Car insurance for college students can be more affordable than you might think. Unfortunately, with this demographic, research has proven that teenagers and college students have the unfortunate tendency to cause the majority of automobile accidents. Because of this tendency, the more risk associated with the driver behind the wheel, the more you’re likely to pay for car insurance coverage.
It’s not surprising that college students need all the breaks they can get when it comes to saving as much money as possible. Unless you’re related to the likes of Warren Buffet or Bill Gates and everything is paid for you, the reality is, you’re footing the bill or your hard working parents are…and money doesn’t grow on any tree you’ve ever seen. Tuition is expensive. If you live on campus, room and board isn’t cheap. And, textbooks might as well be made of gold and sold by the ounce for what they cost. This doesn’t leave you much for food and fun. That’s why it’s important to find as many ways as possible to save yourself some money.
The good news is, there are several Savings Tips to help offset some of the overall cost of car insurance.
Savings Tip #1
It goes without saying that good grades are beneficial, not only for getting you through school, obtaining your degree, and having greater employment opportunities, but most, if not all, insurance companies offer a “Good Grades Discount” for a reduction in rates. While all carriers are different, the average grade eligible for this discount is in the neighborhood of a 3.0 GPA. Some may go as low as a C+ average. Others give additional discounts if you make the Dean’s List or Honor Roll.
It seems as if insurance companies are always funding research for one thing or another. And, their findings suggest that there is a connection between students with good grades and being better and safer drivers. So, the best way to look at it is…study hard and save money.
Savings Tip #2
Another money-saving possibility is with defensive driving classes. If you had Driver’s Education in high school and are just entering college, depending on when you last took the class, it‘s usually good for a three year term at a 10% reduction in rates. If the three years have lapsed, defensive driving classes are available and are normally offered as a one-time, five-hour course. In some cases, you can save as much as 20% off the cost of your premiums. This one is definitely worth looking into.
Savings Tip #3
A clean record of safe driving is also a factor in determining your insurance rates. Having no accidents or moving violations, especially speeding tickets, since you’ve been trusted behind the wheel, is to your advantage as well. On the other hand, if you’ve been driving around like you’re trying to qualify for the Daytona 500 on a semi-regular basis, with the tickets to prove it, you are a high-risk individual with a lead foot. Insurance companies don’t reward you for being the fastest, or having the most tickets. They reward you for being a safe driver.
Savings Tip #4
If you live near campus (whether in a dorm or at home) you may qualify for a low mileage discount. Especially if both are within walking distance. Try hoofing it occasionally; it’ll save you money.
Lastly, the type of car you drive influences your insurance premiums greatly. The newer, more expensive a car you drive, the higher the rates. Remember flash means cash. If you drive an old “beater” that gets you from point A to point B. You can always buy the flashy wheels when you get your diploma and find that great job.
So, hang in there. Your car insurance may start out looking a bit on the high side…but, if you take advantage of all the discounts available to you as a college student, it can easily become much more affordable than you may have thought.
And, if affordable is what you’re looking for…why not get a free car insurance quote today?
Are you a college student with a story to tell? Feel free to share your thoughts in the comments section below.