July 3, 2022
  • July 3, 2022

Auto insurance for healthcare professionals

By on November 29, 2021 0


An insurer may use information about your profession to assess your risk as a driver. Healthcare professionals can be considered a lower risk group, which means if you are in the healthcare business you may be able to benefit from additional savings on premiums. Not all insurers offer specific discounts for people working in the healthcare industry, but there are several that offer robust coverage options and earn high marks for customer service.

Is Auto Insurance Cheaper For Healthcare Professionals?

It is possible for medical professionals to pay less on auto insurance premiums, depending on the insurance provider. Some insurers associate healthcare professionals with lower risk as drivers, which could lead to lower premiums on average.

The medical profession covers a variety of professions, some of which could include:

  • Nurse
  • Doctor
  • Dentiste
  • Orthodontist
  • Assistant physician

Best auto insurance for healthcare professionals

Healthcare professionals may be looking for insurance providers that offer a variety of coverage options, as well as discounts specifically for healthcare professionals. The following list presents several insurance providers who could not only offer these discounts, but also perform well in the 2021 JD Power Auto Claims Satisfaction Study and demonstrate reliable financial strength through AM Best ratings.

Auto insurance company Medical professional discount? Average annual premium for full coverage
Farmers ?? $ 2,000
Geico ?? $ 1,405
State farm ?? $ 1,457
Travelers ?? $ 1,325
United States ?? $ 1,225

Farmers

Farmers offers a wide range of coverage options, including specialized options such as a new car replacement and accident remission. In addition to discounts for healthcare professionals, there are discounts for full payment or ownership. Farmers also score high among carriers in the JD Power survey, scoring 893 out of 1,000 points. Another feature is the Farmers Signal program, which is a usage-based telematics program where you can earn additional discounts. depending on your driving habits. However, the program may not be available in all states.

Learn more: Farmer Insurance Review

Geico

Healthcare professionals can enjoy all of the discounts that Geico offers simply for choosing convenient options, such as automatic payment with premiums and bundled discounts. Beyond discounts, Geico offers a popular mobile app for comprehensive policy management, including filing a claim, which is ideal for busy professionals. Geico also scores above the industry average with the JD Power survey. Some drivers may find the lack of policy customization options frustrating, but the competitive rates and various discounts can help make up for it.

Learn more: Geico Assurance review

State farm

State Farm offers a network of over 19,000 independent insurance agents, 24/7 customer support, online access, and mobile app options to help you with your policy. It offers one of the most accessible customer service plans in the industry. State Farm also scores high in JD Power Customer Complaints Satisfaction Points, receiving 892 out of 1,000 points, which is well above the industry average. State Farm offers additional options, such as roadside assistance. However, there aren’t as many customization options as some other vendors.

Learn more: State agricultural insurance review

Travelers

Travelers offers the range of coverage choices you would expect from a carrier, but also offers some specialized features, such as spread insurance. Its A ++ (superior) rating with AM Best highlights the supplier’s historical financial strength in its ability to settle claims. Travelers do not score as high as other providers in the JD Power Auto Claims Study 2021, scoring 871 out of 1,000 points, which is below the industry average. Mixed customer service reviews could be a downside for some drivers.

Learn more: Traveler insurance review

United States

Although it does not meet the criteria for the JD Power survey due to its eligibility criteria, the USAA scores an impressive 909 out of 1,000 points in terms of satisfaction with customer complaints. Healthcare professionals with a history of military service could gain access to award-winning customer service and a range of coverage and discount options, such as roadside assistance and car rental reimbursement. One of the drawbacks of the USAA is that you must be an active or former member of the military, or an immediate family member of one to be eligible.

Learn more: USAA Insurance Review

Do Education and Occupation Affect Auto Insurance Rates?

If a provider takes education and profession into account when setting auto insurance rates, it is probably not a major influencing factor. The most important factors will be your condition, how much you drive your vehicle, your driving record, and your age (except in Hawaii). Some auto insurance companies use education and profession as a way to assess a driver’s risk, but the impact is small. Some states, like California, Massachusetts, New York, and Michigan, have banned this.

Ways to Save on Auto Insurance as a Healthcare Professional

Healthcare professionals have options to save more on auto insurance premiums. In addition to discounts, there are other savings tactics such as:

  • Keep annual mileage low. The bonuses are based on many factors, but the number of kilometers driven each year is one of them. By keeping mileage low, your risk of an accident decreases, which in turn can lower premiums.
  • Consolidate policies. Buying your auto insurance policy from the same insurance provider as your home, tenant, or condo insurance could save you even more money. Most suppliers offer a large discount for bulking.
  • Comparison shop. The price comparison is an effective way to spot potential savings. When you receive quotes from multiple providers, you can clearly see which carrier offers the best coverage options for the least money.
  • Try usage-based insurance. Telematics, or usage-based insurance programs, may allow you to benefit from lower rates depending on your driving habits. These devices monitor your driving habits and could help you lower your fares if you meet certain criteria.
  • Regularly review the covers. Many drivers choose to exceed their auto policy once and then forget to review it regularly. Since your life circumstances and driving habits change over time, it’s important to regularly review your policy and adjust it if necessary. This could result in lower expenses for your policy.

Methodology

Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record , good credit and the following comprehensive coverage limits:

  • $ 100,000 in civil liability for bodily injury per person
  • $ 300,000 liability for bodily injury per accident
  • Civil liability for property damage of $ 50,000 per accident
  • $ 100,000 in bodily injury caused by an uninsured motorist per person
  • $ 300,000 in uninsured bodily injury per accident to a motorist
  • $ 500 collision deductible
  • Global deductible of $ 500

To determine the minimum coverage limits, Bankrate used a minimum coverage that meets the requirements of each state. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and cover 12,000 miles a year.

These are sample rates and should be used for comparison purposes only.