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Insurance companies use one’s occupation as one of the factors determining the risks facing their clients. Doctors and other medical practitioners pay very high insurance premiums than other professionals such as teachers and artists.
Statistics from different insurers show that 9 out of the top 10 incidences caused by the leading ten occupations consist of medical workers.
Doctors fall into the category of the at-risk professionals, which contributes to higher insurance rates.
However, despite the high premiums, the medical practitioners should shop around to get the cheaper insurance quotes from different insurance companies.
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Risks Involved in the Doctor’s Profession
The insurance providers use the risks involved to calculate the premiums of a given person.
Some of the risks involved in being a profession include:
- Long/odd working hours– Doctors on call work for long and sometimes odd hours of the night. They will spend most of the times awake and at times fail to get adequate sleep. Lack of sleep for the night doctors leads to low concentration on the road thus increasing the chances of causing an accident.
- High-income bracket– Doctors fall in the high-income earner’s bracket that comes with slightly higher insurance rates. Additionally, they have a high likelihood of buying expensive cars, which would equate to higher premiums.
- Increased mileage and modifications– On call doctors need to travel from one place to another meaning that they are highly likely to get into an accident while driving. Their cars may also contain blue lights and winches, and this means more premiums from the insurance providers.
- Urgency– The doctors on call require to maintain a higher speed especially during an emergency. Doctors could be at a very high risk of causing an accident.
- Work stressors– The exposure to work stressors to doctors is more than in any other profession. Their schedule ranges from doing the rounds, consultations, planning his schedule and making treatment plans. Therefore, the doctor does not have any time to relax leading to a buildup of more tension. The amount of exhaustion equates to poor driving on the roads.
Stating Your Profession
You may be an excellent and efficient driver, but everything changes the moment you mention your profession to the insurer since they generalize some risks with certain occupations. People with a tendency of overrating their profession should consider going slow and give the accurate title of their jobs.
For example, do not just say you are a surgeon while you are a dental surgeon. The premium rates for a dental surgeon are lower than that of the general surgeon.
Be highly cautious about how you use your words while stating your occupation, while at the same time being honest about what you do lest you receive charges of insurance fraud or get a rejection on your insurance claims.
Other factors that the companies check on while giving insurance to doctors include:
- Marital status
- The car they are driving
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Remember that where a doctor lives influences the rates he is going to pay. The insurance companies keep changing their premiums meaning that the rates for the new doctors are slightly different from the old one. Doctors should shop around to get the fairest car insurance prices.
They should also keep the insurance company informed about a slight change in their status to avoid surprises when the company denies paying for the claims.
Various Insurance Discounts
Doctors, nurses, pharmacists, and other medical professionals are eligible for automatic car insurance discounts.
They can apply for discounts because of their role in helping to put things back together when an accident occurs.
Some of the situations that make them eligible for discounts are as follows:
- Credit Score– doctors, have a higher pay and therefore, a credit score of 650 and above dictate a high level of financial responsibility leading to more discounts.
- Education– a high degree of knowledge required for one to practice medicine is a sign of high levels of responsibility and personal integrity. Therefore, the insurance companies saving money on claims prefer to spend them on giving discounts to the medical professionals.
- Students studying medicine– medical students with the grade of 3.0 or above are eligible for student discounts on their car insurance. The student possesses a high level of personal responsibility meaning that they also have discipline on the roads.
The Dirty Doctors
The problem of dirty doctors is prevalent in almost all states in the United States.
A dirty doctor is someone who is guilty of an insurance fraud, which has also contributed to the high premiums in the doctors’ profession.
The doctors involved in the fraudulent acts report injury claims that never happened for financial gains and those of their patients. Additionally, they include their signatures of the injuries and accidents that never happened.
They have also gone to the extreme lengths of giving non-physicians their tax identification numbers to carry out the fraudulent acts. However, the state authorities have been tracking down the dirty doctors who aim at defrauding the insurance companies. All the other doctors also continue to suffer high rates following this fraction of physicians.
Therefore, it is evident that besides the stressful work that the doctors face, they also have the challenge with the car insurance companies following the high risks involved in their practice.
Some insurance companies do not give car insurance coverage to the doctors and other medical practitioners too. It is mandatory for a physician to have insurance coverage.
Therefore, doctors should at least squeeze a little time in their busy schedule to acquire an insurance plan.
If you are short on time and in need of better auto insurance, save time by using our FREE online quote tool! Enter your ZIP code below to start comparing auto insurance rates!