Insurance question for those who retired early

[Howard B]

Hi
We decided to try early retirement and gave up our jobs last month.
A number of our vehicle insurance policies are due renewal shortly and one of the questions is regarding employment. For those that took early retirement did it make difference if any did it make to the cost of the policy?
Thanks Howard

 

[Spriddler]

I fully retired at 60 and nope, it made no noticeable difference to my house or vehicles' renewal premiums by having to declare that I was 'Retired'.

 

[John Barrett]

Mine came down as my annual mileage was far less.

 

[Carpmart]

I am retired but don’t ‘identify’ as such as I’m 53. I too mused about how to refer to myself on formal ‘things’ like insurance. I settled on living off independent means. There is usually something along these lines as a box you can tick.

Or unemployed but not claiming benefits.

 

[Lenny HB]

Like John came down with mileage, shouldn't get difficult until you reach 80 then a lot of companies won't take on new business.

^{_{Subscribers  do not see these advertisements}}

 

[tonka]

I retired in 2006 aged 47... Only 3 more years and i become a proper pensioner..
Always listed myself as retired, no difference on any insure that i have ever noticed but then i have never entered an occupation to see if it makes a difference..

 

[gus-lopez]

Mine came down as my annual mileage was far less.

My neighbour here used to do between 800 & 1000kms week when he worked. Now he still manages around 600/week & been retired 13 years.

 

[Capri Keith]

When I retired last year my premiums went down or stayed the same. Remember answer all question truthfully to the best of your knowledge or you could have problems if you are unlucky and need to claim.

 

[carolyn]

I retired at 55 and I know in the past a few of the insurance companies used to ask what category your previous employment fell into but they’ve not done that for years and I always shop around for car, van, house etc

 

[Reallyretired]

Usually get some reductions but oddly depends on what occupation you retired from, though I cant see what difference that makes.

^{_{Subscribers  do not see these advertisements}}

 

[The Wino]

Usually get some reductions but oddly depends on what occupation you retired from, though I cant see what difference that makes.

I suppose the reason they ask your occupation is because people who do some are less likely to have accidents than people who do others. It could well be that after retirement the relative risk stays the same. You could argue that's unfair on people considered higher risk or good that people who are usually lower risk are charged less

 

[John Barrett]

I have made just two motor insurance claims in my entire life, both since I have retired! The first was when my SL500 was written off, the second when I smashed the front apron on my B640 against the big rock in the middle of the Aire at St. Jean de Luz!

 

[Winger]

I believe if you work in hospitality/drink industry you pay higher premiums as people in these jobs tend to have a tipple at quitting time so nothing to say this trait wouldn’t continue after retirement

 

[Figaro]

Usually get some reductions but oddly depends on what occupation you retired from, though I cant see what difference that makes.

Some professions get premiums loaded as they are perceived as high risk, photographers is one I'm aware of.

 

[Wabs]

Never a bother

^{_{Subscribers  do not see these advertisements}}

 

[pagey]

Retired 13 years ago never had a problem

 

[Barryh]

Hard to say what difference being early retired and declaring it made. There are so many other variables that affect the premium in any given year.

 

[Captain Yoghurtpot]

Previous occupation as a test pilot for Airfix has caused me a few issues in the past

 

[jongood]

I believe if you work in hospitality/drink industry you pay higher premiums as people in these jobs tend to have a tipple at quitting time so nothing to say this trait wouldn’t continue after retirement

Really? I thought the tipple at knocking off time was what all retired people naturally did note to self:- try not to emulate social circle so much .

 

[Bessy765]

No difference but with the way fuel prices are going unless you have a good pension, retiree’s should be entitled to a reduction in premiums as they wont be able to drive so much!!

^{_{Subscribers  do not see these advertisements}}