Car Insurance Rates for a Manager/Director

Car insurances rates for a manager/director are an average of $103.33/mo, a high monthly rate by occupation. Factors like stress level and type of vehicle help determine the car insurances rates for a manager/director.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: May 20, 2020

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Here's what you should know...

  • Managers and directors tend to have higher car insurance rates due to the high-stress nature of their jobs, the tendency to drive more expensive vehicles, and frequent traveling for work.
  • Driving a less expensive vehicle with full liability, comprehensive and collision coverage can lower your premiums.
  • Always driving a business car can also lead to higher insurance rates. Carpooling and taking public transport when possible can help lower mileage ad lower your payments.
  • Occupation and education affect your car insurance

There are many different factors that go into determining how much an individual pays for car insurance. Believe it or not, one of those factors is your occupation. What you do for a living tells your insurance company about your personality, temperament, income, what type of car you’re most likely to drive, and how well you will take care of that car on the road. Where you live and work also has an effect on your rates. With all of those things to consider, it’s no wonder that managers and directors pay higher car insurance rates than most other professions.

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In a recent survey of 60 common job categories, managers and directors paid the eighth highest annual rates at approximately $1,240.

There were only a few other categories, including some government workers, that paid higher average premiums. There may be several different reasons for this including work environment, stress, and the types of cars that these individuals are more prone to drive. Let’s look at these things a little more closely.

Manager/Director Work Environment

When we’re speaking of managers and directors we are assuming that the survey is referring to senior management level positions. These individuals might be department heads, regional managers, vice presidents, or directors of various institutions. This type of work lends itself to a specific environment which may cause these drivers to be a bit riskier.

Right off the bat, we know that some of these individuals have personal drivers and company cars for business-related travel. Therefore, they spend less time behind the wheel personally which could translate into a higher risk when they do drive.  This means more expensive car insurance.

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Another possibility is that this type of work environment may involve a lot more time on the road for managers and directors. With every mile, his chances of an accident go up proportionally. For a manager or director who spends a lot of time traveling throughout and extensive multi-state region, those miles can add up to lots of potential risks. Finally, this type of work may involve travel to other cities around the country, frequently putting the manager or director in an unfamiliar driving environment.

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Manager/Director Stress

It seems as though the higher up the management chain we climb, the more stressful our daily lives become, especially in the workplace. While it’s true that senior managers and directors do receive higher pay than blue-collar workers, they also endure a tremendous amount of stress. Their pay is often directly tied to company performance rather than a straight hourly salary. Their jobs are also dependent upon producing positive results for shareholders. In a touchy economy such as the one we’ve been in for the past couple of years, the stress can be unbearable.

It’s already documented that stressed individuals do not drive as safely as those who are calm and relaxed. It goes without saying that when an employee leaves his workplace at the end of the day, the more stressed out he is, the less patient he will be with other drivers. In a high-stress environment such as what the manager or director is involved, it’s easy to see why they could pose a greater risk as drivers. Not that they always will, but the potential is there.

Manager/Director Vehicles

One final aspect of this type of work is the fact that these types of individuals tend to drive more expensive vehicles. Again, the higher we go up the management scale, the more compensation the individual earns. With higher paycheck workers tend to drive more expensive cars which are, obviously, more expensive to replace or repair after an accident. Even without a manager/director job, you still pay more insurance for a more expensive vehicle.

It goes without saying that individuals who can afford more expensive vehicles are also more likely to carry full collision and comprehensive coverage. These obviously cost more than minimum liability coverage. Full collision and umbrella coverage is even greater as the value of the car goes up. So if a manager/director is driving a Mercedes-Benz, he will certainly pay more for his collision and comprehensive coverage than someone driving a Hyundai.

Managers and directors have a work environment, daily stresses, and more expensive vehicles that all add up to higher insurance rates.

Interestingly enough, there are some professions where the income is much higher but insurance rates lower. There are a number of factors behind this, including the tendency for the more wealthy among us to pay for accident claims out-of-pocket, but for some reason, these factors don’t seem to apply to managers and directors.

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References:

  1. https://www.forbes.com/sites/jimgorzelany/2013/03/18/where-drivers-pay-the-most-and-least-for-car-insurance/
  2. https://www.stress.org/workplace-stress/
  3. https://www.statefarm.com/simple-insights/saving/these-7-factors-determine-car-insurance-premiums
  4. http://carinsurance.about.com/od/PolicyFundamentals/a/Comprehensive-Vs-Collision-Coverage.htm

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