The Lemon Fool

I took early retirement a few months back & am now essentially a full time investor, when not travelling. In my early 50s, so no pension, but living entirely on my own funds.

What does everyone in a similar position declare as their profession for car insurance purposes ? Retired ? Private investor ?

I want truthful & optimised. Should have sorted this when it happened, but policies are up for renewal very soon, so will sort it then.

Retired. What you do with your spare time is up to you.

Dod

I stopped work at 48 and dallied with putting other professions down on forms where the professions loosely fitted something I did, but I got bored and settled down to just choosing retired. It seems to be ok and is probably the most accurate.

My answer generally depends on who is asking the question and why they think they need to know that. In other words is the request reasonable?

I guess for insurance purposes the issue might be that some occupations are inherently more risky, and so a higher premium is appropriate. On the other hand when I am asked that whilst applying for a new credit card or bank account, I don't consider that any of their business.

That said, in your case, I'd probably put "portfolio manager", since that is what you will be doing. Although "retired" can be useful sometimes. When applying for a new mobile phone contract I said "retired" and they gave me the cheaper "senior rate" even though technically I was not old enough to qualify for it.

On the other hand when applying for internet service at home, I said "small business owner", and got a cheaper rate as a result.

Or just put something vague like "manager" or "professional".

jaizan wrote:What does everyone in a similar position declare as their profession for car insurance purposes ? Retired ? Private investor ?

I tried Private Investor orally for a car insurance policy quote. The paperwork came back with Private Investigator. Gave up on that option and ended up putting name of ex profession and retired. Nowadays (with esure) they accept Independent Means as an occupation.

It might depend on what is on your potential insurer's database as an option.

PinkDalek wrote:t might depend on what is on your potential insurer's database as an option.

I think so. What I'm looking for is of course the option that is both truthful AND giving the lowest quote out of any truthful options.

Retired at 50. Always state retired on my insurance documentation. The fact the OP dabbles in shares is not a career/job; he doesn't pay NI and is not regarded as employed. Surely the answer to the question is obvious.

PinkDalek wrote:

jaizan wrote:What does everyone in a similar position declare as their profession for car insurance purposes ? Retired ? Private investor ?

I tried Private Investor orally for a car insurance policy quote. The paperwork came back with Private Investigator. Gave up on that option and ended up putting name of ex profession and retired. Nowadays (with esure) they accept Independent Means as an occupation.

It might depend on what is on your potential insurer's database as an option.

Independent Means is not an occupation and anyway it sounds too pompous for me. It of course covers everyone from the classic heiress (why are they always heiresses?) to a hobo. If you are wilfully not working and have been employed you are retired, what else would you be?

Dod

Dod101 wrote:

PinkDalek wrote:

jaizan wrote:What does everyone in a similar position declare as their profession for car insurance purposes ? Retired ? Private investor ?

I tried Private Investor orally for a car insurance policy quote. The paperwork came back with Private Investigator. Gave up on that option and ended up putting name of ex profession and retired. Nowadays (with esure) they accept Independent Means as an occupation.

It might depend on what is on your potential insurer's database as an option.

Independent Means is not an occupation and anyway it sounds too pompous for me.

Noted. I quite enjoy attempting to sound old fashioned.

If you are wilfully not working and have been employed you are retired, what else would you be?

I haven't been employed in nearly 30 years but I have a number of hats. Including, company director (no contract of employment), property investor, shareholder (quoted and unquoted). I don't consider myself retired at all. In fact, I'm busier now than I was when employed.

Independent Means covers it (as would Private Investor) and is clearly shown on esure's Car Insurance Schedule. It may even have been them who came up with the wording so I've looked https://www.esure.com/content/pages/pro ... onId=25208 and, sure enough, it is there as an option.

To get back to the OP, it is often a matter of trial and error. I do recall speaking at length to a broker at some stage and, having explained my situation, we tried a number of different descriptions, all of which were truthful. I went for the one that gave the best premium and cover but that was years ago, way before I went to esure.

The latest proposal form I submitted for our household insurance included against "Occupation":

Name of profession (Retired)
Private Investor
Charity Trustee
Director of property investment companies

That's what kept me occupied at the time.

I don't know if Retired is an Occupation but it an option on those drop down menus online.

Being a devil's advocate, Independent Means is not an occupation; it is an explanation for why you are not in paid employment.

Anyway the reason insurers ask for an occupation is because certain ones are or were considered more hazardous than others. Being 'Retired' is simply an indication that you are not in paid employment and what you do with your time is up to you. Use of your vehicle is likely to be covered by Social Domestic and Pleasure although not always.

I have been retired in the sense that I have not been in paid employment since 31 December 1994 which come to think of it will soon be 25 years which seems incredible. For at least part of that time I covered as many miles per annum as some professional drivers I expect. I was doing about 35,000 miles a year taking my first wife to and from hospital or visiting her therein. That was in my book Domestic use; it certainly was not Pleasure. As I was fortunate enough to avoid any accidents the matter never became an issue but it just shows how unrealistic insurance underwriting can be.

Retired I think is the default option for someone who is not in paid employment.

Dod

Retired. It's the most factually correct.

Insurers will make adjustments to your premium depending upon occupation. If you put Retired Former Occupation, there may be an adjustment as the underwriters may allow for the chance that you are doing a bit of your former occupation in retirement.

I know of someone who put Taxi Driver on the form as a joke because having retired he felt he was being used as a taxi by wife, kids, relatives and friends. His premium rocketed because taxi drivers pay a lot for insurance; lots of driving and the much higher chance of them having a highly important and thus expensive person in the car when they crash (e.g. captain of industry, professional sportsman, top actors).

In my case it's Retired Actuary. I've been with the same broker since before I retired and when I was working Actuaries got a discount on their motorcycle insurance with some Lloyds syndicates. Actuaries are supposed to have a better appreciation of the risks and are thus more cautious and thus less likely to make a claim (I supplied proof of occupation when I was working).

SalvorHardin wrote:If you put Retired Former Occupation, there may be an adjustment as the underwriters may allow for the chance that you are doing a bit of your former occupation in retirement.

In my case, the adjustment was a slightly reduced premium on the household insurance and, having life membership, I also get 20% off on vehicle insurance.

I am partially jesting on Retired not being an Occupation but there does seem to be a fair bit of sucking eggs in these parts.

PinkDalek wrote:I tried Private Investor orally for a car insurance policy quote. The paperwork came back with Private Investigator.

I definitely think this post qualifies for an entry in Laughing Lemons.