MARITAL status can have an impact on what you’re charged for car insurance premiums, new figures reveal.
Motorists are having to fork out up to £362.80 extra depending on whether they’re single, married, separated, divorced, or widowed.
The fresh data from comparison site MoneySuperMarket are based on all car insurance policies it sold between January 1 and July 4 this year.
Policies cover single drivers for domestic and commuting uses with no additional drivers, with the main policyholder holding a full UK driving licence for a minimum of one year.
The data reveals single drivers paid the highest amount for motor insurance – an average of £859.04 for an annual policy.
Meanwhile, drivers who put their marital status down as separated paid £496.24 – £362.80 less.
Widowed drivers forked out £515.57, while married drivers paid £721.35.
The data indicates someone legally changing the marital status on their car insurance policy could potentially save hundreds of pounds too.
For example, someone inputting divorced instead of single could pay around £349 less while still being accurate in describing their personal situation.
However, it’s worth bearing in mind insurers factor in a range of variables when determining policy prices, including age, profession and where you live.
Alicia Hempsted, car insurance expert at MoneySuperMarket said: “Insurers consider lots of factors when pricing a premium, such as age, length of no claims discount, marital status, occupation, location, driving experience, and the make and model of the car.
“Insurers use a model to assess an individual’s risk and price the policy accordingly.”
“This means that no single factor determines the price.”
The reason you may pay more for your car insurance based on marital status is usually down to the perceived risk associated with that group of people.
For example, single drivers are usually seen as more risky while married couples often benefit from lower rates because they’re seen as more financially stable and less accident-prone.
The main factors that affect car insurance premiums
INSURERS make a judgement call on you as a driver when deciding what to charge you for a premium.
Ultimately, it’s all about how risky you are deemed and the likelihood of you being in an accident and needing to claim.
The main factors that determine what you are charged for your car insurance include:
- Annual mileage – the higher this is, the more statistically likely you are to have an accident
- Occupation – some jobs are seen as riskier than others like footballers and journalists
- Car model – if a car is expensive to repair or new parts are costly
- Address – if you live in a high crime area or one prone to flood a lot
- Age – younger drivers generally pay more than older motorists
Remember, you can get the best price for your car insurance by shopping around and using price comparison sites.
How else to cut car insurance costs
Tom Banks, money expert at GoCompare, previously shared his top tips for cutting costs.
Be accurate about mileage
Look at your mileage for previous years so you can estimate your upcoming usage as much as possible and get the most accurate premium.
Make your car more secure
Decreasing the security risk of your car will mean you are less likely to be targeted by thieves.
You can buy steering wheel locks, alarms or even wheel clamps.
You can pick up steering wheel locks from as little as £20 online, car alarms from £20 and wheel clamps for around £35.
Avoid making modifications
This will make your vehicle more attractive to thieves.
It will also make your car or van more expensive to repair which could lead to a higher premium quote.
What is car insurance?
Consumer reporter Sam Walker talks you through what car insurance is and what it covers you for…
Car insurance pays out if your vehicle is stolen, damaged, catches on fire or is involved in an accident.
As a minimum, it protects you against any damage you case to other road users, the public or their property – these are called third parties.
You only need to claim on your car insurance when an accident is your fault.
If another motorist is to blame, their insurance should pay out instead.
Car insurance, unlike home insurance, is a legal requirement and if you don’t have it you can be fined up to £1,000.
You can also have your vehicle seized and destroyed.
However, you don’t need to insure your car if it is classed as “off-road”, or holds a statutory off road notification (SORN).
The vehicle has to be kept on private land and not a public highway though.
Park wisely
It’s worth parking your vehicle in a garage or driveway, if you have one.
Parking off-road can lower the chances of it being vandalised or stolen.
Pay annually
Paying annually will almost always see you pay less overall compared to paying monthly.
Paying monthly sees you charged interest and additional fees on top of your premium.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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