Car insurance premium INCREASED when changing status from 'employed' to 'retired'

ChrisJ007

Have just today been discussing my insurance renewal quote for two cars and house with Admiral multi....

My situation is having just taken early retirement at 55 from my employer but still thinking of potentially doing some agency work in future if I need to/or feel like it....
Very surprising is that when I informed Admiral of my recent retirement from current employer they wanted to INCREASE my premium substantially when I was expecting it to be decreased due to the new retired status (and my Googling that this change of status should help reduce my premium).

Thinking quickly, I then said that although I had now retired from my employer, I would still contemplate future employment if required to do so and not yet being near state pension age I could in fact instead be considered as ‘unemployed’ rather than ‘retired’.... to my surprise they then confirmed the renewal premium to be REDUCED back down again to comparable levels to that of being ‘employed’ which is counterintuitive to all my expectations.

Was wondering if anyone else has experienced this situation? 

Thanks.

dunstonh

Very surprising is that when I informed Admiral of my recent retirement from current employer they wanted to INCREASE my premium substantially when I was expecting it to be decreased due to the new retired status (and my Googling that this change of status should help reduce my premium).

Some occupations are lower risk than retired.

Thinking quickly, I then said that although I had now retired from my employer, I would still contemplate future employment if required to do so and not yet being near state pension age I could in fact instead be considered as ‘unemployed’ rather than ‘retired’.... to my surprise they then confirmed the renewal premium to be REDUCED back down again to comparable levels to that of being ‘employed’ which is counterintuitive to all my expectations.

I suspect they have not classed you as unemployed as that would usually put it up.  More likely they have it as not employed.  

Aretnap

ChrisJ007 said:

Very surprising is that when I informed Admiral of my recent retirement from current employer they wanted to INCREASE my premium substantially when I was expecting it to be decreased due to the new retired status (and my Googling that this change of status should help reduce my premium).

Thinking quickly, I then said that although I had now retired from my employer, I would still contemplate future employment if required to do so and not yet being near state pension age I could in fact instead be considered as ‘unemployed’ rather than ‘retired’.... to my surprise they then confirmed the renewal premium to be REDUCED back down again to comparable levels to that of being ‘employed’ which is counterintuitive to all my expectations.

Was wondering if anyone else has experienced this situation? 

Thanks.

This may be true as a generalisation. It doesn't mean it will be true in every case. Retired is generally low risk... but some professions will be lower still.

So if you retire from a high risk job (eg footballer) you will likely see your premium drop. However if you retire from a low risk job (eg vicar) it may well increase. Because you no longer get a reduction for being in a very low risk job. The insurer lumps all retired people together - it doesn't try to differentiate between "retired footballer" and "retired vicar".

Sea_Shell

At 47 I put housewife! 😉