Buy Cheap Auto Insurance for Drivers With Bachelor’s Degrees in 2024
Here's what you need to know about car insurance for people with bachelor’s degrees and how you can cut your insurance costs.
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Kalyn Johnson
Insurance Claims Support & Sr. Adjuster
Kalyn grew up in an insurance family with a grandfather, aunt, and uncle leading successful careers as insurance agents. She soon found she has similar interests and followed in their footsteps. After spending about ten years working in the insurance industry as both an appraiser dispatcher and a senior property claims adjuster, she decided to combine her years of insurance experience with another...
Insurance Claims Support & Sr. Adjuster
UPDATED: Aug 26, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Aug 26, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Your bachelor’s degree may not impact your auto insurance rates very much
- Your age, ZIP code, and the types of coverage you carry in your policy will have a more significant impact on your monthly or annual rates
- Auto insurance discounts are a great way to keep rates down
If you’re searching for car insurance coverage, you know how difficult it can be to find a company that offers the coverage you want at a price that works with your budget.
Car insurance companies consider many factors when determining car insurance rates for policyholders. For example, some companies may consider your bachelor’s degree when choosing your rates. Auto insurance for drivers with master’s degrees may also come with some benefits. But you may find that most companies are more concerned with other factors, like your age and where you live. But will having a bachelor’s degree impact your hunt for proper coverage?
Does a bachelor’s degree impact car insurance costs?
Every car insurance company uses a different method when determining auto insurance rates for policyholders. Insurance experts agree that the factors that are more likely involved in determining these rates are the policyholder’s age, gender, and level of coverage.
However, you may find that insurance companies are more likely to ascribe higher rates to individuals who only have a high school degree and do not have a bachelor’s degree. While it may be true that people with a high school degree might pay hundreds of dollars more each year for coverage, these individuals are likely teenagers who are given higher car insurance rates because of the risk associated with their age. Average car insurance rates vary by age, and younger drivers are always going to pay more.
Older adult drivers pose less risk to car insurance companies. Drivers with a bachelor’s degree can save around $300 annually on coverage.
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How much is auto insurance with a bachelor’s degree?
As mentioned previously, certain factors determine auto insurance rates. Most insurance companies consider the following factors when calculating car insurance rates for policyholders:
- Age
- Gender
- Car make and model
- Credit score
- Driving record
- Coverage types
It’s impossible to know how much insurance will cost until you compare auto insurance quotes with multiple companies. One of the easiest ways to do this is to shop for insurance online.
The table below shows average rates for car insurance in each state based on the type of coverage.
Average Annual Auto Insurance Rates by State and Coverage Type
States Average Annual Liability Coverage Rates Average Annual Collision Coverage Rates Average Annual Comprehensive Coverage Rates Average Annual Full Coverage Coverage Rates
North Dakota $282.55 $252.21 $112.74 $741.11
South Dakota $289.04 $251.30 $110.12 $1,206.46
Iowa $293.34 $251.46 $230.65 $819.14
Wyoming $323.38 $270.48 $222.86 $816.71
Maine $333.92 $331.72 $146.77 $1,077.97
Idaho $337.17 $284.92 $117.98 $833.44
Vermont $340.98 $278.38 $118.31 $737.67
Kansas $342.33 $255.33 $130.15 $904.39
Nebraska $349.07 $293.78 $116.79 $1,057.63
North Carolina $357.59 $227.44 $227.64 $737.63
Wisconsin $359.84 $209.93 $126.34 $696.11
Indiana $372.44 $207.10 $171.58 $672.01
Alabama $372.57 $299.10 $146.28 $817.95
Ohio $376.16 $298.21 $201.56 $941.34
Arkansas $381.14 $304.87 $183.36 $869.37
Montana $387.77 $223.50 $206.24 $778.81
New Hampshire $393.24 $365.23 $123.18 $1,353.96
Tennessee $397.73 $290.39 $135.62 $823.74
Missouri $399.41 $254.90 $199.87 $842.54
Virginia $413.12 $264.70 $129.89 $807.71
Illinois $430.54 $237.19 $115.02 $724.65
Mississippi $437.38 $259.65 $166.34 $825.40
Minnesota $439.58 $302.96 $194.74 $935.08
Oklahoma $441.57 $212.47 $89.66 $855.57
Hawaii $458.49 $209 $110.78 $656.95
New Mexico $462.21 $358.45 $156.66 $1,300.09
California $462.95 $364.56 $99.29 $926.79
Utah $471.26 $254.41 $106.57 $832.24
Colorado $477.10 $263.36 $158.34 $898.79
Arizona $488.59 $259.31 $184.20 $932.10
Georgia $490.64 $297.75 $100.09 $856.33
Pennsylvania $495.02 $377.06 $122.17 $1,219.29
South Carolina $497.50 $200.10 $228.59 $717.73
Texas $498.44 $340.51 $186.70 $1,025.64
West Virginia $501.44 $319.10 $195.04 $1,015.57
Kentucky $518.91 $391.03 $208.59 $1,326.78
Alaska $547.34 $360.18 $141.08 $1,048.60
Oregon $553.43 $307.31 $132.01 $934.34
Washington $568.92 $250.13 $104.11 $923.16
Massachusetts $587.75 $383.21 $147.02 $1,252.27
Maryland $599.48 $358.68 $128.92 $1,075.35
District of Columbia $628.09 $449.27 $230.25 $1,307.62
Connecticut $633.95 $348.70 $126.02 $1,108.67
Nevada $647.07 $281.70 $103.03 $777.98
Rhode Island $720.06 $247.62 $165.38 $910.51
Michigan $722.04 $214.02 $173.04 $826.64
Louisiana $727.15 $249 $96.66 $679.56
Delaware $776.50 $296.60 $113.23 $1,186.33
New York $784.98 $264.58 $123 $745.17
Florida $845.05 $320.45 $153.61 $964.70
New Jersey $865.55 $267.48 $166.89 $896.58
Read more:
If you have a bachelor’s degree, you may be able to find car insurance for less than the average in your state. But you will want to shop online to ensure you get the best deal in your area.
How can drivers with bachelor’s degrees keep car insurance costs down?
You may find that car insurance rates are a bit too expensive. If that’s the case, there are a few things you can do to save money on coverage, including:
- Compare quotes online
- Take advantage of available discounts
- Ask for higher deductibles
- Reduce coverage on older vehicles
- Improve your credit score
- Improve your driving record
Most insurance companies offer options for discounts. You can check with your current insurer to see if there are any discounts you may qualify for. You have the opportunity to increase your insurance deductible or reduce the coverage on your vehicle. Still, you need to keep in mind that you’ll end up paying out of pocket in both instances if you ever need to file a claim.
You can work to improve your credit history and driving record to get cheaper insurance rates, as both factors are likely to impact your cost of car insurance.
What’s the best car insurance for people with a bachelor’s degree?
Finding the best car insurance for bachelor’s degree holders will depend on a lot of factors. While most car insurance companies will offer coverage to people with a bachelor’s degree, a few companies offer better coverage at reduced rates to college students or people with degrees. These companies include:
- AAA
- Geico
- Travelers
- USAA
- Esurance
- Progressive
- State Farm
- Allstate
- Liberty Mutual
- Hartford
It will help if you compare quotes from multiple companies before choosing an insurance policy from one of the companies listed above. You may be able to find an online insurance degree discount if you shop around. This is the best way to find cheap rates with proper levels of coverage.
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Can I stay on my parents’ insurance if I have a bachelor’s degree?
Your college degree won’t impact how long you can stay on your parents’ car insurance policy, but your ZIP code will.
If you still live in the same house as your parents, you can stay on the same policy with most insurance companies. Plenty of companies offer discounts to families with multiple cars on the same policy or multiple policies in the same household.
Still, you’ll want to check with your insurance company to ensure you are not breaking any future rules that could cost you.
If you do not live in the same house as your parents, you cannot remain on their insurance policy. Instead, you’ll need to shop around and find the proper coverage for your vehicle. But certain companies may offer you a discount on coverage if you let them know you and your parents have maintained a policy for several years.
Car Insurance with Bachelor’s Degrees: The Bottom Line
Your degree may not impact your car insurance rates very much, but your age, location, and the type of coverage you choose on your vehicle are just a few factors that will likely matter to your insurance provider.
To find cheaper rates for car insurance, you can shop for online insurance with a bachelor’s degree. Shopping for coverage online can help you save money, and comparing insurance quotes from multiple providers is a great way to ensure you’re getting the best deal. It may be possible to find insurance degree discounts online.
You can save money on coverage by asking about available discounts. You never know how much you can save on car insurance until you compare rates and pursue discount options with different companies.
Frequently Asked Questions
Can having a bachelor’s degree help me get cheap auto insurance?
While having a bachelor’s degree may not directly impact your auto insurance rates, it can indirectly affect them. Insurance companies consider various factors when determining premiums, such as driving history, age, location, and vehicle type. However, higher education is not typically a factor that influences rates.
What are some factors that can help me get cheaper auto insurance?
Several factors can potentially help you secure cheaper auto insurance. These include:
- Good driving record: Maintaining a clean driving record with no accidents or traffic violations can lead to lower insurance rates.
- Vehicle safety features: Cars equipped with safety features like anti-lock brakes, airbags, and anti-theft devices may qualify for discounts.
- Mileage: If you drive fewer miles annually, you may be eligible for lower premiums as the risk of accidents decreases.
- Location: Living in an area with low crime rates and minimal traffic congestion can positively impact your insurance rates.
- Bundling policies: Insuring multiple vehicles or combining auto insurance with other policies (such as home insurance) with the same company may result in discounts.
Are there any specific auto insurance discounts available for drivers with bachelor’s degrees?
Generally, auto insurance companies do not offer specific discounts based solely on having a bachelor’s degree. However, it’s essential to explore and compare different insurance providers to find the best rates and discounts available to you.
Are there any specific insurance providers that offer discounts for drivers with higher education levels?
While it’s not common for insurance providers to offer specific discounts for higher education levels, different companies may have unique offerings. It’s advisable to inquire directly with insurance providers and compare quotes from various companies to find the most suitable and affordable coverage for your needs.
Can obtaining further education beyond a bachelor’s degree affect auto insurance rates?
Auto insurance companies generally do not consider post-bachelor’s education as a factor when determining insurance rates. The factors that primarily influence rates are related to driving history, vehicle, and personal information.
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Kalyn Johnson
Insurance Claims Support & Sr. Adjuster
Kalyn grew up in an insurance family with a grandfather, aunt, and uncle leading successful careers as insurance agents. She soon found she has similar interests and followed in their footsteps. After spending about ten years working in the insurance industry as both an appraiser dispatcher and a senior property claims adjuster, she decided to combine her years of insurance experience with another...
Insurance Claims Support & Sr. Adjuster
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.