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Police officers pay the least on their car insurance premiums

Police officers pay the least on their car insurance premiums

Members of the police force pay the least on their car insurance premiums for their personal vehicles, new research has revealed.Their annual car insu

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Members of the police force pay the least on their car insurance premiums for their personal vehicles, new research has revealed.

Their annual car insurance costs come in at an average of £489, according to data from Quotezone, a price comparison site.

The next lowest premiums, by profession, are for ministers of religion who pay an average of £547 a year.

Next up is driving instructors, who pay a little more at £591.

Members of the police force pay the least on their car insurance premiums for their vehicles

Members of the police force pay the least on their car insurance premiums for their vehicles

Members of the police force pay the least on their car insurance premiums for their vehicles

The analysis is based on a sample of over 800,000 car insurance policies compiled from across the UK during 2020 on the Quotezone website. 

Police officers were found to have the lowest premiums which is likely due to insurance underwriters taking into account the temperament and maturity associated with these professions, their likelihood of adhering strictly to the law for professional reasons and also their training in driving more safely. 

However, at the other end of the scale, hospitality staff had to pay some of the highest average insurance premiums.

Restaurant managers were found to have the highest average premiums of £968.

Meanwhile, restaurateurs were not far behind at £934 and bar staff were charged an average of £964.

Insurance providers use a wide range of variables when they’re calculating car insurance premiums, including the policyholder’s occupation.

While many bar workers tend to be younger employees, and their relative youthfulness is likely to push the average premium up, it’s also worth noting that the average premium for restaurateurs is much higher than the cost of insurance for people in many other professions, despite the fact that restaurateurs tend to be significantly older than bar staff. 

Another factor that might push up the cost of insurance for people in the hospitality industry is the fact that many of them may be more inclined to drive at night than office workers and people in other professions. 

Driving at night increases the risk of a road traffic accident, which some insurance providers might factor into their premiums.

Engineers and accountants featured in the middle of the table with annual costs of £665.21 and £672.38, respectively. 

Greg Wilson, Quotezone founder, said: ‘Your occupation is just one of the variables that go into an insurance provider’s premium calculation, but it is an important one.

‘It’s probably not surprising that police professionals and driving instructors benefit from some of the cheapest car insurance premiums when they’re insuring their own vehicles, because people who either teach the rules of the road or uphold them, are perhaps more likely to comply with those rules and regulations themselves.

‘But whatever your occupation happens to be, it’s clear that your job title can have a significant impact on your car insurance premium.

WHICH OCCUPATIONS PAY MOST AND LEAST FOR CAR INSURANCE
Occupation Average car insurance premium in 2020 (£)
Police 488.97
Ministers of Religion 546.92
Architect 581.73
Driving Instructor 590.54
Nurse 598.43
Lawyer 620.16
Farmer 649.37
Dentist 661.73
Engineer 665.21
Accountant 672.38
Financial Adviser 689.59
Farm manager 696.58
Farming 741.67
Agriculture engineer 819.14
Tractor drivers 832.19
Construction (not including architects) 853.02
GP 873.85
Bar managers 928.36
Agricultural workers 931.31
Restaurateurs 934.19
Bar staff 964.44
Restaurant manager 967.87
Source: Quotezone.co.uk   

‘Given how many people have changed jobs recently and the fact that many may be thinking about doing so as we begin a new year, it’s worth stressing that policyholders have an obligation to inform their car insurance providers if there has been a material change to their policy details, such as job title.

‘It’s also worth bearing in mind that smaller changes to the way people work can sometimes affect the premium too. 

‘For example, if policyholders now work from home, parking their car on a private driveway, not using their car for business use or the commuter journey could potentially result in a reduced premium.’

East London drivers pay highest premiums 

Car insurance premiums started to rise towards the end of 2020, after four consecutive quarters of falls, separate research has revealed.

The cost of an average fully comprehensive car insurance premium in the last three months of 2020 was £490, according to data from MoneySupermarket.

This was after a period of prices falling gradually over 2020, partly as a result of people driving less due to lockdown restrictions.

However, premiums were up 3.6 per cent by the end of December compared to £473 between July and September.

The research also analysed how location could impact a driver’s premium price.

It found that drivers in East London pay the most in the UK, at £955 a year, which is almost twice the national average of £490.

It is also £265 more than the average premium paid by London drivers as a whole which comes in at £690.

Many of the most expensive locations for premiums were based in the capital including Ilford and Barking, North West London, Southall and Uxbridge, North London and South East London.

On the other hand, licence holders in Kirkwall in the Orkney Islands have the cheapest premiums in the country at just £269.

This is a £686 cheaper than those in East London, reflecting the far smaller risk of accidents and thefts.

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This post first appeared on Dailymail.co.uk

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