When you apply for car insurance, most of us know that your car insurance premium will be higher if your credit is bad. The reason is that studies have shown a direct
correlation between your credit score and the likelihood that you will file a claim. Insurers also know that if you pay your bills in a timely fashion and have had the same credit accounts for
a long time, you're more stable than someone who pays late and frequently opens and closes accounts.
Now, what most people do not know is that your car insurance premium is also adjusted according to your occupation. We recently applied for new quotes with leading on-line auto insurance companies and found that when we changed our job classification from a higher paying job or more skilled employment to a lower paying less skilled job, our insurance premium increased. You can see the same results. Just go to a leading on-line auto insurance company that offers instant quotes. When fill out the required information and you get to your on-line quote page, click on the back button on your internet explorer browser until you get to the page where you entered your occupation. Change the occupation to a less or more skilled one and reprocess it. You will see a significant difference in you premium quote.
Is this fair? It's bad enough that they have a law that you must be insured to drive a vehicle, but shouldn't there be laws in place for the insurance companies to be fair about the annual premiums so people can afford them or is it a no win situation for the consumer and a all out monopoly for the insurance companies.
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You may want to also read Buying Car Insurance With Bad Credit
Although all information has been written in good faith and reviewed, please email us at [email protected] to report any inaccuracies.