Unfortunately for many motorists, considering the present economic climate, insurers seem to discriminate against unemployed drivers with premiums coming in at an average 30% higher for those out of work.
A small study done by the BBC shows that whilst some premiums rose by only 23%, the highest was a massive 63% increase. Unfortunately this increase comes down to factors such as unemployed drivers often spending more time driving on unfamiliar roads, and being less likely to maintain their vehicles.
This additional risk associated with being out of work is a “quantified factor supported by evidence” according the Association of British Insurers.
In the present climate where significantly more people are struggling with rising insurance premiums anyway along with other contributory factors reducing their income it is clearly more important than ever to ensure you thoroughly research your options when renewing your insurance.