Your Profession May Have More Weight On The Car Insurance Rates You’re Granted With Than You Initially Thought
When assessing their applicants, car insurance providers create accurate profiles of individuals considering factors like their age, credit score, marital status, and geographical location. These companies to this have an idea of the amount of risk they may be taking on by providing insurance for certain car owners. But aside from these, one other influential factor that may affect the premium a person pays is their current job. These are the reasons why.
Why It Matters
Insurance providers are particularly interested in knowing the place of one’s employment as they want to determine how much time it takes for the applicant to drive from home to there and vice versa. Longer drives may be seen as negative since it also means more exposure to possible traffic incidents along the way.
The number of days one goes to work will also be considered. Another thing providers look into is the nature of the job of the person applying. If they’re employed in a stressful or complex job, premiums may rise as driving while stressed is said to negatively influence one’s focus while driving.
There’s also the question of income and stability. Knowing a person’s line of work gives the insurer an idea of whether their client has the resources to pay their premium over time. Because of this, those who often change jobs or have different types of jobs may end up with higher car insurance rates as there are doubts about the stability of their earnings.
Insurance Rates & Professions
A person’s specific profession may also be a contributing factor to the relatively higher or lower car insurance rate that they’ll end up with. For example, the cheapest quotes are reportedly granted to people who work as ‘nursing sisters’, medical secretaries, as well as occupational therapists.
Meanwhile, the highest car insurance quotes were granted to fast food proprietors. Likewise, car salesmen will also end up with higher rates. These differing premiums across professions are the result of the insurer’s belief that some drivers are particularly more risky to insure than others.
Meanwhile, award-winning journalist Donna Ferguson puts forward another interesting observation. According to Ferguson, if she described her what she does as being a ‘writer’, this may give her cheaper car insurance compared to if she described herself as a ‘journalist’. Testing this out on the GoCompare website, she found that her estimated premium jumped from $649 to almost $800.
In the end, she concluded that the huge difference is due to the thinking that a writer usually stays put while journalists spend their days outside. She also noticed how those who described themselves as a ‘chef’ instead of ‘cook’ were granted lower car insurance premium estimates.
More in Career
Here’s How You Can Stay Productive While Working Remotely
If you are a freelancer or a self-employed worker, you get to enjoy the many perks and convenience of working wherever...March 13, 2020
Here’s what UK’s Recruitment Agency “Hays” Boss Has to Say about Immigration Plans
UK’s government controversial decision about immigration has been supported and endorsed by the Boss of recruitment giant Hays. He has shared...March 12, 2020
Should Retirees Invest in the Stock Market?
As it is reported that stocks of North America keep on sliding, numerous retirees who figured they could get a profit...March 12, 2020
Jazz Singer-Songwriter Norah Jones Just Sold Her Cobble Hill Home Equipped with a Heated Pool
Grammy-winning jazz singer-songwriter and pianist Norah Jones has parted ways with her historic home where she reportedly wrote her famous songs. It seems...March 12, 2020
How Working Women Can Secure Their Retirement Savings Now
It turns out, several working women fail to secure their retirement savings. According to a recent study titled CNBC/SurveyMonkey Women at...March 11, 2020
Here Are All the Luxurious Things Mike Bloomberg Could Have Bought With His $500 Million Net Worth Before Spending All of Them
There wasn’t a lot of uplifting news on Super Tuesday for the more dynamic wing of the Democratic party as Bloomberg...March 11, 2020
Most Expensive 2021 Porsche 911 Turbo S Costs Over $273,000
The Porsche 911 is already a costly vehicle, even in base Carrera structure but the new 992-Series 911 Turbo S is...March 9, 2020
Save Not Splurge: How People Are Using Their Tax Refunds Nowadays
Taxpayers are now opting to save their tax refunds, a significant change from the previous year wherein a lot of Americans...March 9, 2020
How Much Money do You Need to Retire with Comfort?
Becoming a millionaire is everybody’s dream. Who doesn’t want to get rich? It has been calculated by many financial analysts that...March 6, 2020