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Auto Insurance Discounts for Good Students

Here's what you need to know...
  • Young drivers are seen as high-risk by insurance companies, so their premiums are sometimes double that of an older driver
  • To be eligible for a good student discount, generally, you must have a “B” average or above
  • On average, a good student discount will save you 10 to 15 percent on your premium

Insurance rates for drivers under 25 and especially teens have always been notoriously high. In fact, it is not uncommon for the insurance premiums for a young driver to cost more than the vehicle itself.

But if you’re a good student in high school or college you may be able to take advantage of a discount aimed at the high performing and studious among you.

The good student car insurance discount is a significant one that can shave 10 percent to 15 percent off your insurance premiums.

You can compare car insurance rates by just typing your ZIP code into the FREE box on this page.

General Rules for Auto Insurance Student Discounts

Portrait of a student girl studying at library

Young drivers pay more for insurance because they tend to get into more accidents and make more claims.

Insurers, ever the statistical magicians, have determined that good students make better drivers, probably because in order to be a good student you have to pay attention to the little things, like whether or not you’re in the right lane.

While the student discounts for auto insurance vary — which is why you need to check the services of at least three auto insurers online whenever you make an auto insurance purchase — there are some general rules:

  • You must be 25 years or younger. For some states, the ages range from 16 to 24, while 21 is the cutoff age for others.
  • You must be single.
  • You need a “B” average or a GPA of 3.0 or better.
  • You need to make Honor Roll or Dean’s List. This is not required but can be used as a substitute if you don’t meet the “B” Average or GPA standards.

Remember, these are general standards and might not apply to every auto insurance company. For example, GEICO’s guidelines also include home school students based on their scores on standardized tests, as well as top 20 percent scores on SAT, ACT, or PSAT scores.

Don’t forget to shop around. You might even need to consult with an agent.

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Taking a Look at Nationwide’s Rates for a Student vs. an Adult

The insurance rates for someone under 25 can be almost double the rate of an adult.

For our experiment, we used the same exact car, a Toyota 4-door Tacoma, at Nationwide’s online calculator.

We used two fictional applicants, Mike Thomas, who is 22, and another applicant, who is 49. Mike’s premium of $205 per month was almost double that of the older applicant’s rate of $107 per month.

However, when you add the student discount (turns out Mike has a 3.5 GPA) to Nationwide’s site, Mike’s recommended package plunges to $182 a month, which would fall into the promised 10 percent to 15 percent discount that auto insurance companies are advertising.

There are other options that Mike could take is a multi-line discount or even the bare-bones package of $152 dollars per month.

Considerations If You’re Away from Home

adobestock_97054648-1600x1600Your rates may also vary if you’re a college student who lives away from home. According to Progressive’s website, these are some other discounts/possible rate hikes you might be on the lookout for:

  • Different states – Let’s say you’re a student who lives in Pittsburgh, but you attend Ohio State University, nearly 200 miles away. Do you need to consult with your insurance agent? Yes. Remember, when you cross state lines you’re looking at different insurance rules, so your insurance package completely changes.
  • Same state but far away – If your school is in the same state as your permanent residence but more than 100 miles away, then you might qualify for a distant student discount. These are the requirements:
    • Attend school more than 100 miles from home even within the same state
    • Do not have access to a vehicle
    • Live away from home
  • Different address – You also have to inform your insurance company if you’re taking the car from your home to a new address in college. Remember: Insurers have to know all the eligible drivers within a household in order to assess their risk and your rates.

This could mean that your insurance rates could go up or down. Of course, if you don’t provide the insurer with this information, there is a chance that your claim will be denied if you were to, let’s say, run directly into someone at an Ohio State University parking complex.

Bottom line: Always shop around and use online insurance tools to assess insurance rates. You might even want to consult an insurance agent in order to address any concerns or complications that you may have.

But make sure you compare car insurance quotes for student discounts by typing your ZIP code into the FREE box on this page.

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