Insurance Renewal, Employment Status?

[Weso]

My renewal has just come up on my ZT 190..

Facts

Presently Unemployed

If I enter on Confused.com my new status as unemployed my premiums increase by circa £100

If I enter "of Independent means" my premiums drop by circa £100

Yes I have signed on but receive very little as I am living off my redundancy/savings. I have signed on as advised to continue my national insurance contributions.
Obviously if I had no savings or redundancy settlement and no job I would not be running a car like my ZT 190.

Should I declare my unemployed status?

Thanks all,

[MrDoodles]

Originally Posted by Weso

My renewal has just come up on my ZT 190..

Facts

Presently Unemployed

If I enter on Confused.com my new status as unemployed my premiums increase by circa £100

If I enter "of Independent means" my premiums drop by circa £100

Yes I have signed on but receive very little as I am living off my redundancy/savings. I have signed on as advised to continue my national insurance contributions.
Obviously if I had no savings or redundancy settlement and no job I would not be running a car like my ZT 190.

Should I declare my unemployed status?

Thanks all,

As Technically you are currently "Employed" by the Government, I would tick the appropriate box Mark!

Just another kick in the teeth to people who have lost their jobs, by the Insurance Industry in this Country!

[Dorset Bob]

Originally Posted by MrDoodles

Just another kick in the teeth to people who have lost their jobs, by the Insurance Industry in this Country!

What a con. Why would you be a higher risk if you have lost your job?
The premium should be lower, as you don't have to drive to work with all the other nutters

[sikelsh]

Have you tried Lancaster Insurance Mark?

Give them a go, mileage needs to be less than 6,000 I think

Simon

[Johnocyprus]

A friend of mine works for insurance company and investigates motor claims. He has some good stories of people that try it on and some sad ones of people that fail to update the insurance companies of change of circumstances such as the odd 3 points for speeding and change of employment status. This omission results in the insurance company repudiating the claim.

He did feel sorry for one guy who had his £20k Mercedes which was on finance written off when he sailed through some red traffic lights and wrote off a third party's vehicle. He had forgotten to tell his insurance company he had collected 6 points for two speeding offences and the insurance company have refused his claim because of non disclosure. In addition they are sueing him for the £10k ( plus costs ) for the third party's payout. All in all a nightmare that will probably cost him £35k plus make any futher insurance difficult. If he'd informed the ins co of the points he'd have only had to pay another £20 anyway.

So tell the insurance company the truth, the whole truth and nothing but the truth.

[MrDoodles]

Originally Posted by Johnocyprus

A friend of mine works for insurance company and investigates motor claims. He has some good stories of people that try it on and some sad ones of people that fail to update the insurance companies of change of circumstances such as the odd 3 points for speeding and change of employment status. This omission results in the insurance company repudiating the claim.

He did feel sorry for one guy who had his £20k Mercedes which was on finance written off when he sailed through some red traffic lights and wrote off a third party's vehicle. He had forgotten to tell his insurance company he had collected 6 points for two speeding offences and the insurance company have refused his claim because of non disclosure. In addition they are sueing him for the £10k ( plus costs ) for the third party's payout. All in all a nightmare that will probably cost him £35k plus make any futher insurance difficult. If he'd informed the ins co of the points he'd have only had to pay another £20 anyway.

So tell the insurance company the truth, the whole truth and nothing but the truth.

In that case Mark, if you are using ANY of your savings to supplement your JSA, you can tick the "Independent means" box then!

[handyandy1966]

i have a problem im basically retired but have a few business intrests never know what to put down as im not employed ???

[Weso]

Think all this is a bit of a grey area!

Given I no longer commute my usage status is just social, so a saving there.
As I am now 53, my quotes are all relatively good considering the car. Obviously living in a crime free rural community also helps so taking the cheapest option in each case system offers me
£237 Independent means
£326 Unemployed (with Saga!)

If nowt else this might act as a reminder that we should update our details with our insurers, however subjective the issue might be.

Either way I cannot order cover till tomorrow, because my cover is not required till 26/07/13.

I might discuss the issue with whatever provider I choose.

I appreciate my quotes are cheap compared to many on this forum, age and location!, location! are the biggest factors...

In meantime welcome all views from the forum today

Mark

[Heddy]

With Confused.com RAC came out on top for me @ £170 fully comp. I suppose being an old buffer (59) doing low miles(6000) and apparently tootling around in a 75 diesel it all contributes to a low premium. If you agree to a £1,000,000 excess this also helps
Heddy.

[wraymond]

If you are in receipt of unemployment benefit, or even merely 'signed on', your status is Unemployed. Even if your expenses are met from savings/investments that does not alter your 'status' from an insurance or any other point of view.

Best advice, considering the dire consequences in previous posts, is to tell all. The comparison sites are essentially generalised rather than specific, so telephone the company of choice and ask them what the least expensive acceptable risk option is.

Contrary to general contempt for them, insurance companies are not ogres, just businesses in the marketplace like any other and they will charge what they can to make a profit. They rely on apathy, inertia, and rejecting claims under policies with undisclosed material that might have resulted in different terms from inception.

There is no legal contract in existence that does not follow this maxim. In the case of the Mercedes above, it could easily have been a crossing full of children going to school and been the subject of criminal offences resulting in millions of pounds in damages! Not funny!