Martin Lewis has shared a small tweak you could make to your car insurance policy to combat spiralling costs – but it comes with a warning.
The rising cost of insurance was the topic of the night on ITV’s The Martin Lewis Money Show Live on Tuesday. The Money Saving Expert said that analysis suggested an average 61 percent rise in the cost of car insurance quotes year on year.
Even data from The Association of British Insurers found that the cost of quotes had risen by an average of 30 percent with an ABI spokesperson telling the show this was a reflection of rising costs for the insurers themselves. On the show, Mr Lewis shared a cheeky change you can make that could save you some money on your next quote.
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Martin explained that there are legitimate ways to change your job description with an insurer to get a cheaper quote. He said that people with similar job descriptions are often given different quotes and changing your job category in the list you are given could save you some money.
His advice came with a warning, if you change your job description with your insurer to something that isn’t what a reasonable person might describe as your job, then that could be considered fraud. If you make a change that isn’t reasonable, your policy could be cancelled and you could be added to a central fraud database.
On the Money Saving Expert website, he said: “When considering whether you can use a different title, always imagine you were asking a reasonable person who knew what you do for a living. Would they say it was reasonable for you to describe yourself this way?”
In his examples on the show, Mr Lewis pointed out that one way his profession could be described is as a journalist but this category is one of the highest in terms of risk when considered by insurers. With journalists driving frequently and often being in a rush they are rightly considered to be at a higher risk of ending up on the wrong end of a claim.
He said there were other legitimate ways to describe his work and choosing one of those slashes the cost. On the MSE website, the team tell people to try being creative, giving the example of a plumber who runs their own business trying out ‘plumber’ and ‘company director’ to see which is cheaper.
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