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Motor insurance and employment status

  • 29-04-2021 12:01pm
    #1
    Trapapony
    Registered Users Posts: 29 ✭


    Hi folks,
    My motor insurance company lists my employment status as "employed" even though I am now retired (in my 60s). If I change this there is every chance they will use it as an excuse to jack up the premium (ref Liveline, RTE 1, 28/4/21). However if I do not change it, have an accident and they find out my true employment status (say by demanding proof of current employment), would they use that as an excuse to invalidate my policy?
    Thanks
    Trap


Comments

  • #2
    biko
    Registered Users Posts: 81,223 ✭✭✭✭biko


    Is retired an option for your insurer?
    Try sign up as a new user and see if retired is an option to select.

    But yeah, car insurance for retired drivers can get more expensive as they grow older and become higher-risk.


  • #3
    Trapapony
    Registered Users Posts: 29 ✭Trapapony


    Yes, "Retired" is an option. I can change that field myself if I log in to my account.
    Trap


  • #4
    biko
    Registered Users Posts: 81,223 ✭✭✭✭biko


    You can do a mock quote with a fake mail and see what quote you get when setting yourself as retired.


  • #5
    Eggs For Dinner
    Registered Users Posts: 2,932 ✭✭✭Eggs For Dinner


    You are obliged to advise your insurer of any material change in your circumstances. Occupation is one of those factors.


  • #6
    Atlantic Dawn
    Registered Users Posts: 81,073 ✭✭✭✭Atlantic Dawn
    M


    The guy on Liveline only had the quote go up by €29, not the end of the world.


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  • #7
    Eggs For Dinner
    Registered Users Posts: 2,932 ✭✭✭Eggs For Dinner


    Atlantic Dawn wrote: »
    The guy on Liveline only had the quote go up by €29, not the end of the world.

    I didn't hear it, but I would be surprised if he couldn't get cheaper by doing the market. Some people are fixated by what their existing insurers offer as a renewal. They're annual contracts' and either side are free to walk away


  • #8
    biko
    Registered Users Posts: 81,223 ✭✭✭✭biko


    Shop around. There is always someone cheaper.


  • #9
    coylemj
    Registered Users Posts: 25,313 ✭✭✭✭coylemj


    Reluctant as I am to respond to a thread started because of what some whinger was heard to tell Joe Duffy ....

    Being retired isn't necessarily a negative when it comes to motor insurance. Tell them to remove commuting from the list of permitted uses and if they're interested in your annual mileage, get that lowered. Both of those should reduce the quote.


  • #10
    coylemj
    Registered Users Posts: 25,313 ✭✭✭✭coylemj


    Trapapony wrote: »
    Hi folks,
    My motor insurance company lists my employment status as "employed"

    I assume you're talking about the the schedule/statement of facts which your insurer sent you at your last renewal.

    There may be discussions and hair-splitting about what is and is not a 'material fact' but there's no grey area if the detail is on that list, you must inform them of any change.

    Axa:
    In the event that any detail that you have supplied to us and appearing on this Statement of Fact is incorrect then you need to advise us immediately.


  • #11
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,615 Mod ✭✭✭✭Henry Ford III


    Tell the truth O.P.

    Trying to save a couple of € premium by jeopardising your cover is a really bad idea.


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  • #12
    cplwhisper
    Registered Users Posts: 797 ✭✭✭cplwhisper


    coylemj wrote: »
    Reluctant as I am to respond to a thread started because of what some whinger was heard to tell Joe Duffy ....

    Being retired isn't necessarily a negative when it comes to motor insurance. Tell them to remove commuting from the list of permitted uses and if they're interested in your annual mileage, get that lowered. Both of those should reduce the quote.

    As said above - retired - remove commuting & lower mileage if relevant both will counter-swing the occup adjustment.
    Your employed occupation may have been discounting your policy rate based on schemes perks - teacher/Garda/frontline staff or even some local employers also retiring will mean you’d loose the once ‘Free breakdown’ perks thus why increases in rates.

    Some retired drivers increase their mileage also as more time on their hands. Happy Retirement


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