Car insurance more expensive for unemployed

mikey72

To answer your points

1) The general catch all of "you must advise us of all material facts", normally doesn't give the insurer the right to opt out later, if they decide something you haven't told them is a "material fact".
The FOS have been clear, it's up to the insurer to ask the right questions initially, and to define what you need to tell them and when they need to know it.

2) What's the definition of unemployed?
Househusband, self employed (but not necessarily actually working), are all just as valid, providing you do it.

3) I work, my car's a heap.

4) You should do that every year.

Parking_Trouble

Flying_Tiger wrote: »

It seems that my detailed particular points as above have not been answered, hence... BUMP!

Some of us have our own agenda so never surprising that threads get hijacked.

1.You are supposed to tell your insurer of any changes that could be material. Your job is a key factor in how they assess the risk. You should tell them as soon as circumstances change. If you smash you pride and joy up - or worse use your pride and joy to smash into someone else's car - and they find that you haven't told them they may look to avoid paying out.

2. See 1. Why not go self employed. Anyone "chartered" can surely work freelance. Costs a few quid to et up a ltd company.

3. It's just a piece of metal in their eyes. A lethal weapon capable of making them liable for a big payout. Keep it legal - tax/mot/insured/ etc. It doesn't make any difference how clean the carpets are.

4. Always shop around and check other companies at renewal time.

lisyloo

I was the same person on my last day of working as I was the very next day, nothing changed, its the same car and the same person so nothing has actually changed

Yes it HAS.
You aren't commuting anymore - commuters actually have quite a good driving record as they tend to drive in traffic and all weathers and on familiar roads.
You will be driving to interviews at times of day your aren't driving and unfamiliar routes.
You may be driving less which can be a bad thing for keeping up your skill level.
You have a statistically higher chance of financial criminal activity due to your financial situation (this applies to a statistical group that you are now in so it's not a judgment on your personally).

How can you say nothing has changed, when your entire driving behaviour - time of day, roads, mileage etc. has changed as has your financial situation.

Parking_Trouble

Flying_Tiger wrote: »

Thanks mikey.

The thing is one day I was employed and next day my employer closed. I was the same person on my last day of working as I was the very next day, nothing changed, its the same car and the same person so nothing has actually changed, yet insurance companies would "like" to be able to extract a lot more money its that simple.

Have a read about the 5 emotions of redundancy

http://www.totaljobs.com/careers-advice/redundancy-help/redundancy-emotions

• Shock
• Anger
• Depression
• Guilt
• Relief

Top 4 could increase your risk of having an accident. (Just trying to think like these insurance types)

Sorry to hear you lost your job. Try to remain positive and something will turn up. Maybe retrain for something new if you can't find something in your current line? Or do some voluntary work to keep you active during your lay off.

mikey72

Parking_Trouble wrote: »

Some of us have our own agenda so never surprising that threads get hijacked.

1.You are supposed to tell your insurer of any changes that could be material. Your job is a key factor in how they assess the risk. You should tell them as soon as circumstances change. If you smash you pride and joy up - or worse use your pride and joy to smash into someone else's car - and they find that you haven't told them they may look to avoid paying out.

2. See 1. Why not go self employed. Anyone "chartered" can surely work freelance. Costs a few quid to et up a ltd company.

3. It's just a piece of metal in their eyes. A lethal weapon capable of making them liable for a big payout. Keep it legal - tax/mot/insured/ etc. It doesn't make any difference how clean the carpets are.

4. Always shop around and check other companies at renewal time.

Change of job isn't in the long list, "but not a full list" (tell that to the FOS) on my policy, so as they have clearly defined what they need to know, (even though they has tried to weasle out) I can't see the requirement with mine.

Sole trader costs nothing to set up.

mikey72

lisyloo wrote: »

Yes it HAS.
You aren't commuting anymore - commuters actually have quite a good driving record as they tend to drive in traffic and all weathers and on familiar roads............

Do you have any reference for that?
Commuters normally have a worse record, due to volume of traffic, and having to drive to a schedule with a fixed end time, then they have greater parking issues.

Otherwise SD&P would be a dearer option than including commuting, as less driving would be done at quieter times overall.

mikey72

Parking_Trouble wrote: »

........Top 4 could increase your risk of having an accident. (Just trying to think like these insurance types)........

InsideInsurance wrote: »

As already explained, insurance works on statistics not "sense" (in many cases).

It doesn't work that way.

Parking_Trouble

mikey72 wrote: »

Change of job isn't in the long list, "but not a full list" (tell that to the FOS) on my policy, so as they have clearly defined what they need to know, (even though they has tried to weasle out) I can't see the requirement with mine.

Sole trader costs nothing to set up.

OP needs to check their policy then to see if they require notification.
I assumed (quite possibly wrongly) that you had to tell them because of description certainly has an effect on the risk.

Parking_Trouble

mikey72 wrote: »

It doesn't work that way.

Tongue was in cheek when posting the emotions bit. Just trying to point out the as much as the OP thinks, redundancy is likely to affect you.

raskazz

This thread turned out exactly as expected then. Congratulations all.