Received speeding tickets, but my premium has decreased. One of the named drivers, who isn’t the policyholder, has accumulated two speeding tickets since our last renewal. Despite this, our premium for the next six months has automatically gone down. It seems they haven’t checked driving records.
I understand that I should report these tickets to my insurance company, but I typically don’t and let them find out on their own. They’ve never notified me about this issue. I’m also aware that some people deliberately wait to resolve tickets past the renewal date to benefit from lower premiums for a longer period.
My question is: could this lead to a risk of claim denial?
It’s important to be cautious in this situation. While it may seem beneficial to keep quiet about the speeding tickets as it leads to a lower premium, there’s a significant risk involved. Insurance companies typically require policyholders to disclose any relevant driving violations, and failing to do so can lead to claims denial, especially if a claim is made and they uncover the undisclosed speeding tickets.
If the insurance company finds out about the violations, they may consider it a breach of the policy terms, which could result in them refusing to pay out for any claims you make. Additionally, if they choose to investigate, you might face increased premiums or even cancellation of your policy.
It’s always best to be upfront with your insurance provider about any changes in your driving record. It can be a tough decision, but ensuring you maintain a transparent relationship with your insurer can ultimately protect you in the long run. If you’re unsure, it might be a good idea to consult with an insurance expert who can provide advice tailored to your specific situation.