Can I make changes to my insurance policy?

Will I be charged a fee if I change my insurance policy? Can I make changes once the policy starts?

No, you should not be charged a service fee for a change. Yes, always contact your agent or broker when you have a change to what the policy sets out. When you set up your insurance policy that initial contract laid out the terms of the insurance. So if you are now driving further to work or have a new driver then it is important that you get this changed.

This is not just auto insurance or business insurance changes. This can apply to your home as well. If you start up a home based business then you need to talk to your insurance company. If you now have a couple of boarders then the insurance company needs to consider this change in risk. Again, if it is not shown on the original policy document then you should be asking if your change needs to be noted.

Sometimes a change will end up costing you more money but there should not be service charge fee. If your agent or broker does charge a fee for doing changes then it has to be spelled out very clearly on the invoicing. Your insurance company normally will only issue a policy fee when they set up a policy and most do not even do that.

Remember that your agent or broker is working for you. If you have a question then you should feel free to call and ask. If you think that a new situation might be important, then just call. You will be told if it is not relevant. If the change is important then your broker will tell you if the insurance company needs to be informed.

Your change will cause a revision to your policy. When the change is done you will get paperwork from the insurance company. If you do not receive your paperwork in a reasonable amount of time then you should contact your adviser to see if everything is in order.

Take control of your insurance. Ask questions and be sure you understand the answer. Your broker or agent is there to give you insurance advice. You pay for it - get what you deserve.

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