Cheap Auto Insurance for Drivers With a Master’s Degree in 2024 (10 Most Affordable Companies)
State Farm, Progressive, and American Family offer cheap auto insurance for drivers with a master's degree, starting at just $83 per month. These top companies provide the most affordable rates, extensive coverage options, and valuable discounts specifically designed for educated drivers seeking savings.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
UPDATED: Sep 4, 2024
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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: Sep 4, 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
Company Facts
Min. Coverage for Drivers With a Masters Degree
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Min. Coverage for Drivers With a Masters Degree
A.M. Best Rating
Complaint Level
Pros & Cons
The top picks for cheap auto insurance for drivers with a master’s degree are State Farm, Progressive, and American Family, offering competitive rates and tailored coverage. With rates starting at $83 per month, these companies provide excellent discounts and flexible options for educated drivers.
State Farm stands out as the best overall choice, combining affordability with comprehensive policy benefits. Find the right insurer for your needs by comparing these leading providers.
Our Top 10 Company Picks: Cheap Auto Insurance for Drivers With a Master's Degree
Company | Rank | Monthly Rates | A.M. Best | Best For | Jump to Pros/Cons |
---|---|---|---|---|---|
#1 | $83 | B | Customer Service | State Farm | |
#2 | $88 | A+ | Qualifying Coverage | Progressive | |
#3 | $96 | A | Policy Options | American Family | |
#4 | $102 | A+ | Local Agents | Allstate | |
#5 | $107 | A+ | Widespread Availability | Nationwide | |
#6 | $111 | A | Safe Drivers | Farmers | |
#7 | $117 | A++ | Industry Experience | Travelers | |
#8 | $121 | A | Costco Members | Liberty Mutual | |
#9 | $126 | A+ | Exclusive Benefits | The Hartford | |
#10 | $132 | A | Online Tools | Safeco |
When you gather auto insurance quotes for master’s degrees, you are empowering yourself to find the best rates and discounts, like usage-based insurance programs, at your leisure.
Auto insurance for drivers with a master’s degree is easier to obtain than ever. Enter your ZIP code into our free tool above if you have a master’s degree and get free car insurance quotes.
- Get cheap auto insurance for drivers with a master’s degree from $83/month
- Discounts for drivers with a master’s degree, including education and bundling
- State Farm is the top pick for low rates and great coverage
#1 – State Farm: Top Overall Pick
Pros
- Outstanding Customer Service: State Farm is highly regarded for its excellent customer service, making it a prime option for drivers with a master’s degree who value reliable, personalized support.
- Affordable Rates: State Farm auto insurance review showcases a very competitive rate of $83 per month, making it an attractive choice for cost-conscious, educated drivers.
- Flexible Policy Options: Provides customizable policy options, allowing drivers with advanced degrees to tailor their coverage to suit their specific needs.
Cons
- Moderate Multi-Policy Discounts: The savings for bundling policies may not be as high as what some competitors offer.
- Higher Costs for Comprehensive Plans: Even with competitive rates, the costs for more extensive coverage could be on the higher side.
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#2 – Progressive: Best for Qualifying Coverage
Pros
- Variety of Qualifying Coverage Choices: Progressive offers a wide range of options that are particularly well-suited for drivers with a master’s degree, ensuring comprehensive protection.
- Competitive Pricing: With a rate of $88 per month, Progressive auto insurance review provides affordable options for educated drivers.
- Innovative Savings Programs: Discounts through the Snapshot program reward safe driving habits, providing additional savings for drivers with a master’s degree.
Cons
- Limited Local Presence: Progressive has fewer local agents for drivers with a master’s degree, which could be a drawback for those preferring in-person services.
- Higher Rates for Riskier Drivers: Those with a less-than-perfect driving record may see higher premiums despite having a master’s degree.
#3 – American Family: Bets for Policy Options
Pros
- Wide Range of Policy Choices: American Family caters to drivers with a master’s degree by offering various policy options to fit unique insurance needs.
- Reasonable Monthly Rate: Priced at $96 per month, it provides a good balance drivers with a master’s degree between cost and coverage.
- Solid Financial Health: With an A rating from A.M. Best, American Family is financially stable and reliable. To gain further insights, consult our comprehensive guide titled “How To Cancel American Family Auto Insurance?“
Cons
- Limited Regional Availability: Not all drivers with mater’s degree across the U.S. will have access to American Family, which may be a drawback.
- Limited Discounts for Low Mileage: The company’s discounts for drivers who have master’s degree and don’t drive much may not be as competitive.
#4 – Allstate: Best for Local Agents
Pros
- Extensive Agent Network: Allstate boasts a large network of local agents, providing face-to-face service for drivers with a master’s degree who prefer in-person interactions.
- Highly Rated for Customer Satisfaction: Allstate is known for its high levels of customer satisfaction for master’s degree holder and consistent support. To learn more, explore our comprehensive resource titled “How To Cancel Allstate Auto Insurance.“
- Flexible Payment Options: Offers multiple payment plans, which can be helpful for drivers with a master’s degree or recent graduates managing various financial responsibilities.
Cons
- Slightly Higher Costs: With a rate of $102 per month, Allstate’s pricing for degree holder drivers is somewhat higher than some other options.
- Fewer Opportunities for Discounts: Discount opportunities may not be as extensive as those offered by competitors for master’s degree holder drivers.
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#5 – Nationwide: Best for Widespread Availability
Pros
- Wide National Presence: Nationwide’s coverage is available across most states, making it an excellent choice for drivers with a master’s degree nationwide.
- Unique Vanishing Deductible Program: This feature rewards safe driving by reducing deductibles over time for drivers with a master’s degree.
- Strong Financial Backing: Nationwide’s auto insurance review boasts an A+ rating from A.M. Best for master’s degree holder drivers, indicating excellent financial health.
Cons
- Mid-Range Rates: The rate of $107 per month is higher than some alternatives for drivers with a master’s degree, potentially less appealing for those on a budget.
- Basic Digital Tools: The online tools and app functionality might not be as advanced for master’s degree holder drivers as some competitors.
#6 – Farmers: Best for Safe Drivers
Pros
- Attractive Discounts for Safe Drivers: Farmers offers significant savings for drivers with a master’s degree who maintain a clean driving record.
- Strong Local Agent Network: Farmers auto insurance review provides personalized service for a driver’s with a master’s degree through a robust network of local agents.
- Discounts for Higher Education: Offers discounts specifically for drivers with advanced degrees, such as a master’s.
Cons
- Higher Base Rate: At $111 per month, the rates can be higher for a master’s degree holder drivers compared to some other options.
- Less Advanced Online Tools: Digital tools and online services may lag behind for driver’s with high degree for some of its competitors.
#7 – Travelers: Best for Industry Experience
Pros
- Deep Industry Expertise: With an A++ rating, Travelers offers decades of experience, which adds reliability and peace of mind for drivers with a master’s degree.
- Comprehensive Coverage Options: A broad selection of coverage plans allows drivers with educated degree to tailor their policy to fit their needs.
- Accident Forgiveness Benefit: Travelers auto insurance review showcases that this company helps maintain lower rates for drivers with a master’s degree even if an accident occurs.
Cons
- Higher Costs: The monthly rate of $117 is relatively high for master’s degree holder drivers.
- Limited Discounts for Graduates: Does not offer as many discounts specifically for educated drivers as other companies.
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#8 – Liberty Mutual: Best for Costco Members
Pros
- Exclusive Discounts for Costco Members: Unique savings opportunities for Costco members, which can benefit drivers with a master’s degree who are members.
- Customizable Insurance Plans: Offers flexible coverage options to cater to the specific needs of educated drivers.
- Solid Financial Reputation: An A rating from A.M. Best signifies Liberty Mutual strong financial stability for driver’s with a master’s degree. To delve deeper, refer to our in-depth report titled “Liberty Mutual vs USAA Auto Insurance.”
Cons
- Higher Price Point: At $121 per month, Liberty Mutual’s rates for educated drivers are on the higher side.
- Mixed Customer Service Reviews: Customer service experiences can vary for master’s degree holder drivers, which may be a concern for those seeking consistent support.
#9 – The Hartford: Best for Exclusive Benefits
Pros
- Special Benefits for AARP Members: The Hartford auto insurance review provides exclusive benefits that appeal to older drivers with a master’s degree.
- High Customer Satisfaction Ratings: Known for exceptional customer service and claims handling specially for the drivers with a master’s degree.
- Financially Strong: An A+ rating from A.M. Best shows reliable financial strength for master’s degree holder drivers.
Cons
- Premium Pricing: At $126 per month, The Hartford’s rates educated drivers are above average.
- Focus on Older Demographics: The focus on AARP benefits might not be as relevant for younger drivers with advanced degrees.
#10 – Safeco: Best for Online Tools
Pros
- User-Friendly Online Tools: Safeco’s digital platform and mobile app make it easy for drivers with a master’s degree to manage their policies online.
- Flexible Policy Management: Safeco auto insurance review showcases the convenience of online policy adjustments is ideal for busy, educated drivers.
- Good Financial Health: An A rating from A.M. Best ensures strong financial stability and trustworthiness for drivers with a master’s degree.
Cons
- Higher Premiums: At $132 per month, Safeco has the highest rates for master’s degree holder drivers among the listed companies.
- Limited In-Person Support: Fewer local agents might be a disadvantage for those drivers with a master’s degree who prefer face-to-face interactions.
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Having a Master’s Degree Can Lower Auto Insurance Rates
Your education level certainly can keep your auto insurance rates lower than the national monthly average of $124. If you have your master’s, an auto insurance company may see you as a reduced risk and, in turn, reduce your insurance rates.
Drivers With a Master's Degree Auto Insurance Monthly Rates by Coverage Level & Provider
Insurance Company | Minimum Coverage | Full Coverage |
---|---|---|
Allstate | $102 | $151 |
American Family | $96 | $148 |
Farmers | $111 | $162 |
Liberty Mutual | $121 | $173 |
Nationwide | $107 | $157 |
Progressive | $88 | $142 |
Safeco | $132 | $182 |
State Farm | $83 | $137 |
The Hartford | $126 | $177 |
Travelers | $117 | $166 |
Of course, you can also keep your rates low by limiting your time on the road, resist driving above the speed limit, maintaining a good credit score, and keeping the number of claims you file to a minimum. Delve into our guide “How to File an Auto Insurance Claim.”
Bad Driving Record
Auto insurance for master’s degree program graduates can be expensive if you have a lot of speeding tickets or points on your license. If this scenario applies to you, there are options available to you that can help you reduce your rates. (For more information, read our “How many points do you get on your license after receiving a speeding ticket?“).
After a certain amount of time, your points will come off your license, but you can always see what kind of discounts an insurance company offers; even if the percentage of each individual discount is small, they can work together to provide you with a hefty amount of savings.
If you would like to review your policy and make sure every discount you qualify for is being applied to it, take a look at this list. This is an excellent resource that you can use whenever you compare quotes from other insurance companies:
Types of Auto Insurance Discounts Available
Vehicle Discounts | Driver/Customer Discounts | Personal Discounts |
---|---|---|
Active Disabling Device | Claim Free | Emergency Deployment |
Adaptive Cruise Control | Continuous Coverage | Family Legacy |
Adaptive Headlights | Defensive Driver | Family Plan |
Anti-lock Brakes | Driver's Education | Federal Employee |
Audible Alarm | Driving Device/App | Further Education |
Automatic Braking | Early Signing | Good Student |
Blind Spot Warning | Full Payment | Homeowner |
Daytime Running Lights | Good Credit | Life Insurance |
Economy Vehicle | Loyalty | Married |
Electronic Stability Control | Multiple Policies | Membership/Group |
Farm/Ranch Vehicle | Multiple Vehicles | Military |
Forward Collision Warning | New Customer/New Plan | New Address |
Garaging/Storing | Occasional Operator | New Graduate |
Green/Hyrbid Vehicle | Online Shopper | Non-smoker/Non-drinker |
Lane Departure Warning | On-Time Payments | Occupation |
Newer Vehicle | Paperless/Auto Billing | Recent Retirees |
Passive Restraint | Paperless Documents | Stable Residence |
Utility Vehicle | Roadside Assistance | Student Away |
Vehicle Recovery | Safe Driver | Student or Alumni |
VIN Etching | Seat Belt Use | Volunteer |
Read up our comprehensive guide titled “Federal Employee Auto Insurance Discount: How Much You Can Save Auto insurance discounts” for graduates with a master’s degree are great tools that reduce your rates even if you have a subpar driving record.
Full Coverage Car Insurance Costs for Drivers With a Master’s Degree
If you would like to buy full coverage auto insurance but aren’t sure how much it may cost you, feel free to examine this breakdown of the average auto insurance rates by state:
Geico Availability and Average Rates by State & Annual Premiums by State
State | Average by State | Geico Annual Premiums by State | Higher/Lower than Average | Higher/Lower than Average % |
---|---|---|---|---|
Alabama | $3,567 | $2,867 | -$700 | -19.63% |
Alaska | $3,422 | $2,880 | -$542 | -15.83% |
Arizona | $3,771 | $2,265 | -$1,506 | -39.94% |
Arkansas | $4,125 | $3,485 | -$640 | -15.52% |
California | $3,689 | $2,886 | -$803 | -21.78% |
Colorado | $3,876 | $3,092 | -$785 | -20.24% |
Connecticut | $4,619 | $3,074 | -$1,545 | -33.45% |
Delaware | $5,986 | $3,727 | -$2,259 | -37.74% |
District of Columbia | $4,439 | $3,693 | -$746 | -16.81% |
Florida | $4,680 | $3,784 | -$897 | -19.16% |
Georgia | $4,967 | $2,977 | -$1,990 | -40.06% |
Hawaii | $2,556 | $3,359 | $803 | 31.43% |
Idaho | $2,979 | $2,771 | -$208 | -7.00% |
Illinois | $3,305 | $2,779 | -$526 | -15.92% |
Indiana | $3,415 | $2,261 | -$1,154 | -33.79% |
Iowa | $2,981 | $2,296 | -$685 | -22.98% |
Kansas | $3,280 | $3,221 | -$59 | -1.80% |
Kentucky | $5,195 | $4,634 | -$562 | -10.81% |
Louisiana | $5,711 | $6,155 | $443 | 7.76% |
Maine | $2,953 | $2,823 | -$130 | -4.41% |
Maryland | $4,583 | $3,833 | -$750 | -16.37% |
Massachusetts | $2,679 | $1,510 | -$1,169 | -43.63% |
Michigan | $10,499 | $6,430 | -$4,069 | -38.75% |
Minnesota | $4,403 | $3,499 | -$905 | -20.55% |
Mississippi | $3,665 | $4,087 | $423 | 11.53% |
Missouri | $3,329 | $2,885 | -$444 | -13.33% |
Montana | $3,221 | $3,602 | $382 | 11.84% |
Nebraska | $3,284 | $3,837 | $554 | 16.87% |
Nevada | $4,862 | $3,662 | -$1,200 | -24.67% |
New Hampshire | $3,152 | $1,615 | -$1,537 | -48.76% |
New Jersey | $5,515 | $2,755 | -$2,760 | -50.05% |
New Mexico | $3,464 | $4,458 | $995 | 28.72% |
New York | $4,290 | $2,428 | -$1,862 | -43.40% |
North Carolina | $3,393 | $2,937 | -$456 | -13.45% |
North Dakota | $4,166 | $2,668 | -$1,498 | -35.95% |
Ohio | $2,710 | $1,867 | -$843 | -31.09% |
Oklahoma | $4,142 | $3,437 | -$705 | -17.02% |
Oregon | $3,468 | $3,220 | -$248 | -7.14% |
Pennsylvania | $4,035 | $2,605 | -$1,429 | -35.43% |
Rhode Island | $5,003 | $5,603 | $599 | 11.98% |
South Carolina | $3,781 | $3,178 | -$603 | -15.95% |
South Dakota | $3,982 | $2,940 | -$1,042 | -26.17% |
Tennessee | $3,661 | $3,283 | -$377 | -10.31% |
Texas | $4,043 | $3,263 | -$780 | -19.29% |
Utah | $3,612 | $2,966 | -$646 | -17.89% |
Vermont | $3,234 | $2,196 | -$1,038 | -32.11% |
Virginia | $2,358 | $2,062 | -$296 | -12.57% |
Washington | $3,059 | $2,569 | -$491 | -16.04% |
West Virginia | $2,595 | $2,121 | -$475 | -18.29% |
Wisconsin | $3,606 | $3,926 | $320 | 8.88% |
Wyoming | $3,200 | $3,497 | $296 | 9.26% |
Median | $3,661 | $3,074 | -$587 | -16.04% |
Bear in mind, that many personal attributes like your age and gender will feed into your rate calculations whenever you fill out the form for an online quote. This means that every rate for any driver with a master’s degree will be unique.
Read more:
Finding the Best Auto Insurance Company for Drivers With a Master’s Degree
Drivers with a master’s degree have several options to find the best auto insurance company that meets their unique needs. Many insurers offer masters degree insurance discounts, recognizing advanced education as a factor that can reduce risk and potentially lower premiums.
Recent graduates may qualify for recent grad car discounts, while those still in school can benefit from good student discount car insurance programs or general car insurance student discounts.
For those searching for the best car insurance for graduate students or affordable car insurance for young adults, it’s important to consider companies that offer flexible policies and multiple discount opportunities.
If you’re wondering what is the cheapest car insurance for young adults or looking for cheap full coverage car insurance for young drivers, focus on insurers known for providing the cheapest full coverage insurance for young drivers (Read our: Cheap Auto Insurance Companies That Beat Quotes)
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To find good affordable car insurance for young adults or the least expensive car insurance for young drivers, compare quotes from multiple car insurance companies for young adults. Some providers specialize in offering competitive rates with auto insurance discounts for individuals with advanced degrees, making it easier for graduates to secure comprehensive yet affordable coverage.
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Case Studies: Real Savings for Drivers With a Master’s Degree
Choosing the right insurance can lead to significant savings, especially for drivers with a master’s degree.
- Case Study #1 – Savings With State Farm: Sarah, a 34-year-old teacher with a master’s degree, switched to State Farm and reduced her premium to $83/month. By taking advantage of the education discount and bundling her home and auto policies, she saved over 20% annually.
- Case Study #2 – Discounts With Progressive: Mark, a 40-year-old engineer, chose Progressive for its flexible coverage options and earned additional savings through their safe driver and multi-policy discounts. His premium dropped to below the national average, thanks to Progressive’s tailored discounts for educated drivers.
- Case Study #3 – Benefits With American Family: Lisa, a 29-year-old data analyst, selected American Family for its excellent customer service and customized policy options. By leveraging her master’s degree and good credit score, she secured an affordable rate and enjoyed full coverage benefits.
These case studies highlight how drivers with a master’s degree can save significantly by choosing the right insurer and utilizing all available discounts (Learn more: Auto Insurance Discounts: How Much You Can Save).
State Farm offers the best combination of affordability and coverage for drivers with a master's degree.
Michelle Robbins Licensed Insurance Agent
These educated drivers benefited from affordable rates and discounts tailored to their unique needs. Compare options today to find the best rate and coverage for your needs.
Auto Insurance for Driver’s With Master’s Degrees: The Bottom Line
Your master’s degree, even if you have points on your license, can help you obtain cheap auto insurance. Some insurance companies offer discounts for those with degrees, but you can also make use of other discounts to reduce your rates. You should always review your policy to check that all discounts which apply to you are active on your insurance policy.
If you are in the position to do so, work to maintain a good credit score and avoid filing claims. All these strategies can greatly increase your savings. Shopping online for auto insurance is also an easy, yet effective, way to compare insurance quotes and find the company that is the best fit for you. Explore our guide “Buy Cheap Auto Insurance for Drivers With Bad Credit.”
If you’re eager to save money on your auto insurance, you don’t have to wait. Enter your ZIP code into our free tool to receive free auto insurance quotes for drivers with their master’s today.
Frequently Asked Questions
Why is it relevant to mention having a Master’s degree when looking for cheap auto insurance?
Some insurance companies offer discounts for individuals with higher education, like a Master’s degree. It can show responsibility, which may lower your rates. To learn more, explore our comprehensive resource on “How To Switch Auto Insurance Companies.”
Which insurance companies provide discounts for drivers with Master’s degrees?
Companies like State Farm, Progressive, and American Family may offer discounts for drivers with advanced degrees. Check with each provider to see if discounts are available in your area. Enter your ZIP code below to explore which companies have the cheapest auto insurance rates for you.
How much discount can I expect for having a Master’s degree?
Discounts for having a Master’s degree typically range from 5% to 15%. The exact amount varies by insurer and other factors like driving history. Learn more by reading our guide titled “Shopping for Auto Insurance.”
Do I need to provide proof of my Master’s degree to avail the discount?
Yes, most insurance companies require proof, like a degree certificate. Contact your insurer to find out what documentation is needed.
Can I still get cheap auto insurance if I don’t have a Master’s degree?
Yes, you can find cheap insurance through other discounts, like safe driving or bundling policies. Comparing quotes from different companies can help you find the best rates. For detailed information, refer to our comprehensive report titled “How To Lower Your Auto Insurance Rates.”
How does a Master’s degree affect auto insurance rates?
A Master’s degree can qualify you for education discounts, lowering your rates. It may help you save more compared to those without a degree. Access comprehensive insights into our guide titled “How much does auto insurance cost?“
What other discounts can drivers with a Master’s degree qualify for?
You may also qualify for discounts like safe driver, multi-policy, or good credit discounts. These can provide additional savings on your policy.
Is State Farm the best option for drivers with a Master’s degree?
State Farm is a top choice due to its affordable rates and comprehensive coverage. It also offers discounts tailored to educated drivers.
Are there any specific coverage options recommended for drivers with a Master’s degree?
Full coverage, including liability, collision, and comprehensive, is recommended for maximum protection. These options can still be affordable with the right discounts. Dive into our extensive guide “Buying Collision vs. Comprehensive Coverage.”
How can drivers with a Master’s degree find the cheapest auto insurance rates?
Compare quotes from multiple insurers and look for education-based discounts. Bundling policies can also help you save more. Avoid expensive auto insurance premiums by entering your ZIP code below to see the cheapest rates for you.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
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.