You could save as much as £677 on the price of your annual insurance policy
Searching for car insurance can be somewhat overwhelming and often leaves motorists feeling frustrated and confused, especially with all the information they ask for.
It’s believed that finally the cost of car insurance in the UK is on the decrease following a huge increase at the end of last year, yet despite this good news it seems that millions of drivers are still forking out too much for their annual insurance cover.
However, there is one way that motorists could possibly save money on their annual insurance premium and that’s by being more specific with their job title.
You could save as much as £677 on the price of your annual insurance policy!
According to new research conducted by MoneySuperMarket, some motorists could save more than £677 just by changing their job title on their insurance application form.
The same car insurance quotes based around the cheapest annual price during January this year were compared after the occupation part of the application was the only thing to be changed to see what the price difference was before and after.
At the top of the list were students – they could save money on their annual insurance cover by stating that they’re a ‘Student’ rather than ‘Unemployed’. A lot of students believe because they aren’t working they should consider themselves as unemployed rather than seeing themselves as a student.
This change resulted on average to a 51% difference to the cost of an annual insurance premium.
Similarly, mature students living at home, a housewife and those who are retired could also save money by simply changing what they specify as their job title.
If all three groups changed their job title from unemployed to something more specific, mature students living at home could save £510.40, whilst a housewife could save around £146.39 and a retired person could save nearly £100 (£98.29).
What the results also showed is that people who declare themselves a ‘Housewife’ rather than ‘Retired’ added around 6% to their annual premium, whilst those who categorised themselves as a ‘Student’ instead of an ‘Undergraduate Student – Living At Home’ added 2% to the cost of their annual cover.
“To get the best cover at the best price, you have to choose the most accurate answer at every stage of the quotation journey,” said Kevin Pratt, consumer affairs expert at MoneySuperMarket adding: “And that can mean trying alternatives to find the one that best matches your situation, instead of plumping for whatever seems most obvious.”
Motorists are also advised not to settle on the renewal quote they receive from their current insurance providers as they tend to save the best prices for new customers. Take the time to shop around before your renewal date to see if any savings can be found with another insurance company.
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