Auto insurance renewal: What should you report?
Changing your address
If you moved, notify your insurance company. This information is important if you prefer to receive your documents by mail! Also, your insurer should have on file the address of each driver insured on your vehicle to establish the right rate. If your teens are living away from home while in school, their actual home address should be listed on their car insurance.
Changing employment or employer
This can also affect your insurance premium if your driving habits change. For example, if you used to take public transit to work, but now drive to your new job, your premium may increase because you drive more often.
You’re now part of an association or professional order? Check whether your insurer is partnering with them. If so, you can save on your car insurance.
Establishing your new driving habits
In addition to a change in your professional life, you may go through other events, such as a move, marriage or retirement that may result in changes to your driving habits if:
- you drive more often.
- you increase or decrease the distance you drive.
- you plan to drive outside your province of residence and want to make sure you are adequately covered during your stay.
These changes can potentially change your insurance premium.
Adding or removing a driver
Notify your insurer of any changes to the drivers listed in your file. For example, if your teenager buys his or her own car and no longer drives yours, you can have your teenager’s name removed from your file to lower your premium. On the other hand, if your spouse occasionally drives your car, you should consider adding him or her to your file.
Each family member who drives your vehicle has a different driver profile that affects your premium. Adding another driver to your file ensures that everyone in your family is protected in the event of an accident.
Reporting the installation of an anti-theft or tracking system
Having one of these systems installed on your vehicle can lower your premium. Ask your insurer about any equipment that can boost the performance of your vehicle so that it can be covered in case of a claim.
Storing and taking your vehicle out of storage
Do you own a collector car or convertible that needs to be stored for the winter? Report this to your insurer to lower your premium during the period it is in storage.
Reporting a suspended licence
Did you or another driver of your vehicle commit a traffic violation resulting in a suspended licence? Report it to your insurer, otherwise, your indemnity may be reduced in the event of a claim.
Adding coverage if you rent a vehicle on a short-term basis
If you rent a vehicle for regular trips, report it to your insurer. Civil liability resulting from damage to non-owned automobiles (Q.E.F No. 27) coverage may be added to your initial contract to cover you when you’re driving a rental vehicle. This coverage may be more cost-effective for you than the one offered by the rental company.
In short, remember to let your insurer know about any changes in your situation. Your insurer will be able to tell you whether this has any impact on your file.