The Hidden Costs of Moving: Don’t Let These Oversights Drain Your Wallet
Moving is often cited as one of life’s most stressful events. Beyond the packing and logistics, there’s a significant financial component that many overlook. A surprising number of people continue to pay for services and insurance long after they’ve moved on, leading to unnecessary expenses.
The AutoSync Revelation: 400,000 Forget to Cancel Toll Road Agreements
While most people remember to transfer their toll road transponder (bombrikke) to a novel vehicle, a recent study by AutoSync reveals that approximately 400,000 Norwegians forget to cancel the agreement when selling a car. This results in continued charges for toll road usage on a vehicle they no longer own.
Beyond Toll Roads: Forgotten Insurance Policies
The issue extends beyond toll roads. DinSide has received reports from individuals who discovered they were still paying insurance premiums for homes they’d already sold and moved out of. This highlights a common oversight during the moving process.
“It’s Your Responsibility” – Insurance Providers Emphasize Proactive Management
Sigmund Clementz, press officer at If in Norway, emphasizes that while most customers are aware of these responsibilities, it ultimately falls to the individual to ensure their insurance coverage aligns with their current circumstances. “There’s a lot you need to keep track of yourself, especially when moving. It’s your responsibility to ensure your insurance is in line with what you want to insure,” he states. He recommends contacting your insurance provider to update your address upon moving.
Automatic Cancellation: A Rare Exception
There is one notable exception: car insurance. Gjensidige’s communication manager, Bjarne Aani Rysstad, explains that car insurance is automatically terminated upon sale, as they receive notification from the Norwegian Public Roads Administration (Statens vegvesen).
Home and Contents Insurance: No Automatic Termination
However, home and contents insurance policies do not automatically terminate when a property is sold. Rysstad clarifies that you need a separate home insurance policy for each property you own. Other insurance types, such as travel, dog, and boat insurance, also require manual cancellation.
The In-Between Period: Coverage During the Move
Contents insurance typically covers belongings both at the old and new residence during the moving process, providing a temporary overlap in coverage. However, this doesn’t negate the need to update or cancel policies promptly.
Beware the Borettslag/Cooperative Trap
Clementz warns that a common mistake is assuming that contents insurance is covered through a housing cooperative (borettslag) or homeowners association. “We annually see tragic examples where people believed they were covered and are left with nothing when it comes to lost belongings,” he cautions.
You May Be Owed Money Back
Pro Tip
Create a moving checklist that includes a section specifically for financial and insurance-related tasks. Schedule reminders to follow up on each item.
FAQ: Moving and Your Finances
- Do I need to inform my insurance company when I move? Yes, you should contact your insurance provider to update your address and review your coverage.
- Is my car insurance automatically cancelled when I sell my car? Yes, in Norway, car insurance is automatically cancelled when the sale is registered with the Norwegian Public Roads Administration.
- Does my contents insurance cover my belongings during a move? Typically, yes, but confirm with your insurance provider.
- Is contents insurance covered by my housing cooperative? No, you need separate contents insurance even if you live in a cooperative or homeowners association.
Don’t let a simple oversight turn into a costly mistake. Taking a proactive approach to managing your insurance and financial obligations during a move can save you significant money and stress.
