Did it ever occur to you that your job might have a fairly substantial impact on the amount you pay for your various insurances? The more reckless an individual is perceived the more expensive their insurance tends to be. Now you may not consider yourself a reckless individual but your insurer might…
Journalists, estate agents, sales reps, athletes and people in the entertainment industry can all be considered high risk as a result of their job.
The key issue is risk.
Journalists have traditionally been viewed as high risk as they frequently travel to dangerous places and find themselves in close proximity to politicians and other celebrities that may put them into potentially dangerous situations. This idea of how journalists behave may be out of date or even completely irrelevant if one is a journalist in a quaint seaside town reporting on the daffodil crop for the year, but unfortunately the risk profile used by an insurer has not been updated to reflect this.
Students unsurprisingly have higher premiums as they have a tendency to participate in potentially risky behaviour, are more likely to have car accidents and simply aren’t viewed as responsible enough not to claim on their insurances. Again this can be somewhat unfair but at least they’re not usually students for very long.
Many of us consider those that work in the sports and entertainment industry as quite lucky but there is unfortunately the unlucky side effect of ‘Risk by association’. Even if the person is generally low risk their proximity to celebrities greatly increases their level of risk.
Builders, electricians and other people who use/ carry with them expensive equipment are considered high risk and they also regularly use their personal vehicles for work purposes, thus generally increasing their (motor) insurance premium.
The key to navigating such an area is to be specific about your occupation, it may even save you money, for example ‘landlord’ will often pay less than a ‘publican’ even though they are essentially the same job, equally a ‘bricklayer’ will pay a higher premium if he refers to himself as a ‘builder’.
On the flipside people who are teachers or solicitors pay relatively low premiums as they are perceived to be low risk, however they could all lead very high risk social lives…life just isn’t fair is it!