How Changing Your Job Title Could Save You Money on Car Insurance
Are you looking to save money on your car insurance? One simple trick could potentially help you save a significant amount – changing your job title. But before you go ahead and make any changes, it’s crucial to ensure that the job title change is legal and legitimate.
It’s important to note that providing false information to your insurance company, such as changing your job title to something that is not accurate, is considered fraud. This could not only result in your insurance policy being cancelled but could also land you on the central fraud database, making it difficult for you to get good insurance in the future.
Martin Lewis, the founder of MoneySavingExpert, advises that when considering a job title change for insurance purposes, you should ask yourself if a reasonable person who knows what you do for a living would consider it reasonable for you to describe yourself in that way.
However, if done legitimately, changing your job title could help you save money on your car insurance. One MoneySavingExpert user, Chris, reported saving £100 by changing his job title from ‘computer games’ to ‘software’.
Sometimes, it can be challenging to accurately describe your job in just a few words, which could inadvertently result in you providing a job title that increases your insurance premium. Insurers often ask for your job title and industry as they believe it can impact how you drive and the likelihood of you making a claim.
Insurers have data on claimants’ previous occupations, allowing them to assess which jobs are more risky and likely to result in an insurance claim. Jobs that are considered less risky or sporadic, such as a civil servant, are preferred by insurers, while high-risk jobs like Premier League Footballers are typically avoided.
According to Marsh Finance, the top five cheapest job titles for car insurance are mechanic, administrator or civil servant, designer, design engineer, and account executive. When obtaining insurance quotes, consider tweaking your job title slightly within reason to see if it affects your insurance premium. For example, if you’re a journalist, you could try using job titles like writer, copywriter, editor, or content manager.
Remember, it’s essential that the job title you provide to your insurer accurately reflects your regular work activities. By making a legitimate job title change, you could potentially save money on your car insurance without resorting to fraudulent practices.