Why Getting Your Degree Means It’s Time to Shop for Car Insurance
If you’re close to earning a diploma or advanced degree, congratulations! We know it’s been a long, hard slog — and expensive, too.
All that hard work will pay off by allowing you to pursue the career you want and earn more money.
Here’s an extra bonus: Getting a degree might save money on your car insurance, too. Once you’ve thrown your mortarboard in the air, take a few minutes to compare quotes on Compare.com. We’ll show you how much you can save.
Why Can You Get a Discount on Your Car Insurance for Having a College Degree?
It has nothing to do with how smart you are. (Although if you’re already thinking about comparing quotes on Compare.com, you must be pretty smart!)
From a car insurance company’s perspective, it’s all about risk. Research has shown that drivers who have college degrees are less likely to file an insurance claim than drivers without degrees. This means you could potentially save hundreds per year on your insurance once you graduate.
Of course, your results may vary. You’ll probably see a big discount from getting your bachelor’s or your master’s degree. Advancing to a PhD, however, won’t save you much more.
Some states, such as California, Georgia, Hawaii, Massachusetts, New York and North Carolina, don’t allow insurers to consider education level at all. And there are many other car insurance rate factors that can affect how much you pay.
Getting a New Job with Your New Degree? You Could See Lower Insurance Rates for that, too.
Your job can affect how much you pay for auto insurance, because insurers know that certain professions are associated with a lower risk of filing a claim.
- Did you earn your degree in education? Teachers and college professors often get cheaper rates.
- Did you earn a professional degree in a field like engineering or accounting? You could save on insurance.
- Get your nursing or medical degree? Registered nurses, doctors and other healthcare providers get lower car insurance rates.
- Did you just graduate from law school? Attorneys and judges pay less for car insurance, too.
Again, some states prohibit insurance companies from considering your occupation when they’re setting your car insurance rates. These include as California, Georgia, Hawaii, Massachusetts and New York.
Making More Money with Your New Degree? You Should Check Your Car Insurance Quotes.
Whether you’re earning your high school diploma, your bachelor’s degree or your master’s, you can expect a nice boost in income. Government stats show that a full-time worker’s median weekly earnings are around $750 with a high school diploma; close to $900 with an associate’s degree; around $1,250 with a bachelor’s degree, and so on.
Here’s the kicker: If your income goes up, your car insurance premiums may go down. Research from the Consumer Federation of America reveals that some insurers consider certain socio-economic factors — such as your income and whether you’ve previously had state-minimum insurance — when setting rates.
Premiums are often higher for people with lower incomes, even if they’re great drivers! Is that fair? No, but it happens.
Even if you’re still in school, it’s worth shopping around for insurance.
Most people assume that car insurance for college students is expensive. It doesn’t have to be. Many car insurance companies offer discounts for good students and overall good deals for anyone who’s pursuing their degree.
Wherever you are in your educational journey, you should use Compare.com to see how much you can save. It’s fast, it’s free, and our customers save an average of $720 a year on their car insurance.