Employment status and insurance ?

Does anyone know who much your employment status affects your insurance
premium? As in, say, an office worker compared to being unemployed?

 

When I were a lass and worked in motor insurance (underwriting for
brokers and inscos), there were only a few occupations that would
result in an increase in premium. Favourites at the time were anyone
involved in entertainment/broadcasting (1), market traders (2),
jockeys, bookies, publicans etc.

Mind you, them were the days; we had proper rating guides and the
ability to assess a risk on its own merits, not the 'it doesn't fit
with the system so **** off' approach now <sighs>.

AFAIAA it hasn't changed a great deal and 'normal' occupations
(including unemployment) generally don't incur raised premiums.


(1) The reasoning being (allegedly) that you may have occasion to give
a lift to a celeb, thus increasing the potential exposure for high
personal injury/loss of earnings claims in the event of an accident.

(2) Not entirely sure why.

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Because they might slip on a banana skin?

Seriuosly though, it might be because they'll get their vehicle stolen /
hijacked with everything in it?

 

Years ago, there was a dramatic difference in premium between describing
yourself as "stockbroker" and "investment banker". Stockbrokers were
clearly "trouble", but the insurance companies fixed on the magical word
"banker" and formed a cosy mental picture of a steady and reliable,
2.4-kids, mow the car and wash the lawn on Saturdays, short back-and-sides,
Pringle knitwear, Terry-and-June type.

They were probably quite right, then.