Students told to inform car insurance providers of moves
Personal insurance
2nd September 2009
Students have been told to make sure they let their car insurance providers know when they move to different accommodation so that their policies can be amended accordingly.
Price comparison website moneysupermarket.com urged people to be "savvy" when considering their insurance options, but warned against misleading vendors and employing illegal tactics such as fronting in order to save money.
It stated that "moving a vehicle from a 'safer' suburban home with a driveway to 'lively' student-based accommodation with on-street parking could result in an increase of £1,690 a year to your motor premium".
But not informing the cover provider of changes in circumstances has the potential to be even more expensive, according to head of motor insurance Steve Sweeney, who said it could make a policy invalid.
The Sainsbury's Finance Car Buying Index revealed this week that the number of people planning to buy a car in the next six months has reached the lowest level since the measure was launched in 2003.
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