Your insurers are your rescuers in a way. It’s thanks to them that you will be covered if any of your possessions are stolen or damaged.

This is why it’s crucial to keep them updated when you make any kind of change that may affect or alter your insurance policy.

We asked Juan Manual, director at IDM Home & Motor Insurance, about the kinds of updates you need to filter through to your insurers. He gave us some examples within the context of motor- and home and contents insurance.

Important updates to home and contents insurance

Change of address

Different residential areas have their own level of risk, which influences both the premium you pay and the anti-theft safeguards you need to put in place, such as burglar bars and alarms.

“If a client moves from Cape Town to Johannesburg, then the premium and requirements will differ,” says Manual.

Change in value

Underinsuring your property leaves you at substantial risk. Be sure to arrange cover based on a current, and realistic, replacement value, or market value, for your home and items.

Installation of security measures

Installing security measures such as alarms, burglar bars, and safety gates will enhance the acceptability of any claims you make.

Important updates to motor insurance

Change of address

As with home and contents insurance, a change in residential areas will impact your motor insurance. Manual explains, “Insurance premiums in Pofadder will differ from those in Parow, as the risk and incident ratios for accidents will differ. The higher the risk, the higher the premium.”

Change in the regular driver of the vehicle

Age, the issue date of the regular driver’s license, and their history, all have an impact on the risk attached to insuring a driver, and therefore their insurance premium.

According to Manual, “the general assumption is that an older driver, having more driving experience, tends to be involved in fewer incidents.

“It could be as basic as a younger person being more out and about at night, and an older person being at home watching TV with the family, with the car safely in the garage.”

Change in the use of the vehicle

If you switch from using a vehicle privately to using it for business, you must alert your insurers. Your premium rating and the acceptability of any claim you make will be influenced by this change.

Change in parking location

Curbside parking, as opposed to a locked garage, will impact your premium given the increased possibility of theft.

Performance enhancements

Manual states, “If you make changes to your vehicle’s engine that increase its output, this could affect the acceptability of your claim.”

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