A car to a college student is like a treasure to a pirate. Having a car in college is a luxury that not many students can afford.
Most students bike or walk to class, but if you’re one of the few who drives to campus and takes long weekend trips, then you need to be prepared for the responsibility of having a car. And that means you must be covered by student car insurance.
Aside from tuition and books, student car insurance is one of the biggest expenses a student will pay in college. But if you’re careful when choosing your student auto insurance, you can work the payments into your student budget and still manage to save money in your savings account.
The Basics of Student Car Insurance
Finding cheap student car insurance can be difficult, as younger drivers often have to pay higher premiums. It has nothing to do with you personally, but young drivers tend to make more insurance claims than older drivers, so insurance companies will charge you more so they can make more money.
There are also other factors that can affect how much a student will pay for student car insurance, such as:
- age
- Gender
- driving history
- vehicle location
- Vehicle Damage History
- Distance traveled daily
You can’t avoid these factors when applying for student auto insurance, but there are plenty of ways to lower your premium payments. You just need to take the right steps to choose your student insurance.
Tips for choosing your student car insurance
You can’t help being young and in college, but there are steps you can take to lower your student auto insurance payments. And while you want to find an insurance company that offers car insurance specifically for students, not all of them do, so if you can’t get student car insurance, follow these tips for a cheaper car insurance plan:
compare options
Find out as much information as you can about at least 3 different insurance companies. Compare their premium quotes and see who has the best benefits for your money.
Get to know the basics of the plan
Knowing the basics of a student car insurance plan is very important in choosing the right type of plan for your needs. Not all student car insurance is the same, but the parts that make up the plan often cover the same areas.
Here are the six basic parts of a student car insurance plan:
1) Bodily Injury – It covers you for bodily injury that you could have caused to someone else.
2) Responsibility for personal property – It covers damage or injury you might have caused to someone else’s property.
3) Collision – It covers you for any type of accident with another car or with an object such as a parking meter or a light pole.
4) Comprehensive – It covers you in case someone steals your car or something in it, or if the weather damages your car. It is best to get both types of student auto insurance coverage.
5) Personal Injury Protection (PIP)- It covers medical costs and any lost wages from a job for the policyholder and any injured passengers.
6) Uninsured driver – It covers you for accidents with motorists who do not have auto insurance. It also covers you for hit and run accidents.
keep good grades
Many insurance companies offer discounts to students who maintain a B average or higher. Be sure to bring proof of your qualifications when you apply for auto insurance.
Apply for all discounts
Even if you get a student discount, always ask for any discount the insurance company offers. Most insurance companies will give you a great deal if you buy multiple insurance plans together, like auto and renters insurance, and might even offer you a family discount if you sign up for the same insurance as members of your family.
Buy the right car
Before you even get student car insurance, you need to get a car that’s right for you. Car insurance is often based on a car’s probability of safety, so high-speed sports cars and smaller cars are at higher risk of damage. They are also more likely to be targeted by thieves, so you should buy a more practical car with good fuel economy and reliability rather than a car that costs more than your entire student budget.
Walk or bike more, drive less
Even if you have a car, that doesn’t mean you have to use it every day. If you live on campus and are close to class, walk or bike and save money on gas. Some insurance companies will give you a low-mileage car insurance deduction if you drive less than a certain number of miles each year, so save your long-haul car for the weekends.
Increase your deductible
If you increase your deductible, the amount you pay for a claim before your insurance company pays, then you can save 15% to 40% on your student car insurance premium.
Install secure/anti-theft devices
If your car’s seat belts and air bags are not working, you should have them repaired as soon as possible. Also, if you don’t have an alarm system, install one. The more insurance you are against accidents and theft, the less your auto insurance company will have to pay and the less you will have to pay them.
Be a safe driver
The most important step you can take to lower your student car insurance is to be a safe driver. The fewer traffic violations and car accidents you have, the more money you’ll save on auto insurance. That means you should never drink and drive, you should park your car in a secure area or garage, and you should always maintain the proper speed limit.
College should be a fun and safe experience, so if you have a car and use it as part of your daily routine, always have student car insurance to protect you.
