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Key Takeaways

  • The most affordable car insurance for doctors is offered by USAA, Statefarm, and Nationwide.
  • Since this is considered discriminatory by many, not all providers and states allow car insurance discounts for doctors.
  • California, Hawaii, Massachusetts, and Michigan prohibit insurance companies from basing premiums on profession.

Car Insurance for Doctors

Your insurance premiums may be a derivative of a line-up of driving and non-driving factors. It is seldom that your education or profession is taken into account while calculating car insurance premium rates. However, if you are a medical professional or a doctor, to be precise, there are chances for your insurance premiums to be reduced considerably.

So, how do insurance companies calculate auto insurance premium rates for a doctor? Do they give discounts? Why do they pay less for their car insurance? Above all, is it discriminatory to provide discounts based on a profession?

Here, we look at the different aspects of car insurance for doctors.

Do doctors get car insurance discounts?

Healthcare professionals are usually eligible for additional discounts. Companies tend to assess risk rates and driving habits based on education. However, it is illegal in certain states like California, Hawaii, Massachusetts, Newyork, and Michigan.

When it comes to their auto insurance policies, medical professionals can save an average of $40 per year.

Cheapest Insurance Companies for Doctors

Comparing the auto insurance quotes is the best way to choose an insurance provider that best suits your needs. Though some states are against using this as a criterion, most insurance companies and states favor this. Doctors in those states are eligible for discounts and may zero down on the company that provides the most affordable rates.

Here is a list of the cheapest auto insurance companies for doctors and the companies that offer insurance discounts to drivers falling under this category. USAA, which is open to active military members and veterans, offers the cheapest car insurance rates for doctors. However, if you do not meet their criteria, State Farm and Nationwide are the next best options.

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Car Insurance Rates for Doctors

Insurance Company Average Annual Insurance Premium
USAA $1102
State Farm $1306
Progressive $1500
Nationwide $1440
Liberty Mutual $1594
Farmers $1656
Allstate $2034

Why do doctors pay less for auto insurance?

Insurance companies do not consider income rates while estimating car insurance premium rates. Instead, they prioritize the education level of the drivers to calculate the insurance rates and provide discounts accordingly.

However, when it comes to doctors, there is a common assumption that they tend to imbibe safe driving practices and are less risky drivers. Insurance providers rule out reckless driving based on how educated you are, which implies minimal expenses and clean driving history. This is the main reason behind the reduced insurance premiums for doctors.

Does education and occupation affect car insurance rates?

Even though a few states restrict the use of education and occupation to calculate insurance premium rates, according to a general trend that is being followed, education and occupation can affect car insurance rates.

Car Insurance Rates by Level of Education

Looking at the general trend, a driver with no formal education will have to pay an annual rate of $1608. If you hold a master's or a doctorate, then it drops to $1552.

Education Level Average Annual Premium
PhD $1552
Masters Degree $1552
Bachelors Degree $1560
Highschool $1584
None $1608

Car Insurance Rates based on Profession

When we look at car insurance rates based on different professions, we observe that medical professionals are eligible for lower insurance rates than drivers in other professions. This is provided by several car insurance companies, and the average monthly insurance premium for a doctor would be $126.

Occupation Average Annual Premium Monthly Premium
Doctor $1522 $126
Other $1,470 $123
Proprietor $1,470 $123
Civil Servant $1,468 $122
Unemployed $1,554 $130
Manager $1,546 $128
Teacher $1,526 $127
Law Enforcement $1,524 $127
Fire Fighter $1,522 $126
Scientist $1,522 $126
Nurse $1,432 $119
Lawyer $1,520 $127
Engineer $1,520 $127
Military $1,516 $126

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

It is widely observed that drivers with a college degree pay at least ten percent less insurance premiums than those without a degree. While it is agreed that it is discriminatory to use one's education and profession instead of other driving factors, it is practiced by many nationally recognized insurance providers.

The major reason for it to be still observed is the statistical evidence that suggests that people with a higher education level engage in fewer risky behaviors and have fewer accidents. In addition, persons with advanced degrees typically have higher earnings, allowing them to pay more deductibles in the event of an accident, which reduces their premiums as well.

See what you could save on auto insurance

How to save on car insurance

There are several applicable hacks to cut down on your insurance costs, including picking the right car, opting for appropriate discounts, and increasing your deductibles. If you are a doctor, then you can work on your coverage options based on what the insurance companies have to offer. Here are a few methods you can adopt to save on car insurance.

  • Regulate your Coverage

If your car is less than $4000 or isn't financed, it is wise to reconsider your comprehensive and collision coverage. In such a situation, carrying forward your liability coverage will be sufficient.

  • Watch your Credit Score

Your credit score has a significant impact on your car insurance. Insurance firms analyze the relationship between bad credit scores and filing hefty claims. Clients with poor credit scores pay higher premiums. Increasing your credit score can reduce your insurance premium rates by half.

  • Look for Discounts

Car insurance companies offer good student and defensive driver discounts if you maintain good grades or attend courses on safe driving practices. Apart from this, bundling your home or pet insurance with your car insurance can earn you a multi-policy discount.

  • Choosing Simple Car Models

Insurance rates are highly dependent on the make and model of the car. Some models are cheaper to insure than others. Trading your car might be an unpopular measure, but it can help you reduce your insurance expenses.

  • Increase your Deductibles

This may not be a cost-cutting measure for everyone, but if you are a doctor, then it might be financially possible for you to consider this. Though increased deductible limits may result in a lower premium, bear in mind that you will be responsible for the new, higher deductible in the event of a claim.

  • Shop Around

Since most insurance companies provide their quotes online, it is easier to shop around for car insurancequotes since one can do extensive research among the providers and choose the best that suits your needs.

  • Consider Telematics

This is considered a usage-based insurance program. Many of the major insurance providers are coming forward with telematics to assess driving practices and calculate the insurance rates based on that.

The average savings on popular telematics programs can range from $130 and sometimes up to 30 percent in the case of providers like All State and Liberty.

How can doctors get car insurance with Way.com

Shopping around for affordable car insurance coverage might be time-consuming, but if you do your research, you'll be rewarded with better coverage at a lower price. Way.com will give you a head start with our analysis of the best car insurance coverage companies for a doctor based on financial strength, customer service, protection, and price, all of which might influence your insurance coverage experience. You can also use Way.com's insurance analysis tool.

Bottom Line

Even though not all companies provide car insurance discounts for doctors, there are a few nationally recognized insurance providers who consider the career and offer affordable rates. USAA, State Farm, and Liberty Mutual provide the cheapest car insurance for doctors.

One can always carry out their research by heading over to Way.com to compare quotes and look at the different available coverage options.

Auto Insurance Data Methodology

The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.

Quotes are typically based on a full coverage policy average unless otherwise noted within the content.

These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com

Frequently Asked Questions

What car insurance companies offer medical professional discounts?

Car insurance companies like USAA, Liberty Mutual, Nationwide, All State, Progressive, and Farmers provide medical professional discounts.

How can medical professionals get cheaper car insurance?

Shopping around for the best quotes available is the best way to get cheaper car insurance for doctors or any medical professional. One must look out for companies that offer such discounts as some states, and a few providers do not consider a career as a crucial reason to calculate insurance premium rates.

What's the easiest way to get cheap car insurance for medical professionals?

Apart from the generic insurance discounts provided by different providers, one should look out for specific reductions available with the companies and work your way through it by making use of platforms like Way.com, which can provide a comprehensive analysis of the same.

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