Sky-high car insurance: the price of fame
New research has revealed that there’s a downside to being a celebrity like Gordon Ramsay, Adele, Simon Cowell and David Beckham… massive motor insurance bills.
The cost of a year’s premium can increase by nearly double, based solely on a chosen career path, according to the latest data by Comparethemarket.com.
Based on an analysis of 100 professions, entertainers and sportspeople topped the charts, showing they could pay from £1,408.61 for a year’s cover.
The research kept all risk factors the same and was based on the insurance premium for a humble Ford Fiesta driven by eight-year licence holders (with different professions) living in Peterborough.
In third place are DJs at £1,151.86, followed by those who drive for a profession, with taxi drivers paying from £1,105.97 per year. Chefs are in fifth place for the most expensive annual premiums at £1,084.16.
Top 5 most expensive car premiums by profession
Profession | Car insurance quote |
Entertainer | £1,408.61 |
Sportsperson | £1,408.61 |
DJ | £1,151.86 |
Taxi Driver | £1,105.97 |
Chef | £1,084.16 |
At the other end of the spectrum, accountants paid the least at £706.72 per year.
The verdict is also good for judges who also feature on the lower-end scale, alongside astronomers, police officers and fire fighters, who all pay less than a NHS surgeon, soldier or Member of Parliament.
Top 5 least expensive car insurance premiums by profession
Profession | Car insurance quote |
Accountant | £706.72 |
Ambulance Driver | £738.08 |
Judge | £738.08 |
Barrister (QC) | £748.08 |
Paramedic | £748.16 |
“Insurers use a complex algorithms to determine an individual’s premium, with profession making a big impact on the annual cost of an individual’s car insurance,” explained Simon McCulloch of Comparethemarket.com.
“An assumption on the time of day a professional is likely to be on the road, plus the number of hours behind the wheel, may be taken into consideration, in addition to the insurer’s claims experience with each job category.
“Our new league table puts entertainers and sportspeople neck and neck at £1,408 whilst the cheapest profession comes in a massive £660 cheaper at £748.”