Learn more about available auto insurance discounts for medical professionals.
Medical professionals earn an average savings of $19 per six-month auto insurance policy. While occupation isn't the most impactful factor contributing 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 risky and less expensive to insure. Let's review some ways to save on auto insurance as a doctor.
USAA is the cheapest insurance provider for doctors (methodology). With an average rate of $497 for a six-month policy, USAA is $244 cheaper than the group average.
GEICO and Nationwide will are the next-cheapest options. GEICO charges $74 more per six-month policy than does USAA. If you have accidents or citations on your record, your rates may vary. Enter your ZIP code below to see personalized quotes based on your driving profile.
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 insurance company, less risk equals fewer expenses.
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.
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. Keep in mind, the difference in insurance pricing between education levels is usually minor. Depending on your insurance provider, there might not even be a difference.
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:
Insurance can be expensive regardless of what you do for a living. Here are some suggestions on how to save.
If you have renters, condo, or homeowners 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.
In some scenarios, it makes financial sense to pay your costs out-of-pocket after a collision. An at-fault insurance claim raised rates $303 per six months (2018 average).
The post-claim penalty can stretch for as long as three years, adding up to as much as $2,170 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:
*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 your informing them of an accident, consider this an opportunity to switch insurance companies.
For more information on when and when not to use your insurance coverage, see here.
By this, we are referring to the sad truth that cars depreciate over time. 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.
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.
Average of $130
Average of 10-25%
State Farm Drive Safe & Save
Up to 15%
Up to 40%
Liberty Mutual RightTrack
Average of 5-30%
Please note: these programs are not available in every state.
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.