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Car insurance for medical professionals
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Best car insurance for medical professionals
The average cost of car insurance currently sits at $2,014 per year for full coverage — but medical professionals may be able to pay less for their policy with discounts. Many of the best car insurance providers offer discounts to members of professional organizations, such as those in the medical community. The table below outlines some major providers that offer car insurance discounts for healthcare workers and the average annual cost of a full coverage policy with these carriers, according to premium data from Quadrant Information Services.
| Car insurance company | Medical professional discount? | Average annual full coverage premium |
|---|---|---|
| Farmers | ✔ | $1,598 |
| Liberty Mutual | ✔ | Not available |
| Geico | ✔ | $1,353 |
| Travelers | ✔ | $1,551 |
| Nationwide | ✔ | $1,422 |
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, policyholders may qualify for discounts for paying in full or being a homeowner. Farmers may also be a good option for medical insurance professionals who prefer face-to-face customer service, as Farmers has an extensive network of agents across the country. To save even more, drivers might choose to sign up for the 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.
Geico offers a robust list of discounts, including some discounts for members of professional medical associations such as the American Academy of Audiology and American Psychological Association. There are also discounts for safety equipment, good driver discounts and a discount for bundling your auto insurance with homeowners, renters or condo coverage. Geico also has a highly-rated mobile app that lets you manage your policy via your smartphone, and you can report and track a claim online or make payments and add a vehicle to your policy. However, Geico does not offer a large list of endorsements, so opportunities to customize your policy may be more limited.
Liberty Mutual partners with employers and professional organizations to offer discounts to their employees, including some medical facilities, so it may benefit you to check with your employer to see if you may be eligible for a discount through this type of partnership. In addition, Liberty Mutual offers a standard range of coverage options and a wide range of discounts, including a claims-free discount, digital payment discount and more. It also offers several unique add-ons, such as a lifetime repair guarantee if you use an insurer-approved shop for repairs. It’s worth noting that Liberty Mutual scores slightly below average on the J.D. Power Auto Claims Satisfaction Study, so it may not be the best choice for medical professionals who value customer service.
Travelers offers affinity programs with specific savings opportunities for employees or members of certain businesses and associations, including some medical associations and companies. 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 2022 J.D. Power Auto Claims Satisfaction Study, but it does have a robust list of endorsements, including roadside assistance, new car replacement and gap insurance.
Drivers looking to customize their car insurance policies may gravitate towards Nationwide, although some endorsements may not be available in all states. On top of car insurance discounts for medical professionals, Nationwide offers potential savings for setting up automatic payments, having a vehicle with built-in anti-theft devices and maintaining an accident-free record. Homeowners may also be interested in obtaining their car insurance policy through Nationwide, as the insurer advertises a discount of up to 20 percent for bundling your home and auto policies.
Does education and occupation affect car insurance rates?
Your education and occupation may not have a direct effect on your car insurance rates, but they may have an influence over some of the factors that determine the cost of car insurance. Your job can heavily impact your income level, which may shape your credit score. And depending on your state’s laws, your insurer may take your credit-based insurance score into account when calculating your rate.
Your job may also determine where you live, which plays a large role in how much you pay for your car insurance policy. Commuting or using your vehicle for work might also make your insurance more expensive; in general, the more miles you put on your car, the more you’ll likely pay to insure it. Professional discounts may help you save on your premium but aren't typically as impactful as other rating factors.
Ways to save on car insurance as a medical professional
Medical professionals have options that might help them save even more on auto insurance premiums. In addition to discounts, they may be able to take advantage of other tactics for savings such as:
- Practice safe driving: On top of possibly helping you score more car insurance discounts, maintaining a clean driving record may keep your auto insurance premiums low by demonstrating that you are unlikely to engage in risky driving that could lead to costly claims. .
- 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, some up to 25 percent.
- Comparison shop. Comparison shopping may be an effective way to spot potential savings. When you receive quotes from several providers, you usually get a better picture of which carrier offers the best coverage options for the least amount of money. Remember that in addition to cost, it may benefit you to consider other factors, such as customer service, when assessing insurers.
- 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 coverage types regularly. Many drivers choose coverage 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.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 2021 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.
Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.
