Have great job? Pay more insurance premium! |
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Published
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Wed, 24 Aug 2005 18:35
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LONDON - Car insurance search engine company confused.com commissioned a survey to find out the affect of an individual's job on the insurance premiums that are to be paid every year. To their surprise, they found that your job does indeed affect the amount that you pay for your vehicle's insurance regardless of its make.
The company created a fictional Welsh character who contacted an insurance company to get quotes for his 1.8 litre Vauxhall Astra. He switched careers each time he contacted the company. The man whose residence was given as the Vale of Glamorgan posed as a banker, doctor comedian and a footballer and got quotes for the same vehicle. It was found that professional footballers paid the highest premiums of £691.69 each year. If you are a bank manager, count yourself lucky for you are at the bottom of the list with a premium of just £309.39. The research showed that even if you were to reside in the same area, the amount of the insurance premium for your car is determined by your job.
Commenting on the findings of the survey, Confused.com managing director Kate Armstrong said that occupation was turning out to be very critical in determining the amount you paid as premium, "Although you can't keep chopping and changing your career to get the best deal on your car insurance, you can make sure you're not paying above the odds.
Typically the cheapest price found by Confused.com's shop-around search engine was 57% below that of the average premium," she said. Ms Armstrong also cited the example of a TV broadcaster who pays £448 for insurance, but "if they'd described themselves as a TV announcer they'd have to pay an average premium of £681," she observed.
But consumer groups have warned against such generalizations. The Welsh Consumer Council Director Nich Pearson said, "Insurance is based on analyzing risk. Companies will have figures on each profession and the risk they pose. It's easy to see why they do it, because they want to reduce risk to themselves wherever they can." The actual list of who pays how much as found by confused.com is as follows:
Bank manager £309.39 - £388.00
Teacher £333.43 - £814.94
Computer consultant £334.54 - £406.71
Secretary £342.95 - £814.94
Office worker £344.92 - £814.94
Builder £361.86 - £417.14
Minicab driver £386.95 - £814.94
Circus employee £501.80 - £706.04
Choirmaster £535.48 - £706.04
Clown £608.30 - £1,025.29
Fortune teller £649.59 - £1,025.29
Comedian £666.87 - £1,025.29
Professional footballer £691.69 - £1,096.43
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