Cheapest Car Insurance for Doctors (Discounts and Providers)

There are over 1 million doctors employed in the United States. These skilled professionals earn an average salary in excess of $300,000, making them some of the highest-paid professionals in the country. This high-earner status is one of the reasons doctors often pay less for their car insurance.

It seems like an odd connection to make, but it’s true, as the size of your profession and paycheck are two of the many things that car insurance providers consider.

How Much is Car Insurance for Doctors?

For a 6-month car insurance policy, a qualified doctor can expect to pay around $20 less than the national average. It’s not a huge saving, but it’s a small part of a much bigger picture, and when you’re looking for the cheapest possible car insurance, you need to take every discount you’re offered.

Doctors will also pay much less in the long run, as they are involved in fewer car accidents and don’t make as many claims. They see the damage that drunk driving and speeding can cause, and so they tend to practice extreme caution behind the wheel. They are less likely to be distracted by a smartphone and more likely to wear a seatbelt. 

In addition, high earners often pay for minor damages themselves. They have the money needed to cover such costs and to avoid the inevitable rise in premiums. For drivers earning much less than the national average, that’s rarely a decision they can make, which means their insurance company has to shoulder the burden.

How Doctors Can Save on Car Insurance

Your occupation is one of the many things that insurers consider when setting your rates. If you want the best savings, you need to look for other discounts and be the sort of driver that insurers want to see. To lower your risk to an insurance company:

Improve Your Credit Score

Your credit score is always factored into the equation. It all comes down to statistical probability, and underwriters know that low credit drivers claim more than those with good credit. 

If you have bad credit, you probably have lots of debt and very little disposable income, which means out of pocket expenses are a no-go.

Some of the ways you can quickly improve your credit score include:

  • Pay off any debt
  • Keep all cleared credit cards
  • Increase your credit limit
  • Keep making your monthly payments
  • Challenge any suspicious or fraudulent activity
  • Don’t max out credit cards
  • Avoid new inquiries and accounts

Get a Safer Vehicle

If you have yet to purchase your vehicle and still have the luxury of choice, consider getting a newer car with safety features and anti-theft features installed. This will save you substantially over the long-term. Of course, you also have to make sure you don’t pay $10,000 more for a vehicle that will only save you $5 a month!

Consider sticker price, financing costs, and maintenance. Run some calculations, negotiate with the seller, and don’t neglect insurance and fuel costs.

Bundling

By purchasing home/renters insurance and car insurance from the same provider, you could save up to 25%. Similar discounts are available to customers that add two or more vehicles to the same policy.

Although they are available through most providers, the best discounts are offered by national companies like Geico.

Driving Courses

Defensive driving courses are an easy way to save, as most insurers offer discounts upon completion.

These courses run for a few hours and many of them can be completed online. They cement your status as a safe driver and could help to reduce accidents and claims. 

Compare Insurance Companies 

Finally, once you have prepared everything and considered your discounts and options, you should get multiple quotes from national and regional providers. 

USAA is often the cheapest provider, but it’s only available to members of the military and their families. Alternatively, Geico, Progressive, State Farm, Farmers, and Allstate have very good rates, as do small providers and regional operators like California Casualty and Esurance.