Retired will this affect motor insurance?

wellused

Listening to my local radio consumer programme today a man phoned in to complain because his insurance company had increased his motor insurance premium as he had informed them that he was to become redundant from his job in teaching. Do insurance companies view people who retire from work in the same way?

Quentin

"Retired" doesn't seem to be anywhere near as expensive as "unemployed"!

McKneff

I retired last Sept aged 62 (female) I never gave a thought to informing my insurance company, should I have.

I certainly do less miles since then.

Quentin

Your policy will tell you when they need informing of changes (usually either ASAP or prior to renewal, depending on the change and the policy).

But changes of occupation (as this is) normally are required ASAP.

wellused

When you renew your policy you are required to state if there have been any changes in your circumstances since you completed your original application for insurance, if a change of employment or unemployment can put your premium up does retirement from work do the same, has anyone any experience of this?

Quentin

Do virtual quotes online with your occupation and as retired to get an idea of any premium change it causes.

wellused

Those virtual quotes are brilliant I have even tripped past insures up with their help regarding "no claims discount" being more expensive than a "new customer quote".

Just_Some_Guy

Retired should cut car insurance premiums - you tend to drive less and when you do drive you tend to drive at quieter times of the day. So you claim less which means cheaper premiums.

forgotmyname

Except your not at work 8 hours a day so they must presume you are racing around garden centres and tea shops, Possibly having an afternoon tipple. And then bash into everything possible on the way home.

Insurance is just mad.

Frozen_up_north

I retired recently and was bemused by LV motor insurance... I told them I no longer needed the car insured for business use and my annual mileage estimate was reducing by more than half. It didn't make a scrap of difference to the premium!

On my recent renewal, I doubled the annual mileage and found the premium dropped by 1p.

It's a barmy world out there.:rotfl:

System

Frozen_up_north wrote: »

It's a barmy world out there.:rotfl:

You might think of lots of reasons why retired drivers ought to be a lower risk, but they are all irrelevant. The only thing that matters is whether retired drivers do, or don't, have higher claims records.

I get the sneaking feeling that perhaps people who change their circumstances are always riskier than those who don't.:)