New job? Don’t forget to keep your car insurance company informed, you could save money

The cost of car insurance premiums is influenced by many factors, some of which are more widely known than others.

The age of the driver, type of vehicle, driving history and several other factors that affect the cost of car insurance are widely understood by most drivers, but the price of premiums varies for many different reasons when they get an iSelect – car insurance quote.

The price of insurance premiums is determined by a range of factors which insurance companies use to determine the likelihood of having to pay out on a claim. Using this information, insurance companies calculate the various risks associated with each drivers, such as details about the driver and the manner in which they use their vehicle.

Insurance companies may include analysis of a policy-holder’s profession in this risk analysis, which can potentially have considerable impact on the price of premiums.

Some professions – such as entertainers and DJs – have considerably higher car insurance premiums than others, such as accountants and nurses. These professions may be associated with increased risk of accidents or damage, based upon when and where they drive, and other factors.

Other car insurance providers may not necessarily use your job title to determine the cost of your insurance, however if a change of profession alters your use of your vehicle, it is the policy holder’s responsibility to inform their car insurance company. If your vehicle insurance policy specifies that policy holder must inform them of change of job title, it is essential to do so, as the validity of your car insurance depends on it.

Job seekers and workers that have recently changed job titles need to be aware of their responsibilities as they relate to reporting this information.

Informing Insurers

It is important for drivers to be know what their responsibilities are to their insurance company, regarding reporting and updating details about the way your car is used. These responsibilities should be clearly outlined in insurance policy documents.

If you have started a new job, and are using your vehicle in a manner that is different to your previous position (such as using your car for work, or parking on the street at night), it important to inform your insurance company of any relevant changes.

Drivers that do not keep their insurer up to date with this information risk having any insurance claims rejected, on the basis that the company had not been informed, so their cover is invalid. It is vital that drivers are aware of their obligations regarding updating information for this reason.

Insurance premiums are determined by many factors, and drivers wishing to get a better deal on car insurance can compare claims simply by seeking comparative car insurance quote with iSelect.