Make car insurance 33% cheaper with a single word
Tuesday, 26 Jun 2007 17:02
You can save up to 33 per cent on your car insurance premium just by changing how you fill in a form.
New research from car insurance comparison service www.confused.com reveals that changing how you describe your job on car insurance forms can see you save almost £100 on your annual premium.
"Insurance premiums are influenced by a host of factors ranging from the number of miles you drive per year through to your job title," said Debra Williams, Confused.com managing director.
"Adjusting the way you describe your job can have a surprising impact on premiums."
For example, writing your occupation as "bricklayer" rather than "builder" can see you save an average of 17 per cent when you
compare car insurance, while a "lawyer" who describes themselves as a "barrister" pays an extra 22 per cent.
"Publicans" also pay less than "landlords" of licenced premises, while a "journalist" pays 33 per cent less than a "newspaper reporter".
"The reason for this lies in the fact that insurers essentially keep a record of claims history against specific job titles," explained Ms Williams.
"It may be a quirk of the statistics, but if an insurer finds a glut of claims associated with a specific job title, anyone with that title is likely to be penalised with higher premiums.
"This is why it is vital to shop around so that you get a range of prices from different insurers, many of which will have a different claims experience from their rivals.
"Moreover, by considering the different ways in which you can legitimately describe your job and testing the impact of this on your insurance quotes, you can effectively 'massage' your quote to get a more competitive price."
But there was also a warning - Confused.com points out that lying on a car insurance form can prove costly.
False information can invalidate a policy, meaning the insurer does not have to pay out in the event of a claim and also see the driver listed on a central fraud database affecting credit eligibility, increasing insurance premiums and reduce the number of insurers willing to provide cover.
Other top tips to make car insurance cheaper:
Don't guesstimate your annual mileage. Make a more accurate calculation by comparing your MOT certificates.
Add an experienced driver who has a full clean driving license and a good no-claims history to your insurance.
Increase your voluntary excess. Choose how much to pay upfront should you have an accident. The higher your excess the less your annual policy will cost - however, if you have a high excess, make sure you can afford it should the worst happen.