How Much Of Your Salary Goes On Car Insurance?
As a general rule for many of us, what we earn ends up going out again to cover household bills such as mortgage, rent, council tax, utility bills, food and the likes of car insurance. Of course, we would all rather be paying less for our motor insurance than we presently are but just how much of our salaries has to be set aside for such cover?
Well, this will depend upon several factors such as the make and model of car to be insured, the value of the car, our driving experience and age, and where we park our cars overnight. Another factor is what we do for a living as certain jobs carry a higher premium than others.
You may be interested to read that, according to Confused.com, on average, doormen end up paying a higher percentage of their salary for motor insurance than any other occupation. Such people pay an average of 14% of their annual income with this equating to an average of £3,215 per annum.
However, it is professional footballers who pay out the most in monetary terms for their car insurance with the average premium being £3,920 per annum. However, that only equates to 0.2% of a top footballers salary as it is no secret that premier league footballers get paid high salaries.
A police sergeant, on average, is paying a very low premium at £419 per annum. This equates to a mere 1% of their salary. Perhaps it is perceived that a police sergeant is a low risk as far as motor insurers are concerned.
Retired people tend to, on average, pay a low premium with the average annual cost of insuring their car being £475 per annum with this equating to around 2% of their income.
It is interesting that in the region of 28% of motorists were unaware that what he or she does for a living can impact upon how much they pay for their car insurance.
It is important that if you are either looking for car insurance for the first time or if your policy is shortly due to be renewed that you consider shopping around to see if you can get a competitive deal. Too many people just get one quote or renew their existing cover without bothering to see if they can get the same level of suitable cover but for a reduced premium.