Do you know your exact job title? UK insurance companies are asking their customers to be ultra precise when it comes to describing the job that they do in order to save hundreds of pounds on their annual car insurance premiums.
For customers, this probably sounds like information overload, but the more accurate you can be with your job title, the bigger the potential savings.
In new research released today, UK car insurance premiums were shown to be coming down since the highs of 2017. However, drivers across the country are still paying over the odds for their insurance premiums. Achieving a big reduction in your premium could be as simple as changing your job title.
Big savings for students
The biggest winners were students, who stood to gain up to a 51% reduction in their annual bills by describing themselves as students rather than ‘unemployed’.
Mature students, housewives and retired people could see reductions of up to 39% simply by changing their job description when applying for or renewing their insurance. That could be a saving of almost £100 for a retired person and could make the difference between being mobile or not.
The bigger point is that the more accurate you are when applying for insurance cover, the bigger the potential savings. When it comes to your job title, don’t just click the most obvious fit – try a range of options to get the most accurate description and the lowest insurance rate.
It’s worth exploring your options at every stage of the process. For example, if you can afford to pay a bigger excess, why settle for a smaller one and higher premiums thus paying for cover you don’t actually need?
Reduce your premiums
There’s no real reason ever to simply renew your car insurance when there are so many ways to reduce your premiums. Look for so-called black box policies that use similar technology to that used in lorries, and make sure you secure your car with an immobiliser or alarm.
Other smart money-saving tricks involve reducing your mileage, protecting your no claims bonus and avoiding putting every driver in the household on the policy. Think especially carefully about younger drivers.
One surefire way to get cheaper insurance is to be a woman. Despite EU policy changes on gender-neutral pricing, women still pay up to £100 less than men for their car insurance because they have fewer accidents.Previous Post Next Post