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Car insurance for medical professionals

Contemplative female caregiver sitting in car
Klaus Vedfelt/Getty Images
Written by
Sara Coleman
  • /
  • 4 min read
Edited by
Mariah Posey
  • /
  • 4 min read
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It is possible an insurance provider uses your occupation information when assessing your risk as a driver. Medical professionals could be viewed as a group with a lower amount of risk, which means if you are in healthcare, you may be able to qualify for additional savings on premiums. Not all insurance providers offer specific discounts for those in healthcare, but there are multiple ones offering robust coverage options and earning high customer service marks.

Is car insurance cheaper for medical professionals?

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

The medical profession covers a variety of occupations, some of which might include:

  • Nurse
  • Physician
  • Dentist
  • Orthodontist
  • Physician assistant

Best car insurance for medical professionals

Medical professionals may be looking for insurance providers offering numerous coverage options, as well as discounts specifically for healthcare professionals. The following list outlines several insurance providers that might not only offer these discounts, but also score highly on the 2021 J.D. Power Auto Claims Satisfaction Study and demonstrate reliable financial strength through the AM Best ratings.

Car insurance company Medical professional discount? Average annual full coverage premium
Farmers ✔ $2,000
Geico ✔ $1,405
State Farm ✘ $1,457
Travelers ✔ $1,325
USAA ✘ $1,225

Farmers

Farmers offers a wide range of coverage options, including specialty ones such as new car replacement and accident forgiveness. In addition to discounts for medical professionals, there are discounts for paying in full or being a homeowner. Farmers also scores high among carriers in the J.D. Power survey, earning 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 based on your driving habits. However, the program may not be available in all states.

Learn more: Farmers Insurance review

Geico

Medical professionals may appreciate all the discounts Geico offers simply for choosing convenience options, such as auto-pay with premiums and bundling discounts. Beyond the discounts, Geico offers a highly-rated mobile app for complete policy management, including filing a claim, which is ideal for busy professionals. Geico also scores above industry average with the J.D. Power survey. Some drivers may find the lack of policy personalization options frustrating, but the competitive rates and various discounts may help make up for it.

Learn more: Geico Insurance review

State Farm

State Farm offers a network of over 19,000 independent insurance agents, 24/7 customer service care, online access and mobile app options for assisting you with your policy. It offers one of the most accessible customer service plans in the industry. State Farm also scores high in J.D. Power customer claims satisfaction points, receiving 892 out of 1,000 points, which is well above the industry average. State Farm offers some additional policy options, such as roadside assistance. However, there are not as many options for personalization as some other providers.

Learn more: State Farm Insurance review

Travelers

Travelers offers the range of coverage choices you would expect from a carrier, but does have some specialty features too, such as gap insurance. Its A++ (Superior) rating with AM Best highlights the historical financial strength of the provider in its ability to pay out claims. Travelers does not score as high as the other providers on the 2021 J.D. Power Auto Claims Study, earning 871 out of 1,000 points, which is below industry average. The mixed customer service reviews could be a drawback for some drivers.

Learn more: Travelers Insurance review

USAA

Although it does not meet J.D. Power survey criteria due its membership eligibility requirements, USAA scores an impressive 909 out of 1,000 points in customer claims satisfaction. Medical professionals with military service history could have access to award-winning customer service and a range of coverage and discount options, such as roadside assistance and car rental reimbursement. One disadvantage with USAA is you must be an active or former member of the military, or an immediate family member of one to qualify for eligibility.

Learn more: USAA Insurance review

Does education and occupation affect car insurance rates?

If a provider does factor education and occupation in setting car insurance rates, it is likely not a significant influencer. The most important factors will be your state, how much you drive your vehicle, your driving record and your age (except in Hawaii). Some auto insurance companies do use education and occupation as a way to assess risk for a driver, but the impact is low. Some states, such as California, Massachusetts, New York, and Michigan, have made this against the law.

Ways to save on car insurance as a medical professional

Medical professionals have options to help further save on auto insurance premiums. In addition to discounts, there are other tactics for savings such as:

  • Keep a low annual mileage. Premiums are based on many factors, but the amount of miles you drive each year is one of them. By keeping mileage low, your risk of an accident reduces, which in turn may lower premiums.
  • Bundle policies. Purchasing your auto insurance policy from the same insurance provider as your home, renters or condo insurance could provide more savings. Most providers offer a significant discount for bundling.
  • Comparison shop. Comparison shopping is an effective way to spot potential savings. When you receive quotes from several providers, you can clearly see which carrier offers the best coverage options for the least amount of money.
  • Try usage-based insurance. Telematics, or usage-based insurance programs, may allow you to qualify for lower rates based on your driving habits. These devices monitor your driving habits and could help lower your rates if you meet certain criteria.
  • Review coverages regularly. Many drivers choose overage for their auto policy once and then forget to regularly review it. As your life circumstances and driving habits change over time, it’s important to regularly review your policy and adjust where necessary. Doing so could result in spending less on your policy.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

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

Written by
Sara Coleman
Former Insurance Contributor
Sara Coleman is a former insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability.
Edited by
Mariah Posey
Insurance Editor

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