Do I need to inform my insurance company if my life circumstances change?
March 26, 2022 | 40,00 EUR | answered by Ben Bergmann
Dear Insurance Lawyer,
My name is Emil Ratzberg and I have a question regarding my insurance. In the past few months, my life circumstances have changed significantly as I have changed my job to work in a different city. As a result, I have also moved to a new apartment and sold my car, as I now use public transportation.
My concern now is whether I need to inform my insurance about these changes. I am wondering if my current insurance policy still reflects my new life circumstances or if I need to adjust it to continue to be adequately covered. I am worried that my insurance may not pay out in case of a claim because I did not report my new life circumstances.
Can you please tell me if I am obligated to inform my insurance about my changed circumstances? And if so, what specific changes do I need to report and how should I best go about it? Are there also ways to adjust my insurance policy to meet my new needs?
Thank you in advance for your help and advice.
Sincerely,
Emil Ratzberg
Dear Mr. Ratzberg,
Thank you for your inquiry regarding your insurance and the associated changes in your life circumstances. It is very important that you inform your insurance company about such changes, as your insurance policy was based on the information you provided at that time and the current circumstances may no longer be covered.
Regarding your new job and apartment, you usually need to inform your car insurance about the sale of your car. Since you are now using public transportation, you no longer need car insurance and can cancel it. It is important to do this as soon as possible to avoid unnecessary costs.
Furthermore, it is advisable to also inform your household insurance about your move to the new apartment. Depending on the location and size of the apartment, the premium and coverage of the insurance may change. It is best to inquire with your insurance company about the necessary changes.
When it comes to adjusting your insurance policy to meet your new needs, it is recommended to schedule a meeting with your insurance advisor. They can analyze your current situation with you and show you options to adjust your insurance policy.
It is important to keep your insurance up to date to avoid the risk of your insurance not paying out in case of a claim. Therefore, do not hesitate to inform your insurance company about any changes in your life.
I hope this information has been helpful to you. If you have any further questions, please feel free to contact me.
Best regards,
Ben Bergmann
Insurance Law Attorney
