How much is car insurance for a college student?
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UPDATED: Mar 13, 2020
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Cheap car insurance for students is every young drivers dream outside of being a rock star, dating a model, winning the lottery and … ok, it’s not a dream but definitely something every student wants. Students over the age of 25 typically have no problem finding affordable car insurance however when we talk about cheap car insurance for a college student the assumption is for a young driver in their teenage years or early 20’s attending school.
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Young drivers under the age of 25 pose a higher risk to auto insurance companies. In fact, according to the Insurance Institute for Highway Safety the risk of a car accident per mile is 4 times more likely with a driver aged between 16 and 19 than a driver over 25. Motor vehicle crashes were also indicated as the leading cause of death between young people aged between 13 and 19 in the USA. There is no question however you look at young drivers there is a higher risk of insuring them for any auto insurance company.
Why doesn’t car insurance go down when I am 21?
At 21 you can do almost everything you want to – vote, drink, dance, drive a car, a motorcycle, even fly a plane – however car insurance companies are private companies and they determine the cost of auto insurance much different than having a population vote on a good legal age of responsibility. Almost any decision a car insurance company makes are based on risk and drivers under the age of 25 simply do not have the statistics behind them to warrant a lower risk.
Will I pay cheaper car insurance rates if I am under 25 and not in school?
Young student drivers often take advantage of the cheapest car insurance rates in the young driver category. Not only can they benefit from discounts such as the good driver discount and obtain auto insurance coverage under their parent’s policy (even when living away from home) but, as a group, student drivers are lower risk than young people who do not attend school. When your parents told you to go to school they were not kidding around. You not only get a better education but it also saves money on a lot of items like auto insurance and health insurance.
How can I save money on student car insurance?
You will need to compare car insurance quotes from several auto insurance companies to find the best student driver rates. However this is not as easy as it sounds, especially when buying your first auto insurance policy. There is very little education in America about personal finance in schools and we can bet you never did a car insurance 101 class in your freshmen year, so you need to study up on how car insurance works. There are many different types of car insurance, numerous policy options, levels of coverage, discounts and more. Drivers who understand how auto insurance works often save a lot more in premiums than those who simply compare policies by cost. Remember the value of car insurance is when you need to file a claim and buying the wrong type of insurance just to save a few bucks can leave you with a big bill after a car accident.
You also want to check with your school and find out about any group discounts or driving schools who offer discounts with car insurance companies. If you are considering taking any driver education course always ask any potential car insurance companies about the benefit of doing a course. Sometimes insurers only provide discounts to courses completed by approved companies.
Who has the cheapest car insurance for college students?
This is very hard to say as all drivers have unique profiles and young drivers often have even more complex profiles than mature drivers. While you will end up paying higher premiums for car insurance as a college student (compared to older drivers) there are still many car insurance companies who offer affordable coverage. Start a car insurance comparison search today and compare car insurance quotes from providers nationwide.
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