The vehicle model to be insured is one of the primary factors in finding the most affordable car insurance for nurses. Vehicles with limited speed and performance, good crash test ratings, or a low likelihood of having liability claims will cost substantially less to insure than adrenaline junky models.
The list below shows car insurance prices for a number of the more affordable vehicles to insure in Michigan.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$4,464|
|Honda CR-V LX 4WD||$4,780|
|Chevrolet Silverado LS Regular Cab 4WD||$4,794|
|Jeep Wrangler Rubicon 4WD 2-Dr||$4,893|
|Ford Edge SE 2WD||$5,236|
|Toyota Corolla LE||$5,448|
|Jeep Grand Cherokee Limited 4WD||$5,542|
|Ford Fusion Sport 4-Dr Sedan||$5,550|
|Ford Explorer Eddie Bauer 2WD||$5,552|
|Chevrolet Equinox LS 2WD||$5,660|
|Chevrolet Impala LT||$5,669|
|Toyota RAV4 Limited 4WD||$5,660|
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Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Price estimates do not factor in specific location information which can influence premium rates significantly.
Looking at the data, we can expect vehicles like the Ford Escape, Honda CR-V, Chevrolet Silverado, Jeep Wrangler, and Ford Edge should be a few of the less-costly vehicles to insure for health professionals.
Deciding which insurers offer the cheapest car insurance rates for nurses may require a bit more effort than just getting one or two price quotes. Every insurance provider has a proprietary method for determining prices, so let’s examine the car insurance companies with the most affordable rates in Michigan.
Cheapest Insurance Rates for Health Occupations
|Rank||Company||Cost Per Year|
|7||Pioneer State Mutual||$1,474|
|18||Auto Club Group||$2,416|
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USAA offers some of the best car insurance rates in Detroit at around $958 a year. This is $1,435 less than the average policy premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb also make the cut as some of the most economical Detroit, MI insurance companies.
As shown in the rates above, if you are currently insured with GEICO and switched to USAA, you may realize yearly savings of approximately $45. Policyholders with Safeco might save as much as $121 a year, and MetLife customers might reduce prices by as much as $366 a year.
These policy rates are averaged across all drivers and vehicles and do not factor in an exact vehicle garaging location for nurses. So the car insurance company that has the cheapest rates for you may not even be in the list above. That point stresses why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
One of the more important factors that determine car insurance rates is where you call home. Areas with high crime rates or more dense population tend to pay slightly more, whereas more rural areas have the benefit of cheaper auto insurance prices.
The table below sorts the priciest cities in Michigan for nurses to purchase auto insurance in. Detroit makes the list at #1 with the yearly price of $4,862 for the average policy, which is around $405 monthly.
|12||St. Clair Shores||$2,709|
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Information shown are approximated as the vehicle garaging location can raise or lower price quotes considerably.
Full coverage versus liability-only in Detroit
Saving money when shopping for car insurance should be important to the majority of vehicle owners, and an easy way to pay lower rates for insurance for nurses is to not pay for full coverage. The example below illustrates the comparison of auto insurance costs with and without physical damage coverage. The premium estimates are based on no claims, a clean driving record, $100 deductibles, drivers are single, and no discounts are applied.
If the expense is averaged for all age categories, full coverage on your policy costs $3,933 per year more than carrying just liability coverage. A very common question is if buying full coverage is a good investment. There is no exact rule of when to eliminate full coverage, but there is a general convention. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
There are a few situations where dropping physical damage coverage is not financially feasible. If you still owe a portion of the original loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not remove full coverage.
Illustration showing the impact of accidents and violations
The recommended way to receive affordable car insurance rates in Detroit for health professionals is to be an attentive driver and avoid getting tickets or having accidents. The chart below highlights how speeding tickets and at-fault claims can affect premium costs for different ages of insureds. The prices are based on a married male driver, full physical damage coverage, $250 deductibles, and no discounts are applied to the premium.
The data in the chart shows the average cost of car insurance in Detroit per year with no violations or accidents is $3,074. Add in one speeding ticket and the average cost surges to $3,532, an increase of $458 each year. Then add one accident along with the one speeding ticket and the annual cost of car insurance for nurses goes up to an average of $4,813. That’s an increase of $1,739, or $145 per month, just for not being a responsible driver!
The illustration below demonstrates how deductibles can change insurance rates when searching for cheap insurance for nurses. The premiums assume a single female driver, full physical damage coverage, and no discounts are taken into consideration.
In the chart above, a 50-year-old driver could lower rates by $656 a year by switching from a $100 deductible to a $500 deductible, or save $992 by using a $1,000 deductible. Even younger insureds, like the Age 20 chart data, could lower their rates as much as $1,668 or even more by choosing larger deductibles on their policy.
When insureds make the decision to increase the deductibles on their policy, it will be important to have enough spare savings to be able to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
If you prefer to have some professional guidance when comparing insurance rates for health professionals, the agents below are willing to answer your questions and help you decide which insurance coverage you need. To locate a Detroit insurance agent close to where you live, click the button below the list or click here to compare prices now.
- Thomas L Whatley Agency Inc
14710 Puritan Ave – Detroit, MI 48227 – (313) 272-5955
- Premier Insurance
16119 W Warren Ave – Detroit, MI 48228 – (313) 582-1500
- L.A. Insurance Agency 150
14701 Mack Ave – Detroit, MI 48215 – (313) 884-8888
22824 John R Rd – Hazel Park, MI 48030 – (248) 398-5200
- L.A. Insurance
17516 Livernois Ave – Detroit, MI 48221 – (313) 863-6000
Ideas to find more affordable insurance for nurses
It’s not impossible to find cheaper rates, and here are some money-saving suggestions that can help drivers get cheap coverage.
- Buy a car with high safety ratings
- Avoid accidents
- Increase your comprehensive and collision deductibles
- Improve your credit rating
- Be a cautious driver
- Shop around and save
That last tip is remarkably vital, as we hit on in the prior article. Rates fluctuate considerably, so you should be ready to switch companies if a more affordable rate is found. Brand loyalty is not necessarily bad, but is isn’t recommended if it’s costing you hundreds every year. It only take a few minutes to compare rates and find cheaper auto insurance for nurses in Detroit.