College can come with some significant expenses — from tuition to room and board. The average college student for 2020-2021 spent more than $35,000. You (or your parents) may be looking for ways to cut some costs, including saving some money on your car insurance. It is important to get car insurance at the right price, but it’s also a good idea to find the right coverage to meet your needs. If you are a student who drives your own or a parent’s car, you will need proper auto insurance.
Some Information For Parents Regarding College Student Insurance
Students who attend college full-time, even out of state, can typically retain coverage on their parents’ policy if the parents’ residence is their primary address. Ask your insurer if it can assign your child to the least valuable vehicle you own, which can help decrease premiums. If your child will not take a car to college, see if you can get a distant student discount. They could then still be insured but only on the weekends when they come home. It is not a good idea to delete the student from your auto insurance because the interruption could result in higher insurance premiums when they are ready to drive again. If your child gets a job where lots of driving is required, check with your insurance provider, and make sure the car is protected if an accident happens during work.
The Best Option For Parents Or College Students Purchasing Car Insurance
If your student drives a car owned by you as a parent keeping the student on the family’s auto plan is usually the best option. If however, the student owns the car, they must obtain auto insurance in their own name. The cost will be greater for the same insurance coverage because younger drivers pay higher rates and do not qualify for as many discounts as older drivers.
Good Student Insurance Discount Can Reduce The Cost Of Your Insurance
Auto insurance for young drivers and college students is very expensive. High school and college students can save between 6% and 36% on their car insurance bills by getting good grades.
Here is a full list of requirements for a good student discount:
- Age: 16-25
- Full-time enrolled high school, college
- One of the following:
-B or 3.0 GPA or top 20% in your class
-Rank top 20% on ACT, SAT, PSAT, TAP, PACT, California Achievement Test, or Iowa Test of Basic Skills
Anti-Theft Devices Discount
If you are heading to college and taking your car, now might be a good time to invest in a vehicle anti-theft system. That may reduce the likelihood of your belongings being stolen while also earning you a car insurance discount.
Multiple Policy Discount
If you own your own car and will also be renting an apartment, you may be eligible for a discount if you bundle your auto and renters’ insurance policies.
What Can Cause Your Auto Insurance Premium To Raise?
Sometimes discounts are given for a good driving record. However, the following are some of the common factors that lead to an increase in auto insurance premiums.
- Traffic violations
- At-fault accident
- Comprehensive claim
- Lapse in auto insurance
- A drop in your credit score
- High-risk areas
- Driving citation for being inebriated
How Much Coverage Do You Need?
There are so many factors that influence the amount you pay for insurance. A lot of tips are available to help you decide how much coverage you need for your family with a college student.
These are the most important:
- Do you have lots of assets and do you have adequate coverage to protect yourself?
- If you do not have any assets, do you need as much coverage as you are paying for?
- Are you getting all the discounts you are entitled to?
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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