Advice From Specialists
Written by Michael Foote, Insurance Expert
Supercar insurance policies often need adjusting during the year, whether you’re changing vehicles, addresses, or levels of cover. These mid-term adjustments (MTAs) may impact your premium and could come with administrative fees.
What Is a Mid-Term Adjustment?
A mid-term adjustment refers to any change made to your insurance policy after it’s already active. Common examples include:
- Updating your address
- Adding or removing a driver
- Increasing or reducing mileage
- Modifying your vehicle
Each change may prompt a reassessment of your risk profile, which could lead to an increase or decrease in your premium.
Fees You Might Encounter
Some brokers and insurers charge an admin fee for processing an MTA. These typically range from £20 to £50, but can vary depending on the provider. It’s worth checking the policy wording or asking in advance before making a change.
Could Adjustments Lead to Requotes?
Yes, in some cases, especially if the change is significant. For example, moving from a rural to an urban postcode or increasing your estimated mileage might prompt a full requote. This could mean you pay more, less, or that your insurer no longer wants to offer cover.
What Happens If You Don’t Notify Them?
If you make a material change and don’t inform your insurer, it could affect the validity of your policy. In the event of a claim, non-disclosure might lead to a reduced payout or even a cancellation of your cover.
Specialist Cover May Be More Flexible
Some supercar-specific policies may be more accommodating of changes mid-term, particularly when it comes to adding temporary drivers or switching storage locations. Comparing options through providers who understand performance vehicles may reduce friction when these adjustments come up.
Discover Policies Tailored to Supercars
If you’re anticipating changes during the year, it’s worth looking at policies designed with flexibility in mind. You can view options through our Supercar Cover page, or check out specialist pages like McLaren Insurance.
Making Changes Without Complications
Mid-term adjustments are a routine part of owning a high-value vehicle, but how they’re handled can vary widely. A policy built around your lifestyle may make managing changes easier – and help avoid surprises down the line.