Why would I need a mid-term adjustment?
There are certain changes that your insurer needs to know of straight away such as if you move house. Where you live has a direct impact on the cost of your insurance as some areas are considered ‘higher risk’; so it’s bad luck if you live in London, Greater Manchester or have an IG postcode – because you live in the top three most expensive places to insure your car.
Other reasons why you might need an MTA include: adding a named driver or amending any personal details such as your job or name, changes such as where you park your car at night or how many miles you do. If you’ve been convicted of driving offences and have points on your licence, you should also tell your insurance provider. And let’s not forget – if you sell your car and buy a new one – you’ll need to let your insurance provider know.
Whether an MTA is good news or bad news for your wallet depends on the nature of the change. Some amendments will have no effect at all whilst others like adding on a named driver under 21 are likely to increase your premium considerably.
If you’re in any doubt about the sort of changes you need to make, either check your policy conditions or call your insurance provider. Better to be cautious than run the risk of invalidating your insurance because you failed to give them all the relevant information.