Something many people don’t think much about is how having a zero hours contract affects their insurance status. For many people, having a zero hours job and then getting an insurance quote comes as a nasty surprise.
Because zero hours contracts have zero job security, people who have these jobs are considered a higher risk when it comes to long term employment. Their jobs are seen as far less secure and because of this when they come to require insurance for something – whether it be life assurance for a home, or mortgage or motor insurance, their premiums as often higher.
It’s a sign of the times that we live in that such a thing as zero hours contracts exist at all. But they do and for now at least, people have to get on and make the best of them. With insurance premiums set to increase by 10-15% over the next 24 months for zero hours workers, now’s a good time to ditch the zero hours contract and find work that guarantees you employment and a lower insurance premium.
Insurance prices vary considerably for workers on zero hours and it’s a wise idea to shop around if you are looking for insurance – don’t just go with the first offer as it’s usually very much overpriced. Take time to look around and consider your options before you buy your insurance.