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Insurance underfighting
Mindful of my duty to inform my motor insurer of any change of circumstances, I recently contacted Tesco Motor Insurance to notify them I had just been made redundant from my position as a customer service manager within the airline industry. They duly noted this fact then advised me that the cost of my premium would increase with immediate effect by £13.65 and took payment by credit card. For the time being my car is now on my drive instead of being in rush hour traffic five days a week. I understand that insurance is based on probability/risk, etc., but no-one at Tesco seems to be able to tell me why my insurance costs have increased. Do you have any ideas?
Asked on 21 March 2009 by
Answered by
Honest John
On the basis of underwriting risk. A person who has just been made
redundant is statistically a greater risk than someone in full employment. Sad, but true. Good luck.
redundant is statistically a greater risk than someone in full employment. Sad, but true. Good luck.
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