Apprentices who list themselves as ‘students’ could save up to 13% on insurance premiums, MoneySuperMarket has revealed.
The comparison service also uncovered that ‘students’ without jobs who list themselves as ‘unemployed’ can add 51% to their premiums – costing them a huge £677 – while Brits that categorise themselves as ‘unemployed’ instead of ‘retired’ can add up to 37% – an average of £98
MoneySuperMarket uncovered differences when looking at identical car insurance quotes based on the cheapest annual price during January 2018, where the only adjustment is occupation, and compared the price before and after the change.
Kevin Pratt, Consumer Affairs Expert at MoneySuperMarket, said: “People think it takes ages to organise car insurance cover, which isn’t true. Going through the car insurance journey on a comparison website only takes a few minutes, but it’s not a job that should be done too hastily.
“To get the best cover at the best price, you have to choose the most accurate answer at every stage of the quotation journey. And that can mean trying alternatives to find the one that best matches your situation, instead of plumping for whatever seems most obvious.
“It’s worth taking your time and exploring your options at each stage of the online journey. For example, if you describe yourself as ‘unemployed’ when in fact you’re a student, you’re retired or you stay at home to look after the home and family, you could end up paying up to 50% more for your cover than you need to.
“Regardless of occupation or status, drivers should avoid settling for the renewal quote they receive from their existing insurer, because firms tend to reserve their best prices for new customers. Shopping around at renewal is the easiest and most effective way of reducing your premiums, with significant savings available.”