Car Insurance for Pharmacists

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What's car insurance for pharmacists?


Auto insurance companies aren’t exactly searching the insurance market for pharmacists, but because of several factors, they’re still fairly likable candidates. Because of their higher levels of education, insurance companies see pharmacists as less likely to take risks while driving. Still, the savings are fairly minimal — in 2016, those with higher levels of education saved about $36 per year. With that figure in mind, let’s explore some companies that offer savings for pharmacists as well as some other ways to save on auto insurance.





Which companies offer discounts to pharmacists?


Based on yearly collected data, car insurance companies like to insure individuals with occupations that require higher levels of education, such as pharmacists, because of the statistical correlation between safer driving and post high-school level education. While the discount savings can range, you shouldn’t expect this discount to drastically alter your premium. For that, we have some other suggestions.

  • Farmers
  • GEICO
  • Travelers
  • Pharmacists Mutual




Other ways to save


Car insurance is the second greatest expense of owning a car — after the original purchase, of course. And as we stated, the amount of savings you can receive with a profession based discount can vary and is also not consistent across every state. So, let’s explore some other ways to save on auto insurance.


Telematics

Telematics is a part of the new trend of “insuretech.” Basically, telematics are plug-in devices that monitor the way you drive in order to more accurately predict what kind of client you will be. Driving cautiously will reward you with a lower premium, especially if other rating factors (like age and location) are against you. The amount you save will depend on how you perform after a preliminary monitoring period and the company you chose. Here are some examples.


Company Estimated Savings
Progressive's SnapShot Average of $130
Allstate's Drivewise Average of 10-25%
State Farm's Drive Safe & Save Up to 15%
Esurance's DriveSense Varies
Nationwide's SmartRide Up to 40%
Liberty Mutual's RightTrack Average of 5-30%

Not available in every state.



Bundle your policies

Keeping all you insurable interests within one company can help you receive a multi-policy discount. The more policies you bundle, the more you can save!


Savings on Bundlings

Savings with Renters Savings with Home
$73 $142


Drive safe

This one is pretty obvious, but it should be noted how at-fault accidents or tickets can negatively impact your premium. You will not only be rated (i.e., charged) for 3 years (depending on your state and the accident), but you will be ineligible for discounts like the Safe or Good Driver.


Average Increase in Annual Premium in 2016

Accident/Violation 6 Month Premium Increase
None
Speeding 11 - 15 MPH Over Limit $141
Speeding 16 - 20 MPH Over Limit $153
Speeding 21 - 25 MPH Over Limit $165
At-Fault Accident $306
Reckless Driving $499
Racing $523
DUI $529


Be smart with your claims

Use caution when determining if you should file a collision claim. These claims are usually deemed as an at-fault claim and, as you can see above, can have major impacts on your premium. Consider if the amount of money you would pay for the accident (estimated claims minus your deductible) is less than what you should additional pay for your accident on your premium.



Be smart with coverage

Unfortunately for us, our beloved 2005 Honda Civics (as do all cars) begin to lose their value over time. In terms of auto insurance, this means that the coverage you originally had on your aged vehicle might no longer be necessary. Follow our simple steps to determine if could save money by removing your comprehensive or collision coverage.


  • Determine the value of your vehicle by using tools like NADA or Kelley Blue Book
  • Using the value of your vehicle, look at the difference in premium between having comprehensive and collision coverage versus liability only. If the difference (the savings) is enough to replace your vehicle, you don’t need the coverage.
  • If, however, it’s more expensive to replace the vehicle than keeping the coverage but you still need to lower your premium, consider raising your deductible. Keep in mind, however, that by raising your deductible you can take on more financial responsibility if your vehicle is damaged.


Pay smart

If you’re able to pay your insurance premium up front or with your bank account (electronic funds transfer), you could skip pesky transactional fees!



Shop around

If you’ve examined every cost-cutting solution possible and are still paying too much for car insurance, consider that maybe you’re not with the right insurance company. By looking at as many companies as possible, you can make sure you’re getting the best rate out there. Only with The Zebra can you shop 200 companies at once. Get started today.


Compare rates now!


Recent Questions:

Car Insurance for Pharmacists

Why do certain jobs pay less for car insurance?

Apr 01, 2018

A friend of mine who has Farmers insurance said she gets a discount because she’s a teacher. She just had ...