Auto Insurance for Medical Students

Medical student auto insurance discounts of up to 25% are available with good student car insurance. The average medical student graduates at 24 years old which is around the age insurance rates go down. In addition to medical student discounts on car insurance, you may get medical professional discounts after graduation. The best way to find cheap student auto insurance for med students is to compare rates.

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Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Cynthia Lanctot is an insurance professional with ten years of industry experience. Cynthia is licensed in several states, and holds an associate in claims law, as well as a bachelor’s degree in English. Cynthia’s experience includes the New England and Northeast states. She currently works as a liability claims professional and an occasional online contributor.

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Reviewed by Cynthia Lanctot
Licensed Agent

UPDATED: Jul 15, 2021

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Food for thought

  • Some insurance companies do offer auto insurance discounts to medical students
  • Auto insurance discounts may be available through membership in associations like the American Medical Student Association
  • The single biggest factor that determines your auto insurance rates is your driving record

Is there a medical student auto insurance discount? Good news – there are several discounts for med students out there.

Medical students may be eligible for special discounts. For one, auto insurance companies like to offer those who are at school to better themselves savings on their auto insurance coverages. Doctors typically have good insurance rates as well, as they’re considered to be low-risk to insurers.

In this article, we’ll be discussing what discounts are available to med students, car insurance rates on the whole, and more.

What is the cheapest car insurance for students? We can help you find affordable medical student auto insurance right now. Enter your ZIP code above to get FREE medical student auto insurance quotes.

How much does car insurance cost for a college student in medical school?

Does being a student make car insurance cheaper? This table shows a sample auto insurance quote for a student. Medical student auto insurance quotes may be even lower thanks to discounts.

Geico Average Auto Insurance Rates for Students
Geico Payment TermAveage Auto Insurance Rates
Monthly rates$157.98
6-month rates$947.90
Annual rates$1,895.80
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If you’re still living at home, you may be able to stay on your parents’ car insurance. Even if you’re away from school, you might be able to stay on their coverage if you’re not yet financially independent.

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Auto Insurance Medical Student Discounts

If you Are looking for cheap student auto insurance, this video from Allstate goes over some questions you may want to ask yourself about auto insurance as a student.

Is there a medical student discount on car insurance? The table below shows some car insurance student discounts available to medical students:

Auto Insurance Discounts Available to Students
CompanyDistant StudentDriver's EdEngaged CoupleFurther EducationGood StudentNew GraduateOccupationStudents & Alumni
21st CenturyNoYesNoNoYesNoNoNo
AAAYesYesNoNoYesNoNoNo
AllstateYes- 35%Yes- 10%NoNoYes- 20%NoYesNo
American FamilyYesYesNoNoYesNoNoYes
AmeripriseYesNoNoYesYesNoNoNo
AmicaYesYes- 5%NoNoYes- 10%NoNoNo
Country FinancialNoYes- 10%Yes- 10%YesYes- 25%NoYes- 10%No
EsuranceNoYesNoYes- 15%Yes- 10%NoYesYes- 15%
FarmersYesYesNoNoYesNoYesNo
GeicoYesYesNoYesYes- 15%NoYesYes
Liberty MutualYesYes- 10%NoYes- 10%Yes- 22.5%Yes- 5%Yes- 10%Yes- 10%
MetLifeYesYes- 10%NoNoYes- 15%NoYesYes
NationwideYes- 10%NoNoYes- 15%Yes- 10%NoYes- 15%Yes- 7%
ProgressiveYesYes- 10%NoNoYesNoNoNo
Safe AutoNoYes- 10%NoNoYes- 10%NoNoNo
SafecoYes- 15%Yes- 5%NoYesYes- 15%NoYesNo
State FarmYesYes- 15%NoNoYes- 25%NoNoNo
The GeneralNoYes- 8%NoNoYesNoNoNo
The HanoverYes- 5%Yes- 5%NoYesYesNoYesNo
The HartfordYes- 3%Yes- 3%NoNoYesNoYes- 10%No
TravelersYes- 7%Yes- 8%NoYesYesNoYesNo
USAAYesYes- 3%NoNoYesNoNoNo
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These are general discounts, including car insurance for college students away from home and good student discounts. For the latter, you’ll likely have to meet certain requirements, such as being a full-time student and in good academic standing.

Being a member of associations like the American Medical Student Association can also net you some special discounts for medical student car insurance. One option they offer is Geico car insurance for college students, though other companies also offer discounts that may be available to you, including Progressive and USAA car insurance.

Older Student Auto Insurance Discounts

The Association of American Medical Colleges reports that the average matriculation age of a medical student is 24 years old. That’s good news for your auto insurance rates.

Does Geico or State Farm lower insurance at 25? Luckily, just about every auto insurance company determines average car insurance rates by age, which means lower rates as you get older. Their philosophy is that the more driving experience you have, the safer you’ll be to insure.

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Other Factors That Determine Your Auto Insurance Rates

Discounts can certainly help, but your auto insurance rates are determined by far more than your occupation or student status.

The single biggest factor that determines your auto insurance rates is your driving record. One speeding ticket, at-fault accident, or DUI can increase your rates. In some circumstances, they may even more than double.

Your credit score is also a big factor in determining your rates. Having poor credit will ultimately cost you more money over time, so it’s best to be aware of your credit score before you seek out a quote.

Insurance companies will also look at your commute to work or school as a factor, as well as your occupation, even if you’re a student. The Bureau of Labor Statistics reports that the average physician wage is $203,450. However, given the variety of careers within the medical field, you could end up making much less or far greater than this average.

This is important to consider because if you make more money, you may end up with a pricier car. In that case, your insurance rates will be higher. One factor insurance companies look at is MSRP because expensive vehicles usually require expensive repairs.

Ready to buy medical student auto insurance at a great price? There’s no one perfect medical student auto insurance company for everyone – you have to shop around.

Enter your ZIP code below to get free quotes from multiple insurers for cheap student auto insurance as a medical student.

References:

  1. https://www.aamc.org/data-reports/students-residents/interactive-data/2019-facts-applicants-and-matriculants-data
  2. https://www.bls.gov/oes/current/oes291228.htm

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