Car Insurance for College-Degreed Professionals

Car insurance rates for educated professionals are higher due to their stress levels and lesser job stability. Compare quotes below to lower the cost of your coverage by up to 20%.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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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: Apr 30, 2020

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Here's what you need to know...

  • Your occupation can affect your car insurance, making it more or less expensive
  • Those with college degrees tend to have higher auto insurance rates
  • The current economy and job instability are why college-degreed professionals are considered a financial risk to auto insurance companies
  • Being diligent with your finances can offset any difficulties caused by being laid off and lessen your high-risk status

Occupations for people with college degrees include scientists, medical professionals, and workers in many other fields including:

  • Financial management
  • Social work
  • Real estate management
  • Journalism
  • Computer software design

These types of workers usually have two or four-year degrees and make up the bulk of America’s middle class.

Enter your ZIP code into our FREE search tool to see side-by-side car insurance quotes online!

Why Are They Slightly Higher on the Scale?

Having a college degree will affect your occupation which will, in turn, affect your car insurance rates.

Most of your major national car insurance carriers employ an army of actuaries who spend their entire day crunching statistics. They are able to break down various job categories along with their tendencies to have drivers with accidents and claims.

These actuaries have become so good at what they do that they can predict with relative accurately what the outlook will be for a given insurance company for the next year.

The statistical data the actuaries use indicates that professionals are of a slightly higher risk than the average worker.

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Extenuating Circumstances

With the job market as weak as it is right now, many professionals find themselves worrying about their job stability.

Where job layoffs in the old days used to be confined to the blue-collar worker in manufacturing, middle management and professionals are now suffering from the same issues.

This obviously adds to the stress level professionals experience on a day-to-day basis. The increased stress, in turn, makes a driver more susceptible to poor driving.

Along with the stress factor is the reality that many professionals are working longer hours to make up for a smaller workforce.

These longer hours results in workers who are more tired, less able to focus their attention, and less willing to go the extra mile to be safe.

Unfortunately, the current environment for professionals in the workplace certainly is not as good as it could be. Car insurance carriers consider all of these things carefully when coming up with a premium price.

Degreed Professionals and Credit Issues

Very few people know that car insurance carriers carefully monitor the credit ratings of their customers. They do this because insurance works, more or less, on a creditor/debtor model.

Customers who have trouble paying their bills will be at higher risk for missing premium payments or making them late.

In order to compensate for this, car insurance companies must raise the rates for any customers who are deemed a financial risk.

What does this have to do with degreed professionals?

America’s professionals have taken as hard a hit as anyone else in our sluggish economy.

More often than not, these workers who have enjoyed a lifestyle at the top-end of the middle class find themselves faced with a struggle if they get laid off. Many of them are reluctant to give up the lifestyle they’ve been accustomed to, yet have no way to pay for it.

It is this financial instability which makes car insurance companies nervous.

Professionals with college degrees used to be able to write their own tickets to success. In today’s economy, however, that’s no longer possible.

We can see this truth in just about every area of life, including what we pay for car insurance, which means we have to be more diligent than ever in making the most of their limited finances.

Whether you’re a professional with a degree or not, you can still get online insurance quotes from America’s top carriers by entering your ZIP code into the FREE box below!

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