If you’re sending a kid to college with a car this fall, their auto-insurance coverage probably isn’t top of mind, especially given the many curves the coronavirus is throwing into campus planning. The pandemic is making it even more critical to check your student’s auto insurance. It may affect their driving or increase the cost of insuring it.
As with many aspects of campus life this year, college students may have different driving habits. This could require them to adjust their car insurance. Students who live away from campus, possibly because of dorm restrictions, might drive more, especially if they are concerned about taking public transportation to school. Students might prefer to stay at home and spend more time with their families by having some or all of their classes offered online. This could encourage them to drive less and make it easier for them to commute.
How to get the best rate for college students
Students in college are often on a tight budget. It can be difficult to add car insurance to that budget. You will need to learn how to get the best rate. How do you find a lower rate? Compare all the information you find online.
Do your research well
Although it may take some time, you should do your research on all the available car insurance rates. Ask companies for quotes as your coverage and cost might differ from the ones listed on their websites.
It is important to compare all these factors because it will impact the amount you spend. While all insurance companies will consider similar information about you in order to determine your rate, each brand will have its own unique factors. This is why car insurance companies may charge students very different rates for the same driver.
Comparison websites are a great tool for your research. These websites make it easy to see all the data in one place.
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Compare Apples to Apples
After you have all the information, it is time to compare them. You can choose to go with the lowest quote or compare the premium options for each brand. The cost differences between quotes that only provide the minimum coverage and those with more coverage will be apparent. Check out car insurance comparison websites to get more info and understand what’s good for you.
You will need to pick the option that best suits your needs. You may find the higher rate more attractive if you have these options.
Rate quotes are the most important factor to compare. These rate quotes will tell you if the price is likely to be lower and whether you can get any discounts.
Get Discounts on Your Rate
College students often qualify for discounts on car insurance. These are just a few examples of how you can lower your rates. To determine what coverage you are eligible for, consult your insurance company.
- GPA Discounts. Insurance companies will give you discounts if you have good grades and maintain a certain GPA.
- Get Discounts for Trained Drivers. You can get discounts for those who are under 21 if they take a safe driving course or another type driver’s education course.
- Students who are residents get a discount. Your parents may be eligible for discounts if you don’t bring your car along when you move to school.
- Anti-Theft Discounts. Many insurance companies will offer discounts to you for installing a car alarm system or anti-theft device in your vehicle.
- Members get Discounts. Insurance companies may offer discounts for members of certain groups. Fraternities, sororities and honor societies are just a few examples of student groups that may be eligible.
Enjoy student discounts
Policygenius, an independent online insurance company, reports that all major insurance companies offer discounts for high school students and full-time college students under 25. Depending on which insurance company you choose, this might mean a B grade average or a 3.0 GPA, high scores on the SAT or ACT or PSAT, a letter from an administrator certifying your academic achievements or a ranking within the top 20%.
Policygenius says that savings range from 10% to 15%. However, some companies offer even more, such as State Farm which promises discounts up to 25%
Your student can also get a discount if they join certain campus organizations. Policygenius notes that some insurers, like GEICO, offer discounts to members of certain fraternities, sororities, and honors societies.
What happens if your student goes to school? Not You can take the car you drive home with you. You can also get a discount on that purchase. If your scholar is located at least 100 miles away from home, so-called “distant student discounts” apply. They usually offer a break of 15 to 20.%30%?According to carinsurance.com .However, age restrictions should be checked. Progressive, for example, allows you to take a discount. Only for those aged 22 and younger
The distant-student discount is usually a better choice than having the student removed completely from the policy while they are away at school. The student will be able to drive home on weekends and holidays if they have continued coverage.
How to Save Gas
- Look for a car that gets good gas mileage. Students who commute to college often travel a lot. A car that has excellent gas mileage can help them save hundreds of dollars every year. The Toyota Prius, Hyundai Ioniq and Honda Civic are just a few of the vehicles that are known for their great gas mileage. There are many more.
- Cash is always handy. Cash payments can help to lower gas prices. Cash payments are free from the fees and surcharges that credit card transactions often entail. Cash sales are encouraged by many gas stations. Some even offer lower prices for gasoline if it is paid with cash.
- Use public transport. Transport expenses can be almost completely eliminated by public transportation. You can usually access most colleges and universities by bus, train or subway.
- Buy a bike. For students living in urban areas, a bicycle can be a better alternative to public transport. A personal bicycle can be used for free once it is purchased. There are many options for bike sharing and rental in densely populated areas.
- You can carpool with your colleagues or classmates. Consider forming a carpool with friends or colleagues who live near your route. You will be able to save money, and you’ll have company while on the commute.
There are other ways to save
These additional savings programs, in addition to the affiliation discounts, offer other ways for college students to lower their car insurance premiums.
- Lower your mileage. You spend less time driving, which means there is a lower chance of an accident. Many carriers offer lower premiums for drivers who drive fewer miles.
- Use a safe or used car. Damages to newer cars can be more costly because they are more expensive. An older car will usually cost less to repair and you may be eligible for lower car insurance premiums. You can also lower your premiums by driving a vehicle that has extra safety features. Look into models with anti-lock brakes and electronic stability control.
- Explore pay-as-you-go insurance. You don’t have to pay full-price car insurance. Instead, sign up Insurance based on usage. This monitors your driving habits, and then charges you for your car insurance. This option is popular with many car insurance companies.