Martin Lewis warns drivers can 'save' on car insurance by tweaking job descriptions
MARTIN LEWIS has claimed tweaking a job description can help drivers save money on their car insurance agreement.
Martin Lewis warns viewers about drastic car insurance changes
Martin Lewis said changing the description needed to be “legitimate” but could have big car insurance benefits. However, drivers should be able to change this as long as they can “reasonably” call themselves whatever the new title is.
Speaking on the Martin Lewis Money Show, he said: “Tweaking your job description.
“Legitimately as long as you can reasonably call yourself that.
“Say illustrator to artist, can save [money].”
Reacting during the show, co-host Angellica Bell read a message from a viewer who had also saved money using the tip.
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The message was from Colin who claimed he had saved £100 by making one simple change.
Colin added: “I put down ‘bus mechanic’ working in public transport instead of a mechanic working on vehicle repair, which made my issuance cheaper by £100.”
According to uSwitch, your job title could be “crucial” when applying for car insurance.
They said insurance firms have “claims records” which demonstrate which jobs tend to lead to higher claims.
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If an insurer knows someone’s work and occupation, they may be able to make other assumptions about the driver.
USwitch said there were some occupations which regularly secured lower insurance rates.
Lower rates were also given to retired people, secretaries and assistants.
They said: “Retired people generally come top of the loved list by insurers and so get cheaper car insurance.
“Older drivers have fewer accidents but, crucially, they cause less damage when they do crash.
“Repairs are cheaper, and injuries rarer and less severe. Claims cost less.
"Retired drivers also tend to travel fewer miles, which makes them a better risk. Older people tend to be more careful.
“They drive more slowly – they have more time available. And they are generally more experienced.”
They added: “Secretaries, medical secretaries, legal secretaries, personal assistants, and clerical assistants are favoured by most insurers.
“People in these categories tend not to be fast or unsafe drivers.
“They may be lower earners so the assumption is they will drive lower value cars more carefully.”
Martin Lewis was speaking to warn customers over a new major car insurance rule change.
The FCA is set to ban insurance firms from increasing prices for existing customers from January 2022.
He has warned the update could see prices rise for new customers and has urged drivers to shop for new policies as soon as they could.