UPDATED: Mar 13, 2020
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Can a doctor get a discount on car insurance? Do car insurance companies charge cheaper rates to doctors, nurses, or other medical professionals?
Today, we’re answering all your questions about car insurance discounts for doctors.
Yes, Doctors Often Receive Certain Car Insurance Discounts
Doctors tend to pay cheaper car insurance premiums than drivers in other professions, all other things being equal.
However, the difference isn’t as large as you may think. On a 12-month car insurance policy, a doctor may pay $20 to $80 less than a driver in another profession.
Why Do Doctors Pay Less for Car Insurance?
Doctors may pay cheaper car insurance premiums for several different reasons:
- Doctors belong to a professional association or group that entitles them to certain car insurance discounts
- Some insurance companies specifically give discounts to doctors, nurses, first responders, and other front-line medical personnel
- Some insurance companies give steep discounts to anyone with an advanced degree (like a Ph.D.)
Statistics show that doctors (and most other professionals with advanced education) are significantly less likely to make a claim than drivers with less education.
A driver with a Ph.D., for example, will pay less than a driver with a high school diploma, all other things being equal.
Sometimes, doctors will get a specific discount just for being a medical doctor. In other cases, the discount is identical to the discount received by others with a Ph.D. or similar advanced degree.
Profession is Just One of Many Factors Contributing to Insurance Premiums
It’s important to remember that your profession is just one of many factors that contribute to insurance premiums. Other factors that typically play a larger role in insurance premiums include:
- Driving Record
- Driving Experience
- ZIP Code
- Car Make, Model, and Value
- Your State and State-specific Insurance Laws
Based on all of these factors, an insurance company will provide you with a customized quote. Sometimes, a doctor may end up paying significantly more for car insurance than anyone else because the doctor has a history of DUIs or at-fault collisions. Being a doctor is not a guaranteed path to cheaper insurance rates: it’s just one of the dozens of factors that go into your customized insurance premiums.
Which Companies Offer Car Insurance Discounts to Doctors?
A handful of companies across the United States offer occupation-specific discounts for doctors. In many cases, doctors fall into the same category as nurses, first responders, and others in the medical field. Companies offering car insurance discounts to doctors include:
Most studies show that doctors will pay slightly lower rates for car insurance than those in more “ordinary” professions. However, the discounts are virtually identical to the discounts received by engineers, lawyers, military personnel, scientists, firefighters, law enforcement, and teachers, all of whom qualify for similarly low rates based on their profession.
Not All Doctors Pay Lower Rates for Car Insurance
Some car insurance companies offer discounts for doctors, nurses, engineers, first responders, military personnel, and other professionals.
However, not all doctors are guaranteed to pay lower rates for car insurance.
Some doctors pay higher rates for car insurance because they drive higher-end vehicles, for example. Others pay higher rates because they’re high-risk drivers: they drive home from night shift during morning rush hour, for example, which is one of the most dangerous times to be on the road.
Some doctors will pay more for car insurance because they have a bad credit score: you might have excessive debt from medical school, for example, that is dragging down your credit score.
Finally, some doctors just don’t qualify for any specific car insurance discounts. Some insurance companies do not offer specific discounts to doctors or those in other occupations, for example.
For all of these reasons, it’s important to compare as many car insurance quotes as possible to ensure you’re paying the best possible rates for car insurance.
Insurance companies use complex risk analysis algorithms to determine how much each driver should pay for car insurance. Statistics show that doctors tend to have lower claims rates than drivers in other professions.
Some insurance companies also offer discounts specifically for doctors, nurses, and first responders. Others offer discounts to anyone with a Ph.D. Many insurance companies offer doctors the same discounts they give to engineers, teachers, first responders, and military personnel, allowing you to save 10% to 15% per year on premiums.
Compare car insurance quotes online today to ensure you’re getting the best deal on car insurance as a doctor. Many online car insurance comparison forms ask for your profession. By inputting your profession, you can qualify for discounted rates on car insurance as a doctor.