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Motor insurance for the unemployed

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Motor insurance for the unemployed

Should a legal requirement such as motor insurance be priced at the whim of the private sector or should it be controlled and limited by statutory legislation?
The high premiums for the unemployed was discussed on the BBC this morning http://www.bbc.co.uk/news/uk-16652779
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Re: Motor insurance for the unemployed

I am not unemployed, I am a houseperson  Wink (Although last time I bought insurance it was cheaper being unemployed!)
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Re: Motor insurance for the unemployed

I've been "unemployed" since 2003 when the Investment Banking, since then a mix of retired (bank pension) and some consulting work through my own  (ltd) company. So on motor insurance I just describe myself as a Management or Software Consultant and that seems to keep them happy on the  insurance applications, but I do apply through a traditional broker who's fully aware of my circumstances. In some cases it might be worth the cost of forming a limited company and giving yourself a job title.
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Re: Motor insurance for the unemployed

At the expense of being controversial, I realise its a generalisation but, when it comes to the young unemployed, they are probably among the highest risk groups, and often not insured in the first place, third party only or on their parents insurance so the cost of insurance in their case becomes either at the right level or immaterial.  
Edit: immaterial that is to them rather than the rest of us who have to subsidise it with higher premiums.
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Re: Motor insurance for the unemployed

I am unemployed but being 65 and receiving a pension I have been classified as retired Wink
I do wonder if my particular unemployed classification warrants an increase in my motor insurance premium.....difficult to tell.
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Re: Motor insurance for the unemployed

I have been self employed (legitimately) since taking over household duties and childcare around 10 years ago.
I don't make much every year - certainly nowhere near enought to pay tax but as I do get a small income through various sources, can justify self employment status.
Certainly a lot cheaper than being unemployed for insurance purposes.