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Car Insurance Costs For Engineers

Here's what you need to know...
  • Your occupation factors into the determination of your car insurance premium
  • Engineers are considered lower risk than other drivers, so their premiums are lower than the average
  • There are discounts that people in any occupation may be able to receive

The average annual car insurance rate for engineers lower than the average rates of motorists working in other occupations.

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How does your occupation affect your premium?


Insurance rates are determined by a risk-based analysis. The insurance companies make the most money when the insured drivers don’t file any claims. This makes your entire premium profit on the part of the insurance company.

Drivers that are considered high-risk for getting into accidents will likely have higher insurance rates. Even more important is the risk or likelihood for a driver to file a claim.

Motorists with low-income occupations will be more likely to file a claim under any circumstance that causes damage. Higher income drivers will be more likely to pay out of pocket.

The personality that is associated with some occupations can also increase or decrease the risk involved for the insurance company.

Salesmen and lawyers work in high-pressure jobs. These occupations have higher insurance rates than engineers.

Another factor that relates to insurance rates is how much you drive your vehicle. If your job requires you to use your vehicle, then you will have higher insurance rates.

Since engineers generally don’t have jobs that require travel, the average insurance rate for the occupation remains low.

What other factors are considered when determining rates?

The majority of factors that determine your auto insurance rates relate directly to your personal situation. The amount that you drive your vehicle has an effect on your rate. This may have less to do with your occupation and more to do with your proximity to your workplace.

The factor that will have the biggest influence on insurance rate is your driving record. Tickets, claims, and accidents will all increase your car insurance premium. Most car insurance companies will look at the last three years of your driving record when determining risk.

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Where you reside will also have an effect on your car insurance rate. Areas that are considered high crime will have higher insurance rates. These areas are more likely to have damage due to vandalism or theft.

If the vehicle you drive is listed as one of the most stolen vehicles, you will likely have higher insurance rates.

Gender and age will also be considered when determining auto insurance rates. All drivers under 25 are deemed to be high-risk.

When renewing a policy or getting a new car insurance policy after the age of 25, you can expect your insurance rate to decrease.

The under 25 age group will also be the only group with a significant difference in car insurance rates based on gender. Younger males are higher risk than females in the same age group.

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How can I save money on my premium?


Insurance companies will have their own potential discounts for motorists.

  • Multi-policy – If your car insurance provider offers other insurance products, you can save money by having multiple policies. Examples could be home, life, health or insuring multiple vehicles.
  • Lump sum – Insurance carriers may provide you a discount based on how you make your payments. Making a lump sum payment for a six-month premium may save you money on your car insurance policy.
  • Automatic withdrawal – If you are unable to make the payment in a lump sum, you may be able to save by having your payment drafted automatically from your bank account.
  • Safety features – Safety discounts exist based on features that you have in your car. You can speak with an insurance agent to find out what features will save you money on your car insurance policy.
  • Minimum requirement – While it is not recommended, you can save money by opting for the minimum insurance requirements for the state you live. For most states the minimum is liability insurance.
  • Safe driver course – Taking a safe driver course is another potential discount offered by car insurance companies. You can check with your current insurance provider to find out if they have this type of discount.

If there is a lien on your vehicle, the financing institution will require you to have full coverage. If your car is paid for, you can save money by not having collision and comprehensive. You will have to determine if the risk is worth the savings on your insurance premium.

If you are interested in saving money on your car insurance, shop around to find the best deal. When speaking with an agent, ask about discounts that are available.

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