Insurance companies use their profession as one of the factors determining the risks to which their clients are exposed. Physicians and other practitioners pay very high insurance premiums compared to other professionals such as teachers and artists.
What is car insurance for doctors?
Although your job is not directly related to your insurance premium, it does have an impact. On average, those who have completed an MD /Ph.D. training program pay less for car insurance than those who do not – while all other variables remain constant. Insurance companies consider higher educated people to be less risky drivers – making them a more cost-effective customer. Still, car insurance is not a $ 220 billion industry because it’s cheap. Let’s explore a few ways to save on car insurance as a doctor.
Do doctors pay less for insurance?
There is much misinformation about why certain occupations pay less for car insurance. First and foremost, insurance companies do not use their income to determine what they pay for. Just because doctors usually earn more than an average person, insurance companies increase the price not only for them.
However, many companies are looking at driving patterns through the filter of educational levels to predict what kind of customers you might be for them. Basically, they see drivers with more education than less risky. And for an insurance company, a lower risk means lower claims payments.
However, despite the high premiums, doctors should look for the cheapest prices from different insurance companies.
If you’re in the medical field, start a comparative shopping online for insurance today to get better auto insurance rates! Enter your zip code above!
Risks related to the profession of doctor
Insurers use the risks involved to calculate premiums for a given person.
Some of the risks involved in practicing a profession include:
Long/irregular working hours
The duty doctors work long hours, sometimes even at night. They spend most of their time awake and sometimes fail to get enough sleep. Lack of sleep for the night, doctors lead to low concentration on the road, thus increasing the chances of causing an accident.
Physicians are in the high-income bracket, with slightly higher insurance rates. In addition, they have a high probability of buying expensive cars, which would be equivalent to higher premiums.
Increased Mileage and Changes
Doctors on duty must move from one location to another, which means they are at high risk of crashing while driving. Their cars may also contain blue lights and winches, which means more premiums from insurers.
Doctors on duty need to maintain a higher speed, especially in case of emergency. Doctors are very likely to cause an accident.
The exposure of physicians to the stress factor at work is greater than in any other occupation. Their schedule ranges from rounds to consultations, scheduling and treatment plans. Therefore, the doctor does not have time to relax, which causes an increase in tension. The amount of exhaustion equates to bad driving on the roads.
You may be an excellent and efficient driver, but everything changes when you mention your profession to the insurer because they generate certain risks for certain professions. People who tend to overestimate their profession should consider slowing down and giving the exact title of their work.
For example, do not just say that you are a surgeon while you are a dentist. The premium rates for a dental surgeon are lower than those of the general surgeon.
Be very careful about how you use your words when stating your profession, while being honest about what you are doing, otherwise you risk being accused of insurance fraud or being rejected.
Compare the prices
Other factors that companies check for in physician insurance include:
The car they drive
Various insurance discounts
Doctors, nurses, pharmacists, and other medical professionals are entitled to automatic car insurance.
They can apply for discounts as they help to bring things back together in the event of an accident.
Companies that offer specific discounts
Since the insurance is regulated on a state basis, not every company offers you a discount depending on the profession. Nevertheless, here are some popular companies that offer it.
- Liberty Mutual
Some of the situations that entitle you to discounts are as follows:
Credit score –
Doctors have higher pay and therefore a credit score of at least 650 leads to a high degree of financial responsibility, which leads to more discounts.
A high level of knowledge required for the practice of medicine is a sign of a high degree of responsibility and personal integrity. Therefore, the insurance companies save money for claims and preferably spend them to give discounts to the doctors.
Students studying medicine –
medical students rated 3.0 or higher will receive student discounts on their motor insurance. The student has a high degree of personal responsibility, which means that he also has discipline on the streets.