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Unemployment - affects my ability to drive?

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  • 22-12-2017 10:26pm
    #1
    Whiplashy
    Registered Users Posts: 2,103 ✭✭✭


    I spent most of the day getting quotes from insurance companies. A lot of them wouldn't quote me. Quotes ranged from 990-1200 with 9 years NCB on a 1.4 Corolla.

    Went back to my current insurers (AA) who had emailed me a renewal quote of 720. The guy on the phone said he wanted to go through my details, and one of the first questions he asked was was I still in the same career. Told the truth, only to find out that my 720 quote was now 1340! Surely the fact that I am currently unemployed would mean I'd be doing less driving, and therefore less risk. I'm baffled as to why unemployment is driving my quotes through the roof.

    I did in the end get the quote down to 650, which I'm happy enough with, but I'm sure there's plenty of people who wouldn't be able to do that. On that note, why on earth give me a quote that can come down by nearly 700 over the length of the call??? Sorry for the rant, but the insurance companies have really annoyed me today. I thought I was going to have to take the car off the road!


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    #2
    colm_mcm
    Registered Users Posts: 73,459 ✭✭✭✭colm_mcm


    Insurance is based on perceived risk, backed up by statistics apparently.
    They may have the figures to tell them that unemployed people crash more, or make fraudulent claims more, or get caught drink driving more, or whatever. Same as some occupations give higher premiums. It doesn't take the individual into account.


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    #3
    AudreyHepburn
    Registered Users Posts: 5,673 ✭✭✭AudreyHepburn


    Employment is generally rated higher because the perception is that you’ll be driving a lot more than you would while working particularly if your job was office/premises based. Therefore there is more scope for things to go wrong and a higher chance of you claiming.

    I’ve said it before but I’ll say it again - insurers do not pull premiums out of thin air. It’s all based around risks and if you are in any way a higher risk you’ll pay a higher premium.


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    #4
    colm_mcm
    Registered Users Posts: 73,459 ✭✭✭✭colm_mcm


    You didn't tell them your Boards username by any chance :)


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    #5
    NLC1072
    Registered Users Posts: 69 ✭✭NLC1072


    Unemployed generally have less money to keep their cars in good repair so...


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    #6
    Whiplashy
    Registered Users Posts: 2,103 ✭✭✭Whiplashy


    colm_mcm wrote: »
    You didn't tell them your Boards username by any chance :)

    No lol :)


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    #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,720 Mod ✭✭✭✭Henry Ford III


    Why would they go through a proposal if you were simply renewing?


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    #8
    Whiplashy
    Registered Users Posts: 2,103 ✭✭✭Whiplashy


    Henry Ford III wrote: »
    Why would they go through a proposal if you were simply renewing?

    He wanted to see if anything had changed so he could get me a lower quote....at least that was his story.


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    #9
    cplwhisper
    Registered Users Posts: 797 ✭✭✭cplwhisper


    The renewal is invited based on the risk you proposed last year thus as it’s a new year contract you must disclose all known facts .that is how the anylise the premium and cover offered.

    Last years occupation for example may have meant you secured a discount schene rate like ‘H.S.E / Garda / Carer / Soldier and Teacher to name a few and if gone from that trade if means the insurer isn’t exhausting the budget kitty for same.

    class of you may need to change to remove commuting to/from work to simply Social Domestic & Pleasure use or VisaebVersa depending on occupation


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