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Auto Insurance For College Students: All They Need to Know

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Auto Insurance For College Students: All They Need to Know

In a nutshell, auto insurance for college students it’s quite expensive. However, students are able to reduce those costs by working with an insurance agency that offers insurance discounts to young drivers, staying on their parent’s policy or by limiting how much they drive.

One of the reasons auto insurance agencies charge college students more is because they’re considered more perilous in their driving. Young drivers ages 16 to 19 have triple the chance of having fatal car accident than drivers ages 20, according to the Centre for Disease Control and Prevention.

But worry not – if you’re a student, you may still be able to save money and commute to college. So, before you head off to school, here’s a simple guide to locating the best insurance quote for your college needs.

How to Get an Auto Insurance for College Students

Don’t just assume you will have to pay thousands upfront because you’re a college student. Some insurance agencies seek young drivers and have better rates than others for students simply because they’re expecting them to stay a client for a long time.

Insurers like Geico routinely offer cheap car insurance for college students. Their low rates and abundance of discounts make it what we consider affordable car insurance for young drivers. While quotes vary depending on where you live, we found that Geico car insurance costs are low for college drivers. So, if you’re a college student living on campus, chances are you can receive a good, discounted car insurance rate. You can get a quote online by clicking above or call your insurer to see if you qualify.

Should You Stay on Your Parents’ Car Insurance?

One way students can keep their auto insurance down is to stay on a parent’s policy. Students can benefit from it even if they leave the state – as long as the parent is listed on the title of the car. In case you own a car, and you’re the only person listed on the title, you’re likely to need a separate auto insurance policy which typically costs more.

If you live at home while attending college, you may be able to stay on a parent’s insurance coverage, and if you don’t own the car, you’ll be driving. If you are renting an apartment or living on campus during the college years, check with your insurer to find out if you need to purchase a separate policy.

A smart move would be to stay on a parent’s insurance policy even if you’re not taking a vehicle to college so that you’re covered if you ever need to drive home for holidays. Parents can obtain discounts on their policy if students plan to keep the vehicle at home while in school – as long as their loved ones own the vehicle. Staying on a parent’s insurance policy can also help you dodge coverage errors which can damage your rates when you purchase your own policy.

Factors that Influence Auto Insurance Rates for College Students

Age, gender, and even grades are all factors that determine your eligibility to cheap student insurance. Why? Because where you keep your vehicle and how much you drive it is one of the critical ways insurers determine how susceptible you are to a car accident.

You should carefully evaluate how much you drive and where you live before you decide if you’ll take the car to school. Here are some facts to consider:

  • Location – Where you’ll live during your college years matter. If your college is located in a more rural area, you will then pay lower rates. Big cities and rural areas often carry colossal insurance rates. And for a reason.

More traffic, narrow through stress and obstacles like pedestrians all means there is a greater chance for you to be involved in an accident. States like New Jersey carry the highest auto insurance rates, whereas states like Maine or Idaho are among the lowest.

There’s some good news, though. Students living within 3 miles of their job location or college could qualify.

  • How much you drive – Typically, the more you drive, the higher your insurance rate will be because you have more chances to get into an accident. If you’re not much of a driver during your best years, a pay-per-mile policy might save you some cash.

Note that the type of car you drive can also influence your policy. Sports cars do look good on campus, but the car insurance rate could wreak havoc on your budget. Larger vehicles, on the other hand, are easier to repair and carry lower premiums too.

For the same reason, most students opt for minivans –driving one may not be as sexy as driving a sports car but is an excellent choice if you want lower insurance quotes.

  • Credit History – You’ve heard right. Insurers will examine your credit history to check your likelihood of getting in an accident. A decent rating could save you about $1,000 per year in premium costs. But you should expect a higher premium if you have a low rating.
  • Driving Record -Like it or not, your driving record is the most important factor by far. You’re full of potential and young but also extremely susceptible to driving risks; You fall in both categories.

Something small like a speeding ticket could make your insurance rate skyrocket simply because of your age. Your driving record must be as clean as possible if you need the lowest rate possible.

You can also save some money by getting a huge break on your insurance – simply leave your car at home if you don’t use it every day. The best way to accomplish that is by staying on a parent’s insurance policy. Most insurers will allow you to stay on your parent’s insurance policy if you’re under 35-year-old attend school within 1000 miles from where you live.

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