Car Insurance for Doctors

Learn more about auto insurance discounts for medical professionals.

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Do doctors get car insurance discounts?

Medical professionals earn an average savings of $19 per six-month auto insurance policy. While your occupation isn't the most impactful contributor to insurance premiums, it does make a difference. Insurance companies see doctors — and clients with more education in general — as less risky drivers, making them less expensive to insure. Let's review some ways to save on auto insurance as a doctor.

 

Car insurance for doctors — table of contents:
  1. Cheapest car insurance companies for doctors
  2. Why do doctors pay less for insurance?
  3. Which companies give doctors discounts on auto insurance?
  4. Additional ways to save

 


 

Cheapest insurance companies for doctors

USAA is the cheapest insurance provider for doctors (methodology). With an average rate of $545 for a six-month policy, USAA is $189 cheaper than the group average.

Insurance Company
6-Month Premium
Allstate
$1,011
Farmers
$822
GEICO
$601
Liberty Mutual
$791
Nationwide
$714
Progressive
$744
State Farm
$647
USAA
$545

GEICO and State Farm are the next cheapest options. GEICO charges $56 more per six-month policy than does USAA. If you have car accidents or citations on your record, your rates may vary. Enter your ZIP code below to see personalized insurance quotes based on your driving profile.

 

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Why do doctors pay less for auto insurance?

Insurance companies do not use income as a factor that helps to determine how much a client pays. Doctors may earn more than an average person, but insurance companies don't raise their rates accordingly.

Many insurance companies do predict risk through the filter of educational attainment in an effort to estimate the probability of their needing to cover a claim payout. Insurers see drivers with more education as less likely to take risks when driving. To an auto insurance company, less risk equals fewer expenses.

Education Level
6-Month Premium
None
$798
High School
$786
Bachelors Degree
$774
Masters Degree
$770
PhD
$770

Those with higher levels of education — often employed as engineers, doctors, lawyers, and Ph.D. scientists — pay less than do those in occupations requiring fewer credentials.

 

Is using education level to price car insurance a discriminatory practice?

California, Hawaii, Georgia, and Massachusetts do not allow the use of education level in determining car insurance rates. These states consider this rating practice discriminatory. The difference in insurance pricing between education levels is typically negligible. Depending on your insurance provider, there might not even be a difference.

 


 

Companies offering doctor insurance discounts

As insurance is regulated on a state basis, not every company offers an occupation-based discount. Some popular companies do extend incentives to those in the medical field:

Occupation
Average 6-Month Premium
Other
$774
Proprietor
$773
Civil Servant
$773
Unemployed
$771
Manager
$767
Teacher
$757
Law Enforcement
$756
Fire Fighter
$755
Scientist
$755
Doctor
$755
Lawyer
$754
Engineer
$754
Military
$752

 


 

How to save on insurance

Insurance can be expensive regardless of what you do for a living. Here are some suggestions on how to save.

 

Bundle multiple policies

If you have renters, condo, or home insurance, cover all your assets — cars included — with one company. This will result in your receiving a multi-policy discount and limit the number of insurance providers you have to deal with.

homeowner status bundle.png

Be smart with your claims

In some scenarios, it makes financial sense to pay your costs out-of-pocket after a collision. An at-fault insurance claim raised rates $384 per six months (2019 average).

This post-claim penalty can stretch for as long as three years, adding up to as much as over $2,300 in additional premiums. If you’ve been in an accident and aren’t sure how to handle the insurance or the claim, consider the following:

  1. Get a cost estimate for the damage independently.
  2. Use The Zebra's State of Insurance analysis to see how much an at-fault accident would raise rates in your state. Again, consider this surcharge over three years.
  3. Compare the three-year surcharge value plus your deductible to the out-of-pocket expenses you learned in step one. If it is cheaper to pay for your claim out-of-pocket, do that.

*Depending on policy stipulations, you may need to inform your insurance company of the accident. This may cause your rates to increase. If your insurance company drastically increases your rates before you inform them of an accident, consider this an opportunity to switch insurance companies.

For additional information on when and when not to use your insurance coverage, see more here.

Be smart with your coverage

By this, we are referring to the sad truth that cars depreciate over time and so will the right coverage. So, if you have an older vehicle, it might not require the same coverage that a newer vehicle would — specifically referring to comprehensive and collision insurance.

Use Kelley Blue Book or NADA online to determine the value of your vehicle. Generally, if a vehicle is worth less than $4,000, you do not need comprehensive or collision. If you decide to drop these coverages, consider adding uninsured motorist property damage coverage. This will protect your vehicle if it is damaged or totaled by an uninsured motorist or a hit-and-run incident.

Consider telematics

Telematics — or usage-based insurance — utilizes a plug-in device to monitor the way you drive and generate an accurate premium. Rather than using data that isn’t directly correlated to your driving, telematics can illustrate to an insurance company what kind of client you will be and more accurately determine your premium. Here are some potential savings.

Company

Estimated Savings

Progressive SnapShot

Average of $130

Allstate Drivewise

Average of 10-25%

State Farm Drive Safe & Save

Up to 15%

Esurance DriveSense

Varies

Nationwide SmartRide

Up to 40%

Liberty Mutual RightTrack

Average of 5-30%

GEICO DriveEasy

Varies

Root Car Insurance

Varies

Metromile Car Insurance

Varies

Please note: these programs are not available in every state.

Shop around

You could do all of the above and still be paying too much for car insurance simply because you’re with the wrong company. Use The Zebra to compare quotes and find a great policy at an affordable cost.


Recent Questions:

Car Insurance for Doctors

Why do certain jobs pay less for car insurance?

The discount you are referring to is known as an "Affinity" or "Membership" Discount. Basically, insurance companies use historical data to prove that certain occupations equate to less risky drivers.

Ava Lynch LinkedIn

Based in Austin, TX, Ava has been in the insurance industry as a licensed agent for 4-plus years. Ava is currently one of The Zebra’s resident property insurance experts and has been featured in publications such as US News Report, GasBuddy, and Yahoo! Finance.