Is car insurance cheaper if you have a degree?

Is car insurance cheaper if you have a college degree?

Similarly, someone with a bachelor’s degree may pay around $300 per year less for car insurance than someone with a twelfth-grade education. As you get more degrees, the savings start to decline. Someone with a Ph. D., for example, may only pay about $30 less for car insurance than someone with a master’s degree.

Does having a degree lower car insurance?

According to The Ascent’s data, the national average auto insurance premium for drivers who have a bachelor’s degree is $2,168 per year. … That is $3,820 more than someone with a bachelor’s degree would pay — more than double the cost.

Why does car insurance ask for education level?

Why does education level matter to car insurance companies? It all comes down to risk. In order to predict how much risk you pose, auto insurance companies rely on demographic and historical rating factors. Major factors — driving history and age — play a major role in dictating rates.

Does profession affect car insurance?

Does your job title affect your car insurance? Yes, your job title does affect your car insurance premium. As car insurance is based on risk, some professions are considered higher risk than others, so insurance companies have to charge varying premiums accordingly.

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Do insurance companies check for degrees?

But did you know that insurers will look at your level of education? Car insurance companies will take a look at your level of education when deciding your auto insurance premium. Studies have found that drivers with advanced degrees are less likely to make a claim than drivers without advanced degrees.

How does education affect insurance?

Insurance regulation studies

Another study by the Consumer Federation of America “found that some insurance companies charge anywhere from 12% to 45% less for auto coverage” to people that have a college degree. The savings escalate the more educational steps you climb.

Do students pay higher car insurance?

The cost of car insurance for students is generally higher than average, as most student drivers are under the age of 25 and are considered to be more of a risk on the roads than older drivers. Students are also are more likely to be new drivers, meaning they haven’t been able to build up a no claims discount.

What profession is cheapest for car insurance?

Delivery drivers and construction workers often pay more for their car insurance because they tend to drive a lot and are often in a hurry. A personal assistant or secretary, on the other hand, is generally viewed as lower risk and their premiums are cheaper.

What occupation gives cheapest car insurance?

Top 10 jobs for cheaper insurance

  • Retirees.
  • Secretary and PA.
  • Clerical assistant.
  • Local government officers.
  • Medical secretary.
  • Secretary.
  • Classroom aide.
  • Book-keeper.

Does being a police officer reduce car insurance?

Yes, all other things being equal, police officers in major UK cities like London, Manchester, Birmingham or Bristol will often pay a bit more for their domestic car insurance than officers stationed in villages or rural areas.

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