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I recently retired - why did my premium increase even though I'm less risk now that I no longer commute?
Having just retired, I logged onto my insurance account and changed my status from employed to retired. There was no admin fee (as I did the admin myself) but, bizarrely, my premium went up by £10. I’m no less capable than I was a week ago, and in fact the chance of me being involved in an accident is now way lower, as I am no longer slogging round the M60 in rush hour at the start and end of each day. I’m not bothered about £10, but their reasoning seems illogical.
Asked on 11 June 2018 by big mal
Answered by
Honest John
It will be a mid-term adjustment. The quote you got at the start of the year is not the same as you will get now. It changes on a daily basis. Hence why you will see disclaimers advising a quote is limited to a certain time scale. Premiums have increased for a number of factors. They will continue to increase over the next twelve months too.
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