The make and model of vehicle you are buying coverage for is probably the largest consideration when comparing quotes for low-priced coverage for nurses. Vehicles with high performance features, a lack of advanced safety features, or high incidents of liability claims will cost more to insure than safer, lower-performance models.
The data below presents coverage prices for a handful of the most cost-effective automobiles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $974 |
| Toyota Prius | $1,056 |
| Ford Focus S 4-Dr Sedan | $1,105 |
| Chevrolet Equinox LT AWD | $1,127 |
| Chevrolet Malibu LT | $1,149 |
| Honda CR-V LX 4WD | $1,167 |
| Hyundai Elantra SE Touring Station Wagon | $1,180 |
| Ford Edge Sport AWD | $1,185 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,207 |
| GMC Sierra 2500HD SLE Extended Cab 4WD | $1,213 |
| Chevrolet Silverado LT Regular Cab 2WD | $1,209 |
| Kia Optima LX | $1,219 |
| Honda Odyssey EX W/Rear Entertainment | $1,267 |
| Honda Accord LX-S 2-Dr Coupe | $1,277 |
| Chevrolet Impala LT | $1,291 |
| Chevrolet Silverado 3500HD LTZ Crew Cab Diesel 2WD | $1,306 |
| Dodge Ram Quad Cab Laramie 2WD | $1,311 |
| Dodge Grand Caravan Crew | $1,315 |
| Chevrolet Silverado 2500HD LT Crew Cab 2WD | $1,346 |
| Toyota Camry XLE | $1,360 |
| Ford F-250 XL Super Cab 4WD | $1,362 |
| Toyota RAV4 4WD | $1,382 |
| Ford F-150 Lariat Crew Cab 2WD | $1,410 |
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Premium data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Estimates do not factor in specific location information which can alter prices significantly.
Based upon these rates, you can see that cars like the Ford Escape, Toyota Prius, Ford Focus, Chevrolet Equinox, and Chevrolet Malibu will be the most economical vehicles to insure for health professionals.
One of the more important components that help determine the price you pay for insurance is where you keep your vehicle. Areas with high crime rates or more dense population tend to have more expensive car insurance rates, whereas more rural areas have the luxury of lower rates.
The information below lists the highest-priced places in California for nurses in which to buy car insurance. San Jose is ranked at #18 with the yearly price of $1,395 for the average insured, which is around $116 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Los Angeles | $2,146 |
| 2 | Glendale | $2,058 |
| 3 | San Francisco | $1,763 |
| 4 | Oakland | $1,704 |
| 5 | Sacramento | $1,703 |
| 6 | Long Beach | $1,610 |
| 7 | San Bernardino | $1,596 |
| 8 | Stockton | $1,588 |
| 9 | Santa Clarita | $1,580 |
| 10 | Moreno Valley | $1,536 |
| 11 | Fontana | $1,535 |
| 12 | Riverside | $1,527 |
| 13 | Garden Grove | $1,508 |
| 14 | Anaheim | $1,488 |
| 15 | Modesto | $1,487 |
| 16 | Santa Ana | $1,483 |
| 17 | Fresno | $1,472 |
| 18 | San Jose | $1,395 |
| 19 | Bakersfield | $1,381 |
| 20 | Fremont | $1,361 |
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Annual rates are estimated as specific San Jose zip code can influence price quotes considerably.
Full coverage versus liability only rates
Finding the cheapest insurance should be important to most drivers, and one common way to find cheap insurance for nurses is to only buy liability coverage. The diagram below illustrates the comparison of insurance costs with full coverage and liability only. The premiums are based on a clean driving record, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are taken into consideration.
On average, physical damage insurance costs an additional $2,075 per year over liability only. That proposes the question when is it safe to stop buying full coverage. There is no exact formula of when to drop full coverage on your policy, but there is a general convention. If the annual cost of coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your vehicle’s claim settlement value is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $7,500 after you pay the deductible. If premium cost is more than $750 annually to have full coverage, then it may be the right time to buy liability only.
There are a few situations where dropping physical damage coverage is not a good plan. If you haven’t satisfied your loan, you must maintain physical damage coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
The example below shows how different deductible levels can impact insurance costs when researching cheap insurance for nurses. The premium estimates are based on a single male driver, full coverage, and no discounts are applied to the premium.
In the chart above, a 40-year-old driver could cut expenses by $436 a year by changing from a $100 deductible to a $500 deductible, or save $656 by using a $1,000 deductible. Young drivers, like the 20-year-old example, could drop their prices $1,432 annually by choosing a larger deductible amount.
When increasing deductibles, it will be required to have plenty of money set aside to be able to pay the extra out-of-pocket expense that comes with higher deductibles.
Bad driving habits will cost you more
The best way to maintain low insurance premiums in California for health professionals is to pay attention while driving and avoid accidents and violations. The chart below illustrates how violations and at-fault collisions drive up premium costs for each different age group. The costs are based on a single female driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.
In the prior example, the average cost of an auto insurance policy per year with no accidents and a clean driving record is $2,935. Add in one speeding ticket and the average cost increases to $3,330, an increase of $394 each year. Now add in two accidents along with the one speeding ticket and the annual cost of insurance for nurses goes up to an average of $6,755. That’s an increase of $3,819, or $318 per month, just for being a little careless behind the wheel!