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Car Insurance Discounts for Medical Students

Here's what you need to know...
  • A medical student can take advantage of numerous auto insurance discounts
  • Increasing your auto insurance deductible can possibly save you money in the end
  • Insurance costs are also affected by other factors you may not have thought of
The cost of a medical education is astronomical. For an in-state medical education at a state school, annual tuition and fees average approximately $25,000 per year. For a non-resident student or those attending a private school, the average cost is more than twice this amount. Further, this amount does not include any living expenses.

As a medical student, you may be trying to keep your expenses low every way you can. Your car insurance is one area that you may be focusing on today, and you may be wondering if you qualify for a special insurance discount as a medical student.

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General Student Discounts

College/high school student with backpack and books.

Most car insurance companies do not offer a specific discount designed solely for medical students, but many do offer a discount for student drivers. These discounts can vary by insurance company, so you should take the time to learn more about the specific requirements for each insurance company’s unique student discounts.

However, in general, you may need to meet the following criteria in order to qualify:

Other Discounts for Students

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As a student, you may not require the regular use of a car. Many full-time students either live on campus or live close enough to bike. Some may be close to a public transportation and make regular use of a bus or light rail system for transportation to and from school.

There is a long list of car insurance discounts, but whether you qualify for a student discount or not, you may qualify for other types of discounts offered by different insurance companies, including:

  • Infrequent Driver Discount suitable for a driver who only drives the family car during school breaks
  • Low Mileage Discount – suitable for drivers who make use of other forms of transportation for most of their transportation needs and rarely or infrequently drive
  • Youth Driver Discount – suitable for younger drivers who still live at home and may still be on their parent’s policy

Lower Rates for Older Students

Piggy bank and coins

It can be a struggle to pay for your auto insurance today, but you should be aware that car insurance rates are higher for younger drivers.

With most car insurance companies, rates decrease significantly once a driver reaches a certain age.

This commonly occurs when a driver turns 25, but the age can vary slightly from insurance company to insurance company.

If you are a good driver and have not seen your rates decrease since turning 25, you may benefit from shopping around for new rates with other insurance companies.

Other Discounts You May Qualify For

While some car insurance discounts are suited for students, others are designed to help all drivers on their car insurance costs.

You can look for a range of other discounts with different insurance companies, including:

  • Multiple Policy Discount – such as if you have a life insurance and car insurance policy with the same company
  • Multiple Vehicle Discount – suitable for drivers who may own two vehicles or who are married and want to put their spouse’s vehicle on their policy
  • Safe Driver Discount – designed to provide you with savings for each year that passes without an accident or traffic citation on your driving record
  • Driver’s Safety Course Discount – provides you savings on your insurance premium by taking a certified driver’s safety course

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The Right Deductible

Discounts are one way to save money on the cost of car insurance. As a medical student living on a tight budget, you do want to take advantage of as many discounts as possible to reduce the cost of your car insurance premium.

However, this is not the only way to reduce the cost of your car insurance premium. Another way to reduce your insurance expense is to increase your deductible. Keep in mind that you will be required to pay your deductible when you file a claim.

If your insurance deductible is too high, you may be forced to pay for some expenses out-of-pocket that you may have otherwise filed a claim for.

On the other hand, you also want to consider how frequently you file a claim. If you are like most drivers, you file a claim once every several years at best, if you have ever filed a claim at all.

A higher deductible creates a lower premium, which means regular savings to you. There are other reasons to increase your car insurance deductible.

Other Factors That Affect Your Insurance Expense

Factors written on a chalkboard

There is a range of factors that affect your insurance expense. Your age and gender are among the most commonly known. However, many other factors also affect the premium amount, and some of these are within your control to alter.

Consider factors such as:

  • The car you drive
  • Where you live
  • The coverage amounts you have selected
  • One’s driving history

By learning more about how car insurance rates are calculated, you may find that making a small change in your life can yield significant savings.

For example, you may choose to live off campus along a bus route that takes you to campus. This may qualify you for savings based on the location where you live as well as for a low mileage discount.

Further, by driving less, you may limit your exposure to accidents and citations, improving your driving history over time.

You may also trade your vehicle in for one that is more affordable to insure. These different steps each can save you money. Combined, they can yield significant savings.

You can take the first step to identify savings by shopping around for rate quotes and determining which car insurance company offers the right combination of discounts for maximum savings. Car insurance can be expensive, but it doesn’t have to be.

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