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CASH IN HAND
I knocked £5,000 off my insurance in seconds using a simple job trick – it meant I could buy the motor of my dreams
One provider even quoted me £15,000 thanks to three key issues
IT'S a silent crisis blighting the world of motoring.
Millions of Brits are being all but priced off the roads as insurance premiums spiral ever upwards, squeezing household budgets amid a cost of living crisis.
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Drivers have reported seeing premiums increase by hundreds year-on-year despite not making any claims.
And the industry body, the Association of British Insurers, has revealed that prices jumped by an average of 33% this year, working out to a rise of £157 for a comprehensive policy.
This was the unenviable position in which I found myself just a few weeks ago.
The ordeal actually started with a moment of joy when I finally achieved my unrestricted motorcycle licence.
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After all the effort and expense (almost £1,000 across training and test fees) I was raring to trade in my slowly dying learner bike and get onto the real deal.
At the end of it, I was left close to tears and with just two quotes.
I was, therefore, devastated when pretty much every insurance firm in the game told me they couldn't cover me.
I spent days contacting the lot of them, from endless CompareTheMarket quotes to several hours on hold with specialist insurers.
At the end of it, I was left close to tears and with just two quotes.
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One came from my existing insurer (who happily insured my learner bike for an already hefty £1,500) offering a third party only policy for the princely sum of £6,000.
The other came from a provider I had, to be honest, never heard of who couldn't quite match that prospect, instead quoting me £15,000 for the same cover.
My insurance dropped me because of my car's make and model - they wouldn't renew my policy because of 'high theft rates'
The various customer service reps I spoke to all came back with the same three buzzphrases: garaging, experience and job.
I was told that because, like pretty much any of the millions of drivers living in London, I did not have access to a private garage the risk of theft was considered too high...even though a third-party policy doesn't cover theft.
And while I could hire a garage and cut the price by up to £1,500, the rent alone would cost almost double that each year.
The next reason I was given was that I did not have enough experience riding bikes above 125cc to qualify for a discount.
When asked how I was supposed to gain such experience when I couldn't insure a more powerful bike, they seemed rather stumped.
And finally, the real clincher was that journalism is considered a "high-risk profession" and so the premiums are astronomical.
It allowed me to buy the first bike of my dreams - a nearly new Royal Enfield Meteor 350.
Strangely, though, that's what saved me in the end when I got in touch with the company that, unbeknownst to me, would soon be my new insurer.
My first call with the firm ended in disaster when they told me that my job meant they couldn't offer any policy at all but a small tweak on an online quote form led to a fascinating discovery.
When filling out the application, I took a punt and changed my job title from journalist to reporter - after all I am the motors reporter.
This is well within the rules as long as the new title is an accurate reflection of your job.
I was amazed when they popped out a quote for just £1,200 - £300 lower than I paid on my titchy 15-year-old Honda.
A double (and triple) check over the phone confirmed that as long as the word "reporter" appeared in my job title they were able to offer the stunning price even if "a reporter is a sort of journalist".
And it seems journalists are not unique in this aspect, with data from the Independent showing that your job title can make a massive difference to what you pay.
The study found that care workers were hit by the highest premiums at an average of £584, while graphic designers saw the lowest at £488.
Even small changes can make a difference, with "nursing professionals" seeing average costs of £20 a year lower than care workers despite the term covering both fields.
Likewise, a change from "customer service" to "account manager" could see more than £50 a year wiped out on average.
Just remember that this can only be done if the change still truly reflects your work as lying on your application could see your policy voided and even result in a fraud charge.
How to get cheap car insurance
CAR insurance is an essential cost that you hope to never use but will need to cover the costs of theft or damage to your vehicle.
It's a legal requirement to have car insurance, and going without it could land you with a £300 fine, six penalty points on your licence and even a criminal conviction.
But there are several ways to slash your premiums.
Pay upfront
Insurers give you the choice of paying for insurance monthly or upfront.
Paying monthly spreads the cost of your cover but the insurer adds interest charges which means the average motorist pays around ten per cent more overall.
If you pay for your car insurance annually you don’t pay any interest.
A typical motorist can save up to £225 a year by paying in one go, according to comparison site MoneySuperMarket.
Increase your excess
The excess is what you agree to pay each time you need to make a claim on your policy.
You can usually choose your own excess when setting up a policy and it can be as low as £100 and as high as £500 or more.
The higher your excess, the lower your premium and vice versa.
This means you could bring the cost of your insurance down by agreeing to pay more if you do need to make a claim.
But before you hike your excess, make sure you would be able to pay in the event that you do need to make a claim.
Tweak your job
Certain jobs are seen as more risky than others for insurance purposes.
Making small but accurate changes to your job title can save you money.
For example, swapping your role from "chef" to "caterer" can save you £20, comparison site GoCompare found.
And changing your role from "fast food delivery driver" to "delivery driver" could save you £40.
But lying about your job could invalidate your policy so make sure any changes are legitimate and accurate.
Shop around
Not all comparison sites have the same range of insurers so to get the best price it’s a good idea to check two or three from Go Compare, Comparethemarket, MoneySupermarket and Confused.com.
Insurer Direct Line is also not on comparison sites so check its prices directly.
You can also get a free cash bonus by going via a cashback site such as Topcashback or Quidco.
Save the date
Renewing your car insurance sooner rather than later could save you some cash.
New cover becomes more expensive the closer you get to the renewal date.
But you can buy your car insurance up to 29 days before the policy start date and 'lock in' the price you're quoted on that day.
A typical driver can save up to £265 buying new cover at least 27 days before their current policy ends, according to Go Compare.
Connor Campbell from said: "Insurance companies always take your occupation into account when calculating your premium, and whilst it is extremely important not to lie about your job, it could be worth testing different variations to your job title and industry sector.
"Many jobs can be described in multiple ways, which in turn, could lead to different prices across various insurers.
"For example, a journalist may be able to use the terms ‘writer’, ‘editor’ or ‘reporter’ which could all give different annual insurance prices."
Thankfully for me, it all worked out and I was able to pick up a very thorough third-party policy at a rate I could actually afford.
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Even better, it allowed me to buy the first bike of my dreams - a nearly new 'Supernova Blue' Royal Enfield Meteor 350.
All that's possible now - thanks to a tiny change on an insurance form.
Job changes that could save you on insurance
- Customer service to account manager
- Care worker to nursing professional
- Journalist to reporter
- Pilot to flight deck crew
- Doctor to hospital doctor (specific specialims could save more e.g. radiologist)
- Lawyer to solicitor
- Teacher to lecturer
- Chef to cook
You can check your job and find cheaper alternatives using Martin Lewis' MSE's .
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