Their data shows a driver’s occupation is directly related to how likely they are to get into a car accident. Insurance companies invest a lot of money into actuaries whose job is to crunch numbers to predict the risk of certain locations and people. This may seem unfair, but individuals with a higher education level are viewed to be more responsible consequently leading to a more responsible driver. Essentially this rule means the less money you make, the more you will pay in auto insurance premium. Someone with a lower education level or an entry-level position is viewed as a higher liability, therefore, charged a higher premium. Your job title and education level both play a role. Many factors go into consideration when an insurance company determines your premium. How Do Insurance Companies Determine Premiums? After reading this you may have a different outlook.
While another carrier may charge the CEO more since they expect them to be on the road more increasing the likelihood of an accident. For example, with one carrier the CEO of a company may pay less than the receptionist because they are viewed as more responsible and will pay attention on the road. Some carriers may provide discounts while with others may charge a higher premium based on your job level. Yes, your job title may impact the premium you pay on your auto insurance policy, depending on which insurance carrier you select. Most people probably wouldn’t even think twice about the job title they are putting down when getting a quote for car insurance. Many people don’t know, and would probably be surprised to learn that certain occupations or education levels could also receive additional discounts. Who Qualifies for Discounts on Auto Insurance?Īuto insurance carriers often provide discounts for things such as defensive driving, good student, homeowner, or accident-free discounts. Besides your type of vehicle insurance carriers look at so many personal factors including your credit score, daily commute, buying habits, marital status, education level, and even your job title. While those answers may seem trivial they can drastically affect your premiums. Let’s not forget the laundry list of questions they ask in order to produce a quote. They also give you so many options with varying limits and coverages. You receive numerous advertisements from a variety of companies by mail, email and let’s not forget those hilarious commercials. Getting a car insurance quote can be overwhelming.
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