Does Your Level of Education Impact Your Auto Insurance Rates?

Are Education and Your Auto Insurance Premiums Linked? 

We all know that insurers look at a variety of factors when determining auto insurance premiums. This can include your age, gender, occupation, location, mileage, driving history, car make and model. But, did you know that insurance carriers will look at your level of education to help them decide? That’s right, your education not only matters in your professional life but in your auto insurance in Vancouver, WA, too.

What does my education have to do with it?

Insurance companies look at statistical information to predict risk and assign premiums. Researchers have found that drivers with advanced degrees are less likely to make a claim than drivers without advanced degrees. They found that education people tend to take fewer risks. They may not necessarily be better drivers, but they often don’t take risks such as drinking and driving. Of course, there are plenty of exceptions to this rule.

As a rule, insurance companies offer more discounts to people with higher education. This is true of all levels of education. For example, high school graduates pay less for insurance than those who never received a diploma.

How much of a discount can I receive with higher education?

On average, those with a higher education save around $500 per year than those without. However, the individual gradations between other education levels are less significant as the education level rises. For example, the difference between a high school dropout and a high school graduate is around $260. The difference between a master’s and a doctoral degree usually rings it at only $30 a year.

Auto insurance is important to have and even more important to get right. A suitable policy will address your risks, concerns, and meet your budget. Talk to the team at Action Insurance Group to find reliable coverage today.

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