Tweaks in occupation - car insurance v mortgage

[SlowDarren]

Martin Lewis encourages us to understate our occupation for car insurance purposes, and mortgage brokers might want us to do the opposite so as to achieve a bigger mortgage.

Does occupation get cross-referenced between insurers and lenders?

[MustangGT]

Why would you lie about something so easily verifiable? Daft idea.

[Truckosaurus]

It is a nonsense system anyway. There is never a suitable option for my actual job of 'sitting at a desk all day doing dull tasks and surfing PH (not that one)'

[Countdown]

Do Mortgage brokers care what your job is as long as it's permanent, legal, and you can evidence your income?

[akirk]

Truckosaurus said:

It is a nonsense system anyway. There is never a suitable option for my actual job of 'sitting at a desk all day doing dull tasks and surfing PH (not that one)'

Company Director?

[Mandat]

MustangGT said:

Why would you lie about something so easily verifiable? Daft idea.

I don't think that he is suggesting lying about your occupation, but there will be sometimes different available options that cover someone's job.

For example, in the past I have found a cheaper car insurance quote for putting "Chartered surveyor" rather than just "surveyor" or "building surveyor".

All three options describe my occupation, but one of them resulted in a slightly cheaper quote that the others.

[2 sMoKiN bArReLs]

I'm retired.

I do own a teeny tiny company which I work for about 40 minutes a month.

Once in a blue moon I need business cover for my car.

This tricky scenario makes online comparison sites difficult

[donkmeister]

Countdown said:

Do Mortgage brokers care what your job is as long as it's permanent, legal, and you can evidence your income?

A very apt and carefully chosen word there... Evidence... Not prove your income, merely provide evidence that it may exist

WRT lenders caring about the precise nature of a job, I remember Scottish Widows wouldn't offer me a mortgage years back because I was the wrong sort of professional. Doctors, lawyers, accountants and teachers were the only valid professions in their book. Presumably because those are jobs where people rarely get laid off, so it removes a key source of risk for the lender. Whereas most other professions occasionally have redundancies and failing companies.

[alscar]

SlowDarren said:

Martin Lewis encourages us to understate our occupation for car insurance purposes, and mortgage brokers might want us to do the opposite so as to achieve a bigger mortgage.

Does occupation get cross-referenced between insurers and lenders?

I must have missed ML saying that ( was it on his tv series ?) but there’s understating and a straight lie.
If the occupation box says banking for instance and you’re either a cashier or work in head office that’s one thing but saying you’re in banking when you are a night club bouncer taking money on the door is something quite else.
Journalists pay more for insurance apparently - funny hours maybe ?
Doubt ( to answer the question ) there are shared links between the sectors but who knows and not being honest isn’t probably the best idea for either surely.

[Countdown]

I doubt it's shared.

You would need to fill out both forms with different answers at exactly he same time for it to be used against you. Otherwise how would they prove that you weren't doing X job on 1st April and Y job on 2nd April. It's quite possible for people to change jobs/careers.

[alscar]

Countdown said:

I doubt it's shared.

You would need to fill out both forms with different answers at exactly he same time for it to be used against you. Otherwise how would they prove that you weren't doing X job on 1st April and Y job on 2nd April. It's quite possible for people to change jobs/careers.

Indeed - I also wonder how many people take out insurance and then change careers totally but don’t think to get in touch with the Insurer so would this also be an issue should the unfortunate happen ?

[sixor8]

Yes, there's another thread on here somewhere that I read recently about a chap changing jobs to a van driver and they insurance company were refusing to pay for repairs to his private vehicle because he hadn't informed them of his job change. It was GoSkippy I think.

[Countdown]

sixor8 said:

Yes, there's another thread on here somewhere that I read recently about a chap changing jobs to a van driver and they insurance company were refusing to pay for repairs to his private vehicle because he hadn't informed them of his job change. It was GoSkippy I think.

I'm not an insurance expert but my understanding was that they couldn't refuse to pay out in those circumstances, they could only charge him the extra premium (that would have been payable if he had disclosed the relevant info)?

[wpa1975]

sixor8 said:

Yes, there's another thread on here somewhere that I read recently about a chap changing jobs to a van driver and they insurance company were refusing to pay for repairs to his private vehicle because he hadn't informed them of his job change. It was GoSkippy I think.

Thread here: https://www.pistonheads.com/gassing/topic.asp?h=0&...

[TwigtheWonderkid]

Countdown said:

sixor8 said:

Yes, there's another thread on here somewhere that I read recently about a chap changing jobs to a van driver and they insurance company were refusing to pay for repairs to his private vehicle because he hadn't informed them of his job change. It was GoSkippy I think.

I'm not an insurance expert but my understanding was that they couldn't refuse to pay out in those circumstances, they could only charge him the extra premium (that would have been payable if he had disclosed the relevant info)?

Not if they don't insure van drivers at all. Then they can kick the claim out, even if the non disclosure wasn't deliberate.

[fourstardan]

I have never understood the occupation details on Insurance quotes.

I never have a job title suitable so put the closest one possible i.e. Computer Manager.

Martin Lewis is running out of ideas I think!

[Actual]

2 sMoKiN bArReLs said:

I'm retired.

I do own a teeny tiny company which I work for about 40 minutes a month.

Once in a blue moon I need business cover for my car.

This tricky scenario makes online comparison sites difficult

I have a similar problem, I don't work but I could possibly earn some casual income from time to time and if I travelled for a meeting then I would need business use. If I state my occupation to be retired then I can't add business use. If I say I am living from independent means then they won't insure me.

[anonymous-user]

SlowDarren said:

mortgage brokers might want us to do the opposite so as to achieve a bigger mortgage.

Does occupation get cross-referenced between insurers and lenders?

If they do, run a mile and find another broker as it won't work, and banks are really good at finding out when people are lying to them and it tends to stick around and cause issues for a long time.

See here to answer your question:

https://en.wikipedia.org/wiki/National_Hunter

[Driver101]

Mandat said:

MustangGT said:

Why would you lie about something so easily verifiable? Daft idea.

I don't think that he is suggesting lying about your occupation, but there will be sometimes different available options that cover someone's job.

For example, in the past I have found a cheaper car insurance quote for putting "Chartered surveyor" rather than just "surveyor" or "building surveyor".

All three options describe my occupation, but one of them resulted in a slightly cheaper quote that the others.

What does your employment contract say you're employed as?

Is slightly less worth the risk?

[Bobton125]

I’m an analyst

Insurance quote a fair bit cheaper if I say I’m an administrator.

I’m don’t consider that as lying tbh if it’s roughly along the same lines