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Did you know that the job that brings food to your table could save you some cash on car insurance? Now you know.

When perusing through claims data, insurance providers have noticed that certain professional fields record fewer claims than others. The firms, therefore, take into account educational background and occupation when setting car insurance rates.

Many insurance companies don’t advertise these facts but they consider them when rating various categories of customers. A few insurers, however, offer flat rates for all categories of clients, but you can expect the rates to be a little bit higher than average.

Engineers present a lower level of risk and their discount is designed to reflect that. Car insurance rates will vary from company to company and from state to state.

It’s important to make several online comparisons to get the most appropriate coverage at a reasonable price. Use our free comparison tool today to find the best rate.

Car Insurance Discounts for Engineers

Like science and mathematics, engineering studies are quite demanding and the students who pull through settle in well-paying careers. A bachelor’s or higher degree in engineering will qualify you for discounts as much as 18 percent.

That why engineers enjoy some of the best car insurance rates in the country.

Insurance companies work out their rates based on risk levels. They make maximum profits when the members make no claims. Statistics have indicated that engineers make minimal claims as compared to people from other professions.

High-Risk Vs. Low-Risk Drivers

Drivers that are categorized as high-risk are more likely to cause accidents and subsequently make claims. These categories of drivers attract high premium rates to leverage the insurance firms on the high amounts of claim they’ll have to settle.

Motorists with low-risk status, however, are less likely to get involved in accidents and will certainly not make any claims.

The insurance companies then pass down the profits they make to such members by offering high discounts and consequently lower premium rates.

Engineering is considered a high-income occupation. Customers in this category are less likely to file claims even if they get involved in minor accidents.

They prefer to settle the small repairs from their pockets to avoid the tedious claim process and the time they would waste through the evaluation process.

The low-income motorist, on the other hand, will file claims under any circumstances even with minor damages.

Nature of Work

Different occupations bring different work-related pressures. Salesmen and lawyers are engaged in high-pressure activities that submit them to high levels of anxiety and stress. Stress increases their likelihood of causing accidents.

Some jobs demand that you’ll spend several hours on the road driving from one workstation to another. The more time you spend on the road, the higher your chances of causing accidents. Such jobs will attract higher premium rates.

Engineers generally spend long periods of time at the workstation and may only travel to the site in the morning and leave in the evening resulting in lower rates.

Other Factors Considered when Determining Rates

Many factors that affect auto insurance rates take individual situations:

• Miles drove
• Driving history
• Where you live
• Type of car you drive
• Your age and gender

The number of hours you spend the road, for instance, depends on the proximity of your home to the workstation, rather than your career.

Your driving history plays a big role in determining how much premium you’ll pay. If you have a history of claims, tickets, and accidents, your rates will radically increase and overtake the discounts you’ll have earned by belonging to a professional body.

Most insurers will check your driving record over the last three years and make a determination on your risk levels.

Your place of residence also affects your auto insurance rates. Areas prevalent in crime attract high premium rates while safe havens will result in lower rates. This is due to the high risks of vandalism and car theft in high crime neighborhoods.

Some vehicles are also listed by the insurance companies as “the most stolen cars.” If your make and model fall into that category, you will most likely pay more for your insurance.

Many insurance companies also consider gender and age when computing rates. Young drivers aged below 25 years are considered high-risk drivers and will pay more in premiums. Younger males have also considered a higher risk as compared to their female counterparts.

How to Save Money on Premiums

As an engineer, you will enjoy high discounts from insurance forms based on your career. However, there are several other measures you should take to ensure your premiums are as low as possible.

Before purchasing any policy, get as many online quotes as possible and choose a plan that offers the most coverage at reasonable costs.

• Multi-policy – If your insurer offers numerous insurance products, it would be wise to consider multiple policies like a car, home, life, and health insurance to enjoy maximum discounts.
• Lump-sum – Insurance companies usually offer discounts on lump-sum premium payments. If you’re capable of settling one year’s premiums upfront, you’ll get some good discounts from your insurer and save more money.
• Automatic withdrawal – You can also consider signing up for automatic premium deduction from your bank account to enjoy good discounts.
• Safety features – Consider installing safety features like alarms and car tracking devices on your vehicle to improve security. Check with your insurance agent and know which features are insurer-approved and will attract discounts.
• Minimum requirement – Though it’s not recommended, if you’re not able to afford collision or comprehensive covers, you can opt for liability insurance which is the minimum cover required in most states.
• Safe driver course – Take a safe driver course and submit the certificates to your insurer to enjoy discounts. Make online comparisons and see if your insurer provides such discounts.

Engineers enjoy some of the best auto insurance rates in the market. To improve your savings, even more, take your time to shop around and compare quotes from various reputable insurers.

Ask about the discounts that you qualify for and make a plan that best suits your needs. If there is a lien on your auto insurance, the bank may require you to take full coverage to ensure the safety of their investment in case of an accident.

Compare car insurance quotes today using our free tool.

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07.10.2020 / auto insurance by occupation