Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insuran...

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Oct 13, 2020

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Key takeaways...

  • Pharmacists are generally classified as low-risk drivers because of their work conditions and level of education
  • Since you must have doctorate degree to hold your title, you’ll receive favorable ratings through your insurer
  • If you’re purchasing auto insurance, make sure to consider your income and assets when choosing liability limits
  • Pharmacists spend so much time in school that they are generally classified as experienced operators by agents
  • Pharmacists aren’t penalized by insurers because of their occupation and pay less for coverage than most drivers

Pharmacists are doctors, too. You may not be a physician, but you’ve earned the title of doctor the moment that you graduated pharmacy school with a Doctor of Pharmacy degree.

While it does take a great deal of time to study for your Bachelor’s and then eventually your PharmD, it’s time well spent when you’re able to earn a good living doing what you love.

It takes the average college student four years to finish prerequisite work and another four years to complete the professional coursework focused on PharmD curriculum.

When you spend that much time in school you learn how to budget. Part of budgeting is finding low-cost auto insurance. Enter your zip code into our free comparison tool above to find the best rate for auto insurance.

Here’s a guide for pharmacists to review as they assess their insurance needs:

Pharmacists Pay Less than the Average Person for Auto Insurance

When you’re buying health coverage or disability insurance, you can fully understand that your occupation will be used to calculate your rates. Your occupation can make you susceptible to needing medical treatment for injuries or illnesses.

You don’t really think about how your occupation could affect your risk of getting into car accidents.

You didn’t pursue a degree for eight years to get low auto insurance rates, but luckily for you, pharmacists are some of the lower-risk drivers on the roads.

Since professionals in this field have fewer accidents than other drivers that fall into other occupation groups, they are charged lower premiums for their insurance coverage.

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What makes pharmacists lower-risk drivers?

There are some obvious connections between occupation and risk when it comes to your health, but the connections between occupation and driving are a little less obvious.

Just because you might not think that your occupation makes you more or less likely to have an accident doesn’t mean that you’re correct.

Statistics do show that pharmacists are safe drivers. They have fewer accidents and they also file fewer claims than others in moderate or high-risk occupation classes.

Not all pharmacists are safe drivers but averages work in your favor. Here are some of the reasons why pharmacists aren’t exposed to as many losses as others on the road:

  • Pharmacists don’t work in calm and quiet environments where there aren’t high levels of stress
  • Pharmacists are required to complete several years of college which has been proven to make drivers more responsible
  • Since you can’t earn your Doctor of Pharmacy in less than eight years, most pharmacists have several years of driving experience
  • Pharmacists know how prescription and over-the-counter drugs can affect your driving ability
  • Pharmacists earn an average of $119,000 which means that they are more likely to pay for their own damages after small losses

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How will your level of education be factored into rate determination?

Educational attainment has a lot to do with how much you’ll pay for auto insurance. Your occupation will put you into a certain risk class and then your level of education will put you into another one.

If you’re wondering why auto insurance companies justify using your level of education to predict who will and won’t have accidents.

Data gathered by the NJ Department of Insurance has uncovered that people with different levels of education have different degrees of loss. High school graduates tend to file more claims that people with college degrees.

Why does driving experience matter?

It takes a great deal of time to earn your doctorate. When you enter school with the intentions of becoming a pharmacist, you know exactly how much of a time commitment you’re going to have to make.

Since you’re going to spend at least eight years in school, you have plenty of time to gain driving experience.

If you’re licensed at 16, you’re going to fit the definition of an experienced driver when you graduate school. That means you don’t have to worry about paying the high-risk rates that you or your parents were paying because you’ll have all of the experience credits that you need.

Having nine or more years of experience will make a dramatic difference in your rate.

If you’re part of a professional association, you may qualify for car insurance that’s just for pharmacists. There are some larger insurers who are offer affiliation discounts to association members.

There are companies like Pharmacists Mutual that provide pharmacists all of the specialized coverage that they need to manage both personal and professional risks.

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Why is it so important to shop around?

Doing business with a carrier that knows your unique needs is nice, but there are other quality companies with products that can be customized as well.

It’s very important that you shop around before you take the first quote you’re given.

Every provider has a different rate and you can’t effectively see how the pricing stacks up unless you seek quotes from more than a few companies.

What Discounts to Look For

You can save a lot of money by taking advantage of auto insurance discounts. You already get favorable ratings for your occupation, your educational attainment, and your experience but you can also save with other policy discounts.

Here are some of the options that many carriers offer:

Pharmacists do more than just dispense medications, they help the community live healthier lives by counseling patients and advise them about medication therapy.

If you’re working in a pharmacy setting, make sure that you’re getting the lower insurance rates you deserve. Update your insurance and seek out quotes for rates through other carriers.

Use our online rate quote tool and get dozens of quotes instantly.