If you are moving into a new home, you will need to register your new address with your insurance company. You may be surprised to learn that a change of address, whether you are moving a few blocks away or to a new province, can impact your insurance premium. Keep reading to learn more about how a change of address might affect your home, auto, or business insurance.
When should you notify your insurance company about a move?
It’s important to notify your insurance company about the move-in date for your change of address.. for several reasons. First, if you receive bills or documentation in the mail from your insurer, they should have your new address so they don’t send important mail to your old address. You will also need to notify your insurance company about a change in address as it can affect the cost of your home, auto, or business insurance policy.
How insurance premiums can be affected by a change in address
Insurance companies consider a wide range of factors when calculating insurance premiums. One such factor is your location. Where you live and work can directly impact how much you pay for all types of insurance including home, auto, and business insurance.
Many people are surprised to learn that their insurance premiums can change, even if they only move a few postcodes away. Specific details relating to your location that can influence your insurance rates include crime rates and traffic. If you are moving to a neighbourhood with a higher crime rate, the chances of your car being stolen or your home being broken into might increase, which may affect your insurance rate.
Similarly, if you are moving to a busier urban neighbourhood with more traffic, your odds of getting into a collision go up, which may also affect your car insurance rates or plan.
On the other hand, if you move somewhere with less traffic or lower crime rates, you may pay less for insurance. Furthermore, the proximity between your new home and your office (if you drive to work) can also impact your premium. The longer your commute, the higher your odds of getting into an accident, affecting your insurance premium.
As you can see, insurance companies in Canada consider a multitude of factors when calculating insurance premiums, location being one of them. Therefore, a change in address can significantly impact how much you pay for various types of insurance.
Moving to a new province
If you are permanently moving to a new province, you will be given a certain grace period before you are required to change your insurance plan. For example, if you move from Alberta to British Columbia, you have 30 days to register your vehicle and purchase the mandatory auto insurance coverage. You also have 90 days to switch to a British Columbia driver’s license.
Letter of experience
If your current provider does not operate in other provinces, then moving provinces will mean purchasing insurance from a new company. To ensure this process goes off without a hitch, be sure to obtain a letter of experience from your current provider.
A letter of experience, also known as a claims experience letter, is an up-to-date record of your insurance history. It acts as a reference and can help clarify your claims history. Your new insurance provider can use the information in your letter of experience to assess your risk. In turn, they may give you a discount on your insurance policy.
If you are visiting another province or country for a vacation, there is no need to notify your insurance provider. However, if you plan to spend a considerable amount of time in another location, then you must let your insurance provider know. Insurance rates can differ for those who spend a significant portion of the year away from home, such as snowbirds who spend the winter in warmer countries.
Insurance coverage for stored goods during a move
Moving can be incredibly stressful, not to mention risky. For this reason, we always recommend purchasing insurance coverages for goods stored during your move. BrokerLink can help you find the coverage you need, from released liability coverage, to replacement value protection, or lost belongings coverage.
Get in touch with BrokerLink for more information on changing your address for insurance
Do you want to learn more about registering your new address with your insurance company? Contact BrokerLink today!
Plus, no matter where you’re moving, we can help you find the right insurance for your needs. Get in touch today to learn more about changing your address for insurance or to request a free quote.
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