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Daily Insurance Industry News
Friday 19th of January 2018
October 19, 2007

Professions’ loading in need of attention

by Gill Montia

Story link: Professions’ loading in need of attention

Moneysupermarket.com, the price comparison website, has been looking at how a person’s profession can affect their motor insurance premium.

It would appear that doctors, accountants and insurance inspectors are among the UK’s most accident-prone drivers, while actors, wine merchants and antique dealers are some of the safest.

In the case of doctors and surgeons, premiums are being loaded by around 9% because 13% of drivers in these professions have been in an accident which was their fault, in the past five years.

On the other hand, astrologers and gravediggers are among the UK’s safest drivers.

Unfortunately those employed in certain professions are likely to be paying dearly for motor insurance whether or not they are safe drivers and Moneysupermarket points our that it is crucial to shop around.

When obtaining a quote the insurer needs to be aware of the exact job title, as job titles that sound similar can often be underwritten at different rates.

For example, while 4.4% of au pairs have been responsible for an accident in the past five years, 11.7% of nannies have had an accident in which they were at fault.

In this case, an au pair incorrectly describing themselves as a nanny could end up paying as much as 5% extra for cover.

Steve Foulsham of the British Insurance Brokers Association recommends keeping premiums down by researching insurers that have niche products for groups that have fewer accidents, such as women and mature drivers.

Married drivers should check out the premium for “insured and spouse” rather than insuring a vehicle in one name only.

Statistically, married drivers are more likely to have children in the car and therefore be more cautious in their motoring.

Recent figures from the AA show that premiums increased by over 7% in 2006, more than twice the rate of inflation.

 

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