How Your Occupation Can Save You Money on Auto Insurance

There are a number of common tricks of the trade which drivers can use to cut down on their auto insurance premiums. Not everyone is blessed with a non-existent accident history or decade’s worth of driving experience, but the good news is that all is not lost.

When it comes to calculating your premium, things such as location, age, and keeping your car locked in a garage overnight will all work in your favor. There are many other ways to save on auto insurance which are not as commonly known, but can seriously make your annual premium look a little prettier.

One factor which can have a massive effect on your premium, however, is what you do for a living.

Your Occupation Can Help or Hinder

Insurance companies are naturally big on statistics and trends. Given the data-crunching and analysis of how certain drivers behave, your occupation can contribute to the size of your premiums.

According to DMV.org, there are a number of occupations which are considered high-risk. These are:

• Doctors
• Lawyers
• Real estate brokers
• Business owners and executives
• Architects
• Salespeople

For those with one of the above occupations, premiums are likely to be higher.

If you have one of the occupations listed below, you may find that your premiums are lower due to these roles being associated with lower-risk:

• Scientists
• Nurses and first responders
• Pilots
• Accountants
• Teachers
• Artists

The reason for these occupations representing less of a risk in the eyes of some insurance companies is “because these professions are considered stable and require a very detail-oriented personality type, they are associated with lower accident rates,” DMV.org wrote on their site.

Always State Your Occupation?

As an insurance company factors your occupation into the calculation of your premium, you should also make this known. It could save you considerably. In some cases, those savings could be as much as up to 25% of your annual premium, which is nothing to be scoffed at. So this means that those without a suitable job title should embellish the truth a little?

Damien Fahy, founder of MoneytotheMasses.com, said that by “quote massaging” drivers could cut up to 25pc off their car insurance costs.

“Obviously you cannot lie about what you do for a living, but the trap some people fall into is overplaying their job title,” he said.

“Most jobs have more than one description, so as long as you’re still telling the truth there is nothing wrong with tweaking your title. For example, there is nothing wrong in calling yourself a builder if you are a bricklayer in order to get a cheaper deal.”

Be Precise

There is no doubt that choosing the right description of your job title can be massively beneficial when it comes to getting cheaper cover. While lying is not encouraged – as it is essentially fraud – the company relies on you to provide the most accurate description of your occupation.

Photographers, for example, can generate a number of varying premiums depending on what they specifically cater to. “Quote massaging,” therefore, is something which is probably a good way to figure this out.

 

Tags: auto insurance, car insurance, Vehicle insurance

Category: Insurance