Is There an Insurance Cost Advantage Working from Home?
More parents are looking toward “stay at home” jobs. The economic calculation should include a consideration of the possible savings on your auto insurance if you have a stay at home job.
In August of 2013 WorkingMom.com published a list of fifteen surprising “work from home” jobs. They included:
- Bilingual Senior Technical Advisor (Customer Service)
- CEO / Executive Director
- Community Gardens Director
- Company Chef
- County Transportation Planner
- Director of Global Advertising
- Director of Strategic Accounts
- Grant Writer and Manager
- Human Resources and Recruiting Coordinator
- K-12 Teachers (Yes . . . teaching has gone virtual)
- Online Fitness Coach
- Project Manager
- RN Nurse Coach
- Senior Trial Attorney
- Vacation Planning Counselor
This list illustrates that in-home jobs have broken through the stereotype of lower level positions. Corporations are willing and excited by the savings involved in having certain executives work away from the mahogany row days of Mad Men. The article speaks to using primarily phone and e-mail to communicate rather than incur the cost of face-to-face meetings. Given e-communication you have the advantage of taking your business nationwide rather than limiting yourself to those willing to travel to your office.
You need to be self-motivated to work from home, but that is nothing new to the people doing the jobs on this list. The hours you make yourself available can fit into your customers’ needs and your lifestyle. You probably should be experienced in your field before going virtual, although it isn’t mandatory.
Although this list is for work at home moms, there are many work at home dads and singles who work out of their house. But, is there a possible auto insurance savings available to you if you stop commuting and work out of your house? The simple answer is, “Yes”.
According to the U.S. Census the average commute in the United States is over twenty-five minutes. Imagine how much of that time is spent sitting behind the wheel of a car. Every mile you drive adds additional exposure to your insurance company. Normally insurance companies will charge you less if you drive less than ten miles to work. Many companies have usage-based insurance rates that base what you pay on actual miles driven as reported to them through a device installed in your car.
Eight percent of workers have commutes of sixty miles or more and a whopping 4.3 percent have commutes of over ninety minutes. With only about four percent of all workers now working out of their homes, there are some substantial savings available to certain commuting drivers. People with long commutes tend to be in metropolitan areas with higher auto premiums.
The average auto premium in the United States is about $1,000 a year, but that can easily be much higher for risks with multiple autos in certain areas of the country. The savings for working at home could be in the area of 20 to 30% . . . possibly 100% if you find that you can eliminate one of your family autos.
Speak to your insurance agent to help you determine what you could save.