Retiring... Any Impact On Premiums ? (1 Viewer)

[Kingham]

For those of you lucky enough to be there already, did retiring have any impact on your insurance premiums, for better or for worse ?

 

[MC 55 FUN]

They seem to be cheaper for car, home & M.H. for us - of course this is just our example as insurance costs can vary widely & are dependent on so many various factors.

 

[Kingham]

They seem to be cheaper for car, home & M.H. for us - of course this is just our example as insurance costs can vary widely & are dependent on so many various factors.

I half expected mine increasing, as I'll have more time to be in the van, compared to working full time.

I hope it works out as it did for you.

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[Taran_Las]

Nope​

 

[Taran_Las]

I half expected mine increasing, as I'll have more time to be in the van, compared to working full time.

I hope it works out as it did for you.

Conversely, you won't be commuting during the busiest times of the day either A perceived reduction in risk.

 

[Gellyneck]

Minimal, if any, on car, motorhome or house.
My life policy went through the roof though 'cause they thought dearest would have killed me after a few days!!!

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[Kingham]

Conversely, you won't be commuting during the busiest times of the day either A perceived reduction in risk.

I'm not sure how insurers calculate their risks, but applying that logic, I could see my car insurance reducing due to the lowered risk after getting away from commuting, but the van will be being used far more regularly than previously, which is why I was anticipating a rise.

I suppose that will be reflected in what annual mileage I provide them with, as that figure will be a lot higher than previously.

 

[Bobby22]

Your van will be insured on the declared mileage, so makes no difference.

 

[tonka]

I have always gone for Safeguard or Comfort as i like the all in package...
Usually I bounce between the two to keep them on their toes
In the 15 years we have had vans, working and retired the premiums for me haven't moved much so cant see it makes any difference.

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[two]

I'm not convinced that insurance companies can calculate risk, even though they may employ actuaries to do so at great expense. If you do fewer miles I'd expect you to become a higher risk due to lack of familiarity, even though you're at risk for less time. Conversely, you may be at less risk if you use a vehicle more often. Retired folk have more time on their hands, so may travel more slowly and take fewer risks.
I am the only named driver of all my vehicles but get no discount in recognition that I can only be driving one of them at any time.

 

[Gaston aires]

Cant say I noticed any change.
I depends on lots of factors, Post code, driving licence points, previous claims, etc.
Ours always seems cheap in the UK.
Talk to foreign owners, Dutch, Germans etc.
They pay the earth in comparison.
Phil

 

[Jasz]

It made no difference to me (with Comfort), probably because the declared mileage didn't change.

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[Reallyretired]

Certain occupations can effect premiums, which is why they ask for the information. It still seems to apply even if you're no longer doing the job.

 

[irnbru]

Minimal, if any, on car, motorhome or house.
My life policy went through the roof though 'cause they thought dearest would have killed me after a few days!!!

Im surprised she hasnt by now

 

[klaatu]

I renewed the other day, and at the same time informed them that I am now retired. Didn't make any difference to the renewal quote. This is an unlimited mileage policy with Safeguard.

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[Gellyneck]

Im surprised she hasnt by now

Obviously the rain is still falling and your loose end is becoming frayed?
Interested in your Snipe 2 thread as was about to ask same question.
Anyway, lunch finished and off to the beach with the dug (in glorious sunshine)

 

[mitzimad]

I'm not sure how insurers calculate their risks, but applying that logic, I could see my car insurance reducing due to the lowered risk after getting away from commuting, but the van will be being used far more regularly than previously, which is why I was anticipating a rise.

I suppose that will be reflected in what annual mileage I provide them with, as that figure will be a lot higher than previously.

logic and insurance are two words that will rarely appear in the same sentence

 

[Minxy]

As you'll be able to state 'retired' on your insurance and won't need commuting anymore your car etc insurance should be cheaper, your MH one is normally dependent on amount of usage (mileage) unless of course you had commuting on it so removing that could make it cheaper.

When we left work/retired very early we weren't sure what to put ... unemployed ... home maker ... we were advised to put retired as we had no intention of going out to work again ... try different combinations on an insurance website and see how it affects you.

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[Philh]

I just renewed today with Comfort and no reduction due to retiring since last renewal. I have however recently passed my IAM and that is a good saving in Insurance. I have 6 vehicles, all different, so the IAM saving does add up to a fair bit.

 

[Twogirls]

When I retired and Deb sold her business, although she claimed no benefits and was living off her own means, our car insurance quote went sky high purely because she was technically "unemployed"!

 

[Minxy]

When I retired and Deb sold her business, although she claimed no benefits and was living off her own means, our car insurance quote went sky high purely because she was technically "unemployed"!

Which is why we were advised to put retired.

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