We’ve long known that many factors come into play with pricing auto insurance. Including many specific differences that we have no way of changing like age or gender. Then are the other factors that we can change but not so easy and may not want to like state and zip code. Of course, claim history, if there is one and how much we drive are big factors too. But, here’s one or two that likely never crossed your mind. Your highest level of education and your job title.
Earlier this year Consumer Reports completed a study revealing highly compelling info about those two questions on insurance forms which could be costing you significant money on auto insurance. Especially if you’re with one of three specific carriers. According to the study, carried out 869 times, job titles impacted the auto insurance rate quoted with Geico and Progressive. If you have a nice impressive job title, there’s likely no cost increase for you with those carries. However, if your job title doesn’t imply white-collar work, it very well may be.
Regarding your level of education, Liberty Mutual was the carrier that quoted higher rates for those with lower levels of completed education.
How much could these qualifiers potentially cost you? CR identified a woman in New Jersey who was paying $1,800 more annually than she paid when she switched to a carrier who didn’t use those qualifiers. Something all auto insurance companies know is that you’re unlikely to leave. The average person only evaluates any insurance product an average of once every 8.5 years.
Regardless of your carrier, it’s a good idea to reevaluate every so often just to ensure you’re getting good rates, especially with auto insurance as expensive as it is in South Florida. Perhaps doubly so if you’re potentially impacted by one of the carriers referenced within the story.
Photo by: Getty Images