www.smartlease.co.uk

SmartLease

Home / News / Why Failing To Notify Insurers When Heading To Uni Could Cost Students £1k

Why Failing To Notify Insurers When Heading To Uni Could Cost Students £1k

Adult Son Moving Out Of Parent's Home

Going to university should be a really exciting time in a young person’s life, embracing the opportunity to meet new people, open horizons and become independent.

That is why being hit with a fine of up to £1,000 would really put a downer on fresher’s year for most first-time students. However, this is what they could face if they fail to tell their car insurance provider they have moved to university and no longer live at home during term-time.

Whether you have a second-hand motor or plan to show off your new wheels from a great car leasing deal, having to fork out a huge fine on top of the typical £973 fee for comprehensive car cover will leave a bitter pill in most students’ mouths.

GoCompare Car Insurance’s Matt Oliver, therefore, reminded to update their details, adding: “Failing to notify your insurer of changes to circumstances, including your address, could result in you being refused when claiming on your insurance.”

Despite only being in student accommodation for a few months’ a year, drivers are legally obligated to update their driving licence, vehicle log book, and Direct Debit for vehicle tax every time they move.

What’s more, failing to inform insurance providers could invalidate the policy, leaving them in a very tricky situation if they need to make a claim.

While this might put students off taking their car to university, the increasing cost of rail travel may convince them to use their vehicle instead of the train.

New research from the Trades Union Congress found rail fares have grown by 42 per cent over the last decade, which is more than twice as much as wage increases at just 18 per cent.

Leave a Reply

Your email address will not be published. Required fields are marked *

To get the latest update from SmartLease

>> <<