What’s the difference between a midwife and a mechanic? More than a hundred pounds, if you’re talking about car insurance. It might seem strange but research has shown that your occupation can substantially affect your insurance rates, highlighting the best and worst jobs for car insurance.
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Why does my job affect how much I pay for my car insurance?
When insurers are deciding how much to charge you to insure your car, one of the factors they take into account – as well as your annual mileage, overnight parking and security – is your job title. This is because insurances companies say that some professions are more risky than others, meaning you are more likely to be involved in an incident which might cost them money. This might make sense if you are a Top Gear presenter or stunt driver but what about chefs and hairdressers – could working in those professions impact your annual insurance bill?
What were the most expensive professions for car insurance?
Van leasing specialists Vanarama took the UK’s 100 most common job titles and got insurance quotes for all of them, without changing any other details about the car or the driver. This revealed which occupations were seen as the riskiest in the eyes of the major insurance companies and therefore which were charged more – for exactly the same car.
Top of the list were commercial drivers, such as taxi drivers and delivery drivers, which is what you’d expect. What was less predictable was the rest of the top five most expensive professions for car insurance according to Vanarama’s research: chefs, hairdressers, bar staff and fitness instructors – all in the service industry but hardly what you’d think were riskier on the road. However, the long and often unsociable hours might cause insurers to think that they deserve the higher premium.
What are the best jobs for car insurance?
On the other end of the scale were predominantly office-based jobs, such as design engineer, designer, administrator and account executive. In the top ten were also financial analyst, estimator, commercial manager and engineer. Right at the bottom of the list was mechanic, which shows that insurers reason that car mechanics are likely to keep their own cars well maintained. The difference in cost between the cheapest job for insurance purposes – mechanic (£298.61) and the most expensive – driver (£479.80) was a whopping £181.91 a year.
Is it possible to change my job title to get cheaper insurance?
So long as your job title still accurately reflects what you do, it is possible to adjust your job title and benefit from lower premiums. Customers have previously found that the more specific they are, the better; for example the umbrella term ‘Nurse’ can be split into many different job titles such as occupational health nurse, nursing assistant, hospital nurse and so on, which might attract different premiums. The same is true for ‘Journalist’, which could also be used to describe a writer, editor, editorial staff, reporter and several others. However, when tweaking your title you have to make sure it is still an accurate one, otherwise your insurance will be invalidated and your insurance company could turn you down in the event of a claim.
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