As one of New Zealand’s leading specialists in car and motorbike insurance, we explore common changes and often overlooked updates, that New Zealand drivers should communicate to us about their policies. We explain why these updates matters and share practical tips to help you maintain valid, and cost-effective car insurance coverage. Most of it comes down to good old-fashioned common sense.
Why keeping Assurant updated matters
Assurant assesses risk and set policy prices based on the details you provide. Any changes to your circumstances can shift the level of risk we’re taking - whether that risk increases or decreases.
For example, relocating to a city or suburb with higher vehicle theft rates might increase your risk leading to a higher premium. On the other hand, while installing an approved alarm system or parking your vehicle in a garage instead of on the street could lower your risk and, in turn, your premium. Keeping us updated with accurate, up-to-date information ensures your policy accurately reflects your current situation. It also helps us assess the true level of risk and price your policy fairly and appropriately.
What happens if you don’t keep Assurant informed about your situation
Failing to provide us with a complete and accurate picture of your circumstances could have serious consequences. On one hand, it might mean you’re paying more than necessary for your policy. On the other hand, it could lead to reduced payouts or in the worst-case scenario, a full claim denial when you need it most.
Common oversights include failing to disclose additional drivers, vehicle modifications, or changes to your address. Assurant could deny a claim if you neglect to inform us about somebody that is a regular user of your car, that isn’t stated on the insurance policy. A costly reminder of the importance of full disclosure.
It's best to check with us if you are unsure if any changes in your circumstances would alter your insurance cover. Often it will just be a change in your premium amount, if there is any change at all. Rather than Assurant not being able to insure you any longer.
Here are some common changes that you should share with Assurant
1. Vehicle and Contact Information
Let’s start with the basics. It’s crucial to inform us about any changes to your car’s registration details, name, address or phone number. This not only ensures we can verify you as the vehicle’s rightful owner and policyholder but also guarantees that we can contact you promptly when needed. Whether it is to resolve a claim, confirm details or notify you of urgent updates. Keeping your information current helps protect your coverage and keeps everything running smoothly in case of an emergency.
2. Residential Relocations & Parking Locations
Relocating whether within the same city or to a new region can affect your insurance premiums due to differences in local risk factors. Assurant takes into account elements such as traffic density, accident statistics, theft rates, and weather-related risks. Temporary moves (e.g., six-month work transfers) also require notification, as your vehicle’s storage location affects risk.
3. Vehicle Modifications
Non-factory modifications such as window tinting, alloy wheels, security or alarm systems and sports exhausts often need to be disclosed to us. We need to know the type of modification you have made and whether the total value exceeds a specific threshold. If you’re uncertain about whether a modification needs to be declared, it’s always better to check things out with us first. Providing full and accurate details allows us to assess how the modifications might impact theft risks or accident likelihood, ensuring your policy remains valid and your coverage adequate.
4. Commercial Use
Switching from personal use to activities like ridesharing (e.g., Uber), food delivery, or tradesman transport typically invalidates most personal car insurance policies. If you are using your vehicle for work purposes beyond regular commuting, it is imperative that you let us know. Not making this change could leave you without proper coverage in the event of an accident or claim.
5. Adding Regular Drivers
Household members and frequent car users such as a partner using the car monthly should be listed on your policy. Insurers assess each driver’s age, licence type, and claims history to calculate risk and determine coverage.
Failing to include individuals like your 17-year-old child or your 25-year-old flatmate who occasionally borrows the car could lead to serious consequences, such as invalidated coverage in the event of an accident.
Full disclosure ensures that everyone who drives your car is covered, protecting you from potential financial and legal risk.
6. Licence Status Changes
It’s essential to notify us about any demerit points, licence suspensions, convictions, or medical licence restrictions. The type of licence you and other drivers on the policy hold also plays a significant role, for instance, whether it’s a learner, restricted or overseas licence.
Failing to disclose this information could have serious consequences when it comes time to make a claim. Even if you have purchased and paid for the policy, non-disclosure might lead to a reduced payout, an unexpected increase in your excess, or in worst case scenario, the complete voiding of your policy.
7. Driving Distance
Covering more distance in the year (e.g. 25,000 kms) compared to the average driver will likely make you a higher insurance risk. Driving less (e.g. 5,000 kms) will have the opposite effect. Assurant will take this into account when assessing your risk and our premiums will reflect the milage that you expect to do accordingly.
Getting in touch with Assurant
Assurant understands that reaching out to us might not be something you look forward to, however it doesn’t have to be a hassle. We have streamlined our process to make it quick, simple and stress free, ensuring you get the help you need without the headaches. You can contact us via email (nz.contact@assurant.com) or by phone (0800 776 832). Our friendly and local support team is readily available to help.
Take 10 (minutes) to check your policy information once a year
Life gets busy and it’s all too easy to overlook notifying your Assurant about changes. However, as we have highlighted in this article, neglecting to do so could lead to higher premiums, or in the worst case, it could result in a denied insurance claim when you need it most. Why not use your policy renewal as the perfect opportunity to review your insurance. Keep an eye out for the email or letter from us about your upcoming renewal. It’s not just a reminder but a chance to review any updates to you or to your premium and ensure your coverage stays accurate and cost effective. Taking a few minutes could save you from costly surprises down the road.
To help you further with keeping on top of things, our partner Quashed.co.nz allows you to track all your insurance policies in one place. Not just car and motorcycle insurance, however also house, contents, life, pet insurance and more.
Changes to look out for in your car insurance policy schedule:
- Contact information e.g. owner, email, mobile number
- Vehicle information e.g. registration plate
- Location information e.g. street parking
- Usage information e.g. distance driven
- Driver information e.g. age, licence type
- Claim history e.g. recent claims and if there was an excess paid
While you’re at it, reviewing the Market Value or Sum Insured amount of your car could potentially save you money. If it’s been a while since you last updated this your car may have depreciated overtime. Adjusting your sum insured amount to reflect its current value could lower your premium while still providing adequate coverage to replace your car in the event of a total loss.
Taking a few moments to check could mean a better deal and more accurate coverage – worth the effort for peace of mind.
If you use Quashed.co.nz to track all your policies in one place, you’ll also get a reminder from them to check and shop your policy close to your renewal date.
Frequently Asked Questions
Why is it important to keep Assurant updated about changes in my circumstances?
Keeping Assurant informed ensures your policy accurately reflects your current situation, allowing us to assess risk properly and price your policy fairly.
What kind of changes should I notify Assurant about?
You should inform Assurant about changes such as moving to a new location, installing security systems, or changing where you park your vehicle.
How can changes in my circumstances affect my car insurance?
Changes can either increase or decrease your risk level, potentially leading to higher or lower premiums. For example, moving to an area with higher theft rates might increase your premium, while installing an approved alarm system could lower it.
What are the consequences of not informing my insurer about changes?
Failing to provide accurate information could result in higher premiums, reduced coverage, or even policy cancellation, leaving you financially vulnerable in case of an accident or loss.
Can keeping my insurer updated help me save money?
Yes, informing Assurant about changes like improved security measures or your teenage driver no longer driving your car could potentially lower your premium.
Who should I contact to update my car insurance information?
You should contact Assurant via email (nz.contact@assurant.com) or by phone (0800 776 832)