Car Insurance: Cutting The Cost Of Your Premium

Author: admin Category: Uncategorized Tags: Auto Insurance, Car Insurance, cheaper insurance, motor insurance

Friday
Jul 23, 2010

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Car insurance (whether it’s annual or temporary car insurance), is a necessary and unavoidable part of driving on British roads, but it can often be extremely expensive. However, there are some techniques you can use to lower your insurance cost; one of the best of these is using your occupation to lower your premium.

Most people don’t pay too much attention to their occupation when applying for car insurance, instead just checking the right box and moving on. However how you choose to describe your job can have a major impact on the cost of your premium.

The reason this makes such a difference is that insurers percieve different occupations to be riskier than others, so they’ll categorise occupations with varying percieved risk levels. So to them, one occupation can be much riskier than another, and will therefore have a higher premium.

Their decisions are not based entirely on assumptions and guesswork, they’ll get their risk assessment from statistics demonstrating how much (on average) certain professions claim for, and how often.

It’s tough to say which professions are where in the scale, as each insurer will have their own opinion. Generally speaking however, estate agents, cabin crew and doctors all tend to have high insurance premiums. Conversely, farmers, ambulance drivers and horticulturalists are among the least likely to make a claim.

It’s well worth being aware of, and you can try it out for yourself. Go onto an insurers website that offers an instant car insurance quote and see how the occupation affects the final quote. You should find in some cases that it can double or sometimes even halve your claim depending on little more than your job description.

You might be wondering how you can use this information to affect your insurance claim; you can’t just lie about your occupation as your insurer will likely spot this, particularly when (or if) you come to claim on your policy. Something you can do however is change the wording of your job description – you’ll have to do a bit of experimenting but see how ‘I work in an office’ differs to ‘I work in a call centre’ and see if you can save yourself some money.

So, whether you’re looking for one day car insurance on an old mini or annual insurance on a brand new Ferrari, it’s in your interest to do a bit of research before you fill out your application. You could end up saving yourself a considerable sum of money!