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Cheap Student Auto Insurance

Here's what you need to know...
  • Statistically, students and young drivers get in more accidents than any other age group
  • Most car insurance companies will only offer lower rates while the child is in school, and only up to a certain age
  • Shop around and compare different companies to see who has the best rate

Because young drivers typically pay higher insurance rates than their parents or other adults, finding out who offers cheap car insurance for students is a good idea.

There are so many options available to students that it’s really worth the time and effort to do the research. If you can save a few hundred dollars, for example, that’s money that can be spent on tuition, books, or any other school related expenses.

One of the things you have working in your favor is the fact that students are generally considered a lower risk than non-students. In other words, an 18-year-old who graduates from high school and goes right into the working world will have one of the highest car insurance premiums on the market.

A teen driver who stays at home and goes to college for four years is deemed a lower risk because he’s still under his parents’ roof and he tends to drive less. As a result, his car insurance rates will be somewhat lower.

Find the best car insurance rates for your vehicle by entering your zip code now!

Why is car insurance for students so expensive?

AdobeStock_62082716-1600x1600When you search for car insurance, you probably notice that the rates for students are a lot higher than they are for other demographics. The insurance companies actually have a good reason for raising the costs for students.

Statistically, students and young drivers get in more accidents than any other age group. A big part of this is because of their lack of experience. It can take years of driving until you feel comfortable on the road, especially if you live in a big city.

Students are also more immature and, if they are driving with friends, they tend to be more easily distracted than more mature drivers. This often leads to a higher accident rate.

Another reason that car insurance rates are higher for college students is that college campuses tend to be a magnet for accidents and theft.

Many campuses report a high rate of auto break-ins and car theft, which increases the amount that the car insurance company charges you. It is also a place with a high auto collision rate.

If you are male and a student, your rates for car insurance are even higher than your female counterparts. This is because statistics show that males are more reckless when driving and they tend to have more traffic violations as well as get in more accidents.

Is cheap car insurance for students just a marketing ploy?

AdobeStock_21446507-1600x1600Some critics of the insurance industry would argue that there’s no statistical difference in risk between students and non-students.

Some would even say that the tendency for college students to be more party oriented makes them a higher risk for accidents and claims than of their working counterparts.

If these charges are true, then we might be justified in assuming lower rates for students is merely a marketing ploy designed to gain and keep customers.

At the end of the day, what does it really matter? If you are the parent of a college student and you can get better insurance rates for your child because of his status then, by all means, take advantage of it.

Most car insurance companies will only offer lower rates while the child is in school, and only up to a certain age.

So be sure to get the best price now and keep it as long as you can. At some point, your student will graduate and will face higher insurance costs.

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How do I find cheap car insurance for students?

You can find the best-priced student car insurance the same way you would find any other car insurance product. Using either online searches, individual telephone calls, or visiting local insurance agencies, you supply the pertinent information and ask for quotes.

Make sure all of your car insurance quotes are similar to the extent that they provide equal coverage, equal terms, equal deductibles, etc. Also be sure to read the fine print as insurance companies treat students differently.

It may be possible in some cases for you to get a cheap student insurance policy through a company affiliated with the school your child is attending.

Another option, if your child is attending the same school you attended, is to contact your alumni association to see if they have any partnerships with car insurance providers.

Be creative in your search, you never know what’s out there without turning over every possible stone.

What other ways can I save on car insurance?

Although your original insurance premium as a student will be higher, there are things you can do to decrease the amount of money you pay.

There are many car insurance companies that offer discounts for certain things. If you are a safe driver and haven’t had any accidents or other traffic violations your premium will often be lower.

As a student, if you participate in and pass a defensive driving course , you will often receive a discount, as this shows the insurance company that you have more skills to drive safely.

Also, focusing on your academics can pay off in regards to car insurance policies. Many companies offer a discount for those students who consistently receive good grades.

If you live close to campus and don’t drive your car very much, ask your insurance company if there is a low mileage discount.

One of the factors in determining car insurance premiums is your credit history. As a student, you may not have much of a credit history or you may have poor credit.

Work on building up your credit and you will pay less in the future. For hints on how to build credit, check out the website for Suze Orman.

What kind of coverage do I need in student car insurance?

adobestock_92452708-1600x1600Obviously, like any car insurance policy, you’ll need the minimum coverage required by your state. State mandates generally cover:

Beyond that, whatever further coverage you purchase depends on the needs of your student and the amount of financial risk you’re willing to take. You’ll need to consider the make and model of the car he’s driving, his experience as a driver, and so on.

For example, just a few decades ago it wasn’t uncommon for college students to buy old, used cars with little resale value.

Because these cars were worth so little, parents could get away with insuring them with just the minimum state requirements.

But today it’s more common to see college students with brand-new, or slightly used, vehicles with a higher value. In these cases, it’s probably wise to get extra coverage for collision, fire and theft, etc.

Extra coverage will almost always be required if your students’ car was obtained through the loan, and that loan has an outstanding balance.

Finding cheap car insurance for students is simply a matter of taking the time to do the research. Start with nationally known companies as they tend to be able to take advantage of volume and offer better rates.

If you can’t find a school policy with a national company, then move on to regional companies that cover your state and some of its neighbors. Between all the choices you should be able to find a policy at a price you can afford.

Start researching cheap car insurance rates for students by entering your zip code below!

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