Our workloads affect a lot of important aspects our lives… the amount of time we spend with our family, our weekly budget, and our general satisfaction with life. A drop in workload might mean less money in the bank… but it can also mean lower bills. If you’ve been lucky and savvy enough to sign up with a car insurance company offering premiums that are personalised to your individual car usage patterns, you can expect to see your premiums drop along with your workload. We look at why!
How come my car insurance is linked to my workload?
Well, we should be clear about one thing – your car insurance is only linked to your workload if you’ve chosen one of the newest breeds of car insurance companies that don’t assume your circumstances – they ask. Many insurance companies still don’t factor variables like workload into their premium calculations.
For those that do, however, the drop in workload often produces a premium reduction because you are likely to be using your car less (as you’ll be commuting less often). Less car usage means a lower risk of having an accident… and in all fairness, that should lead to a reduced car insurance premium, since they are calculated based on the risk that the insurer will have to pay a claim.
What sort of changes might reduce my premiums?
There are quite a few common circumstances in which you might be able to get a discount on your car insurance, related to your workload:
If the number of out-of-office meetings you attend during work hours drops suddenly
If your working hours change from full time to part time
If you are self employed, and the number of business trips you make in a month changes for some reason
If you begin an arrangement with your employer to work from home for part of the week (becoming more common nowadays)
Even logistical changes within your company or the way you get to work might cause a drop in your premium. For example, if you run a small business and change from delivering your own goods to customers, to using a third party delivery service, your insurance premiums may go down.
Also, if you are a regular employee and change from driving your car to work, to taking the bus, you obviously deserve a lower premium. You aren’t driving your car as much, therefore it’s safer, and less likely that your car insurer will have to pay a claim. So your premium should come down!
How do I know if I can get a car insurance discount?
The most straightforward way is to ask your car insurance company! If you’re with one of the more modern insurance companies that take these factors into account when providing a quote, you may be able to change details like these through an online policy manager. If you are with a more traditional insurance company that assigns a ‘group risk’, however, you might not be eligible for a discount at all. Your best option if you find this is the case, is to simply shop around for a better car insurance quote. There should be plenty out there!