see drivers blacklisted from getting out any future policies with traditional insurers.
Many will need to secure future policies from specialist companies which will likely charge more for basic cover.
According to the RAC, where you live can also be important when it comes to parking your vehicle overnight.
Insurance providers will consider your postcode while setting the overall price of your policy with those in areas with high crime rates likely to pay more.
Car insurance firms are increasingly concerned about the security of customers’ cars after the Office for National Statistics reported an eight percent increase in car theft.
Go Compare also says the rise in keyless car theft technology has made it easier for criminals to hack into cars left on the street.
Experts at the British Insurance Brokers Association sys mtorost can reduce the risk of car theft by keeping their vehicle inside a garage overnight.
Motorists will also notice their policies are cheaper if their vehicle is kept in a driveway as this is less likely to be hit by a passing car.
Compare the Market has also urged drivers to ensure their car keys are not left somewhere which could provide easy access to thieves.
This could be viewed as negligent by car insurance companies who could decide to invalidate your cover for this reason alone.
Published at Thu, 30 Apr 2020 06:47:00 +0000