How to get cheap auto insurance rates for students? Is it even possible? Well, great news. It is possible to get a cheap insurance policy as a college student for your car. I have to agree that going into the world of auto insurance as a student can be confusing and complicated, especially if you are being charged higher premiums. Even though there may be obstacles and challenges, there are many ways to overcome them. Keep reading to find helpful options and strategies to reduce the financial burden associated with car insurance.
Types of Car Insurance for College Students
There are 2 main types of car insurance for college students. For a better understanding, they include:
- Standard Coverage.
- Additional Coverage.
Standard Coverage
Here is what the standard coverage option offers:
- Property damage liability coverage.
- Uninsured motorist coverage.
- Bodily injury liability coverage.
- Medical payments coverage.
- Personal injury protection.
Optional options include:
- Comprehensive coverage.
- Collision insurance.
Additional Coverage
Here are a few add-ons that insurance companies offer to manage a wide range of situations. But keep in mind that this will cost extra money per month. They include:
- Accident forgiveness.
- Roadside assistance.
- Rideshare insurance.
- Mechanical breakdown insurance.
- Rental car reimbursement.
- Gap insurance.
Nevertheless, these forms of insurance are not compulsory to have or purchase.
How Much is Car Insurance for Students?
The cost of purchasing a car insurance policy for a student is affected by different factors. For example, the insurance company, the type of car, the age of the driver, coverage options, location, and driving experience. However, any student who is considered a high-risk driver by an insurance company will be charged higher premiums. But do not be discouraged because there are ways to reduce and save on auto insurance which you will be learning about later in this content.
How to Get Cheap Auto Insurance Rates for Students
Since getting cheap car insurance rates as a student is your priority, here are a few tips to put to use when trying to reduce your premium cost:
- Shop Around: Gather and compare policies from different insurance companies. Besides, every provider has its unique pricing algorithm, thus the rates can differ significantly.
- Get Good Grades: Many insurance providers provide discounts for students who have a specific GPA. This is because good grades are usually connected with responsible behavior like safe driving habits.
- Choose a Safe Car: You can get low insurance premiums if you drive or use a small and less powerful car.
- Bundle Policies: If you have other forms of insurance like homeowners or renters insurance, you can bundle them with your car insurance and get discounts.
- Drive Safely and Carefully: Having and keeping a clean driving record is important because it helps you keep your rates down as well.
- Choose Higher Deductibles: Even though you will have to pay more out of your pocket after an accident with a higher deductible, your monthly premium will be low.
- Request for Discounts: Insurance providers give discounts for installing anti-theft devices in your car, being a member of a particular organization, or taking driver’s education courses.
With these strategies, you can get low monthly payments on your auto insurance policy as a student.
Where to Find Cheap Auto Insurance Rates for College Students
If you would like to get cheap car insurance for students and do not know which company to check out. That is no longer a problem for you. Here are some reputable auto insurance companies to check out if you want affordable rates on insurance as a college student:
- Travelers.
- State Farm.
- Progressive.
- USAA.
- Geico.
- Nationwide.
- Farmers.
- Auto-Owners.
- Allstate.
- Liberty Mutual.
- American Family.
So, when considering purchasing a quote, be sure to check out these companies to get the best rates, coverage, and discounts.
Frequently Asked Questions
How can I prove my good grades to get a discount?
A copy of your recent transcript or a copy of your recent report card will be requested by the insurance company to confirm your GPA. Other forms of academic achievement documents are also accepted as well.
What should I do if I can’t afford the high premiums as a student?
If you are unable to afford or cover your insurance premiums, you can adjust your coverage options or check out discounts. In addition, you can shop around for various insurance providers with the best rates.
Does the type of car I drive affect my insurance rates as a student?
Certainly, the type of car you drive significantly affects your insurance premiums. If you want to get lower insurance rates, you need to have a small and less powerful car with excellent safety features.
Will my rates go down as I get older and gain more driving experience?
Yes, as you build a clean driving record and gain more experience as you drive, you become qualified for lower insurance rates.
