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Jobless hit by dearer car cover

Jobless hit by dearer car cover Image

Car insurance firms are compounding the woes of jobless people in the UK by charging them more than four times as much for their motor insurance than if they were employed, a survey has discovered.

The study by MoneyMail and comparison website Moneysupermarket found that quotes for car insurance renewals are likely to shoot up when a policyholder reports a job loss, while some firms will not insure them at all.

The companies fear that unemployed people are less likely to be able to afford to maintain the conditions of their cars with regular servicing or that they will be unable to make car credit payments.

Firms also consider the jobless to be more likely to use their cars more often in the daytime, raising the possibility of accidents or theft, and that they are also more prone to make fraudulent claims.

A newly unemployed, 40-year-old man would see his premium jump up by 442% with some firms, it is believed.

Insurance  22/06/2012 17:00:00

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