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Why is a driver's occupation used to calculate insurance premiums?
With the introduction of gender-neutral insurance premiums now in place, it got me thinking about how risk was evaluated by the insurance companies. One thing I can’t figure out is why a driver’s occupation is required to calculate the risk of a motoring accident. Applications for motor insurance already ask for an estimate how many miles I drive per year and an indication of my driving experience, therefore why does occupation have an impact on the premium?
Asked on 9 February 2013 by DF, Kirklevington
Answered by
Honest John
Because claims statistics apparently show that it does. Claims stats also show that single people make more claims than married people, which is why when one partner dies the other partner's insurance goes up. And claims stats show women drivers generally to be involved in fewer and lower cost claims than men. But ridiculous EC law has now disallowed this being used to calculate premiums.
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