CAR INSURANCE NEWS ROUNDUP: WEEK ENDED 22 MAY 2013:
Car insurance companies have absolutely lost their minds, and there’s proof of it this week with the latest stories that have emerged in the press!
Every once and a while you hear how this insurer or that offers a car insurance quote to a driver that is ridiculously over-priced, but this new instance absolutely takes the cake. Once again, the victim here is a young, newly qualified motorist: 18 year old Kaljeet Bansal of Harehills, Leeds was treated to a quote in excess of £33,000 to insure a vehicle she purchased for £400 – has the world gone completely mad or is it just me?
Kaljeet did everything right when she went looking for motor car insurance as well – she used several different car insurance comparison websites in order to shop around for the best deal. Still, there wasn’t one insurer willing to provide her a quote cheaper than around £20,000 for annual cover, putting her plans to look for a job on hold almost indefinitely; how is she supposed to pay massive sums of cash for car insurance if she doesn’t even have a job yet after finishing school?
Well, a new report may have the answer: it could be that we’re all listing our personal details incorrectly on our insurance applications. Another comparison site recently conducted research into how premium pricing changes depending on how applicants describe things such as their career or job titles – and the results have been interesting to say the least.
The comparison site’s research found that dressing up your job title – much as you would tell a prospective romantic partner that you’re a sanitation engineer instead of a janitor – can sometimes reward you with slightly lowered premiums. One experiment shaved around £200 from the quote of a fictional customer who listed himself as employed in the position of an office administrator instead of a clerical officer, despite the fact that the two positions are identical and the job titles are interchangeable.
In other words, insurers seem to be telling us that they want us to present ourselves in the most professional way possible and are willing to reward us with cheaper car insurance as a result. Of course, insurance representatives were quick to speak out against embellishing your job title too much, as providing false or inaccurate information to an insurer can result in invalidating your cover in the event of a car accident – though either way poor Kaljeet Bansal is still up the river without a paddle when it comes to finding affordable cover for herself!