Unemployment can boost the price of car insurance by more than 50pc, a study has found amid concerns of an upcoming wave of redundancies as the furlough scheme comes to an end in October.
On average, motor cover is 40pc more expensive for those who are out of a job and policies can vary by as much as £200 depending on profession and employment status.
Drivers of heavy goods vehicles have the biggest price to pay when losing their jobs as they have among the cheapest policies when in work, according to research by price comparison website, comparethemarket.com. The average unemployed 30-year-old buying a policy for a Ford Fiesta must pay £571.28 for car insurance, which represents a 54pc jump for HGV drivers who on average pay £370.75 for the same car and policy.
A number of key worker professions pay the most expensive premiums. Professional carers and NHS health care assistants are among the 10 careers that generate the most expensive car insurance premiums, more than 5pc higher than the average, at £431.91 and £427.64 respectively.
The single most expensive profession for car insurance is that of a taxi driver, which typically costs £485.13. This is followed by chefs, who pay £459 on average.