Auto Insurance for Doctors (Rates + Discounts)
Auto insurance for doctors costs more due to risks of the profession, but rates are less than 5% of income in most states. Some companies, including Liberty Mutual and Geico, offer discounts to doctors.
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UPDATED: Oct 26, 2021
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- Doctors fall into the category of at-risk professionals, which contributes to higher insurance rates
- In most states, less than 10 percent of a doctor’s income goes toward auto insurance
- Doctors, nurses, pharmacists, and other medical professionals are eligible for several auto insurance discounts
- A dirty doctor, one who is guilty of insurance fraud, will likely have a higher auto insurance premium
Insurance companies use your occupation as one of the factors determining the risks facing their clients. Doctors and other medical professionals pay very high insurance premiums compared to other professions, but shopping around and looking for discounts can reduce insurance rates.
Choosing the best auto insurance company for your specific needs can be confusing, not to mention time-consuming. This article will tell you everything you need to know about auto insurance for doctors. We’ll cover why rates may be higher, discounts that are available, and how to compare insurance rates.
If you are in the medical field, start comparison shopping today for better auto insurance rates! Enter your ZIP code above.
How can doctors save money on auto insurance?
Although doctors are high-risk customers and policyholders, there are ways to find cheaper auto insurance rates. Shopping for auto insurance can be frustrating. To ease your search for cost-efficient auto insurance, this section will explore general auto insurance quotes based on research data.
First, we’ll talk about the factors that determine auto insurance and finish the section with how auto insurance affects a medical employee’s income.
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How do the risks of being a doctor affect car insurance rates?
Doctors fall into the category of at-risk professionals, which contributes to higher insurance rates.
However, despite the high premiums, medical practitioners should shop around to get cheaper insurance quotes from different insurance companies.
Statistics from different insurers show that 9 out of the top 10 incidents caused by the leading 10 occupations consist of medical workers.
The insurance providers use the risks involved to calculate the premiums of a given person. Some of the risks involved in being a doctor include:
- Long/odd working hours — Doctors on-call work for long and sometimes odd hours of the night. They will spend most of the time 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 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 a car accident. Doctors in Atlanta or other high traffic cities should consider higher coverage.
- Work stressors — A doctor’s exposure to work stressors is higher than in any other profession. Their schedule ranges anywhere from doing rounds, consultations, planning their schedules, 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.
Since workplace risk is a factor in determining auto insurance for a doctor, nurse, or other medical employees, expect rates to be around the same cost as driving record rates. If you aren’t familiar with the data on our website, we’ll show you an example of what policyholders will likely pay for auto insurance based on driving records.
|Driving Record Summary||Average Annual Auto Insurance Rates|
|Clean driving record||$1,896|
|With one speeding violation||$3,669|
|With one accident||$4,100|
|With one DUI||$4,920|
Driving record rates are the closest to high-risk auto insurance rates. Auto insurance companies understand that individuals in the medical field are needed throughout various hours out of the day and night. This inconsistency makes medical workers unpredictable.
To accommodate for this risk, auto insurance companies prepare for the unexpected and issue reasonable increases to auto insurance rates to offset the chance a doctor may be in an accident. Doctors, on average, drive more expensive vehicles than the average U.S. motorist.
Other Factors That Determine Auto Insurance Rates for Doctors
Doctors may be high-risk customers, but auto insurance is determined the same way for doctors as it is for everyone else pursuing a policy in auto insurance. Several factors determine auto insurance rates, which include:
- Demographics (age, gender, and marital status)
- Commute Mileage (miles expected to travel during the policy)
- A person’s credit history
- A person’s driving record
- A customer’s address
- The make and model year of a vehicle.
Some of these factors are influenced by your position as a doctor, including commute length.
In the next sections, we’ll cover some of these in more detail and explain how being a doctor affects these factors.
Does a doctor’s age affect auto insurance rates?
Your age affects your auto insurance rates in most states. Most doctors and other medical employees are adults above the age of 21. Policyholders who are at least 25 years old have cheaper rates than policyholders who are younger than 25. Examine the auto insurance rates in the data table below.
|Age, Gender, and Marital Status||Average Annual Auto Insurance Rates|
|Married 60-year-old female||$2,243/year|
|Married 60-year-old male||$2,308/year|
|Married 35-year-old male||$2,446/year|
|Married 35-year-old female||$2,449/year|
|Single 25-year-old female||$2,703/year|
|Single 25-year-old male||$2,889/year|
|Single 17-year-old female||$7,559/year|
|Single 17-year-old male||$9,028/year|
Adults aged 25 and older pay significantly less than those who are younger. Statistics show that younger drivers take more risks when operating a motor vehicle. Females pay much less for auto insurance than their male counterparts. Single drivers take more risks than those who are married, which is reflected in the average annual rate of each demographic.
In combination with their high-risk status, doctors may receive a break on auto insurance if they’re in an age bracket that has cheaper insurance rates.
How does commute distance affect a doctor’s auto insurance policy?
Some medical practitioners such as surgeons and trauma center doctors are on-call and have to live 15 minutes within the hospital’s location. This may vary with every state in the U.S. Therefore, a doctor or physician’s commute is just as unpredictable as assessing the risk to determine auto insurance.
Auto insurance providers may maximize commute mileage to anticipate the number of times a doctor may travel to and from the hospital. For those who live close to the workplace, the commute mileage rate may be cheaper. Let’s examine how annual mileage affects auto insurance mileage.
|Estimated Commute Mileage||Average Annual Auto Insurance Rates|
6,000 annual mileage
12,000 annual mileage
If you drive less during the duration of the policy, you’ll pay less for auto insurance. Combined with other factors and discounts, a doctor may pay less than the average annual rate. Some auto insurance companies will issue the same auto insurance rates regardless of the miles you’re expected to travel.
How can credit history affect auto insurance rates for doctors?
Auto insurance providers and credit experts often correlate credit history with risk. This means auto insurance companies will assess the risk of a policyholder by looking at their credit history. After evaluating credit history, auto insurance providers will issue rates according to credit history. Let’s see the average insurance rates based on credit history.
|Credit History||Average Annual Auto Insurance Rates|
|Good Credit Score||$3,166/year|
|Fair Credit Score||$3,687/year|
|Poor Credit Score||$5,151/year|
Poor credit history leads to expensive auto insurance rates. Fair and good credit reflect more affordable rates. The following video explains more.
Doctors are known to have a better credit history than most consumers in the U.S. Therefore, doctors are likely to receive a discount based on their credit history. It’s important to note that a doctor’s credit is not innately good or fair. Anyone can fall within either credit history status.
Doctors, like all other policyholders, should be aware of insurance credit history as well.
Insurance credit history is a consumer’s history with insurance companies.
Your insurance credit history can reveal payment history, canceled polices, accidents, claims, and even nonpayment of premiums. Auto insurance providers will often ask what prior auto insurance company you were with. This will give them a reference on how you’ve conducted business with your last insurance provider.
How do where you live and the type of vehicle you drive affect car insurance for doctors?
Doctors tend to be in a higher income bracket, which means they may own a more expensive vehicle and live in more expensive neighborhoods. This is not always true, of course, but as we discuss in the next section, doctors do have a higher than average salary.
More expensive cars cost more to insure, simply because they cost more to repair and replace. Driving a luxury vehicle, as some doctors do, means higher insurance rates.
Rates also vary by ZIP code and city. If you live in a location that has a higher risk of theft, for example, your rates will be more expensive. A doctor’s income may allow them to live in a safer neighborhood, but that doesn’t always guarantee low rates.
How are auto insurance rates related to a doctor’s income?
A lot of people are looking for cost-efficient options for auto insurance. Doctors are no different. They have the right to pursue cheaper rates for auto insurance as well.
A doctor’s salary is higher than the average U.S. employee. Each salary is different per state. Zip Recruiter is a website where they list salaries of employees across the U.S. They have a webpage designated just for doctor’s salaries. We’ve summarized those salaries in a data table along with auto insurance, measured as a percent of income by each state in the U.S.
|State||Annual Salary||Average Annual Rates||Insurance as
a Percent of Income
Doctors across the U.S. pay less than five percent for auto insurance in most states. Michigan is the only state with insurance where doctors pay close to 10 percent of their income, but it’s worth noting that Michigan is the most expensive state for auto insurance overall.
How can a policyholder find auto insurance as a percent of income? It’s simple math. Divide your annual rate by your annual income (i. e. $3,000 / $120,000). The answer will come out as a decimal. Move the decimal over two places, and that will give you the percentage of income affected by auto insurance.
Remember that where a doctor lives influences the rates they are going to pay. The insurance companies keep changing their rates, which means rates for the new doctors are slightly different from the experienced doctors. Doctors should shop around to get the fairest auto insurance prices.
They should also keep the insurance company informed about a slight change in their status to avoid surprises if my auto insurance will not pay for a claim.
Auto Insurance Discounts For Doctors
Doctors, nurses, pharmacists, and other medical professionals are eligible for several auto insurance discounts. To give you some ideas on how much they can save, let’s look at the general discounts for auto insurance.
|Discount Name||Discount Percentage|
|Usage or low-mileage||2%|
|Emergency road assistance||5%|
|Safety; passive restraint and airbag||5%|
|Students away from home||7–30%|
|Defensive driving course||10%|
|Military||15% on base, 90% for deployed|
|Good or safe driver||20%|
|Affiliation or "affinity"||25%|
|Auto-pay||$45–$50 / year|
|Low income or occupation||Varies|
These discounts vary for each company, so you may see many different names for the same discount listed in this table. Sometimes, the discounts are combined and that takes a few hundred dollars from a policy.
The more discounts a doctor is eligible for, the cheaper the auto insurance rate will be per policy.
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 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 a grade of 3.0 or above are eligible for student discounts on their auto insurance. The student possesses a high level of personal responsibility meaning that they also have discipline on the roads.
Which car insurance companies have discounts for doctors?
Some insurance companies offer a specific car insurance physician discount. First, there is AMA car insurance, which is provided through Liberty Mutual and the American Medical Association specifically for doctors. This specialty group access also offers homeowners insurance for doctors as well as providing doctors with life insurance. AMA also has a branch that provides health insurance for doctors, making them a one-stop-shop.
Other car insurance companies that offer a physician discount are:
If you are a doctor in the military, USAA car insurance is also an option for you.
What car insurance coverages are available?
All potential customers and policyholders will have an opportunity to enroll in basic coverage options such as liability, collision, and comprehensive car insurance.
Liability auto insurance coverage has two elements within its package, which are bodily injury liability and property damage liability. How much liability insurance covers depends on the state.
Collision and comprehensive auto insurance pay for two different types of damage. Collision coverage pays for property damage regardless of who is at fault in an accident, while comprehensive coverage pays for property damage that doesn’t involve a collision.
Examples of comprehensive coverage is an auto insurance provider paying for a windshield after a storm, paying for damages after a vehicle is stolen, or paying for body damage to a vehicle after something or someone has fallen on it while the motorist isn’t operating the vehicle.
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Dirty Doctors and Insurance Fraud
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 fraudulent acts report injury claims that never happened for financial gains and those of their patients. Additionally, they include their signatures on documents of injuries and accidents that never happened.
Here’s a news report on how the federal government went after dirty doctors.
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. Even if the fraud isn’t related to car insurance, it can affect car insurance rates. Other doctors also continue to suffer high rates as well, not just this fraction of physicians.
It is evident that besides the stressful work that the doctors face, they also have a challenge with the auto insurance companies due to the high risks involved in their practice.
Some insurance companies do not give auto insurance coverage to doctors and other medical practitioners too. A physician must have insurance coverage.
So, as busy as doctors are, it’s important to find the time to get the right physician insurance while also paying a fair rate for car insurance.
Frequently Asked Questions
Do doctors need umbrella insurance?
It’s recommended to have an umbrella policy between $1-$5 million and consider bundling with auto insurance for cheaper rates, doctors life insurance.
How much insurance do I need for my car?
Depends on the car’s value. At minimum you should carry the state minimum liability coverage but most doctor’s should consider higher values on their vehicle unless you’ve got funds set aside to pay out of pocket for claims — including your health insurance for doctors.
Does Geico offer discount for nurses?
If you’re a busy doctor 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!
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