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The variables that affect student car insurance rates and plans can affect policy costs. Nevertheless, many insurance companies offer policies to students and their parents. Generally, drivers under 25, the age that defines a student driver, are considered high risk for car insurance companies. See what you can save on your policy with our FREE car insurance quote comparison tool!
Statistics may vary from state to state on the number of student drivers involved in accidents. According to national statistics, young males between 15 and 24 account for 30 percent of car accident injuries, while females in the same age bracket account for 28 percent.
While these statistics do not represent all drivers, car insurance companies weigh this risk with providing coverage. Get the best deal on your car insurance with our FREE ZIP code search!
Expectations for Student Car Insurance
That being said, actual car insurance rates may also vary among car insurance companies. Students and parents can expect to pay more for coverage, but there are ways to reduce the costs.
By taking advantage of online comparison sites, students and parents can receive quotes from various companies before purchasing a policy.
Reviewing this information online can save a significant amount of money and time. Many car insurance companies offer student discounts to help families save money. Comparing quotes, discounts and plans from several different companies can help families make an informed decision about their insurance needs.
Ways to Shop for Student Car Insurance Plans
Shopping for student car insurance might take some time, but it is time well invested to find the best deals.
Purchasing a car insurance policy from the first company you contact is not a good idea. Even if it is a nationally known company, you might find a better quote from a lesser-known insurance company. Contacting several companies can aid in making an informed decision about policy choices.
There is a breadth of information available on the Internet regarding car insurance for students. If searching through this information seems daunting, contact an agent. These are trained professionals who can answer most questions without pushing one product or company over another.
Another vital point is to decide how much and which type of car insurance policy is needed. Every state requires drivers, whether students or adults, to carry liability insurance. However, this might not be enough protection for a student who attends college out-of-state, for example.
You might consider purchasing full coverage car insurance, even if you are not making car payments. This additional coverage will pay for damages and repairs on the student’s car. Liability only covers damages and medical expenses for the other person who is involved in an accident.
How Companies Calculate Student Car Insurance Rates
The age of a student is not the only variable insurance companies use to calculate policy rates. Many insurance companies consider factors similar to those used for adult policies. The type of vehicle, area of residence, car usage and driving record typically determines policy rates for student drivers.
The type of car a student drives will impact the car insurance policy rate. Insurance companies look at the year, make and model to determine the value and cost of repairing or replacing the vehicle after an accident.
An older model car could result in a lower rate. A sports car will carry a higher premium.
Urban areas can also lead to significantly higher policy rates. Premiums are also affected if the student is in college and lives on campus.
Similar to adults, a student’s driving record will determine how car insurance companies calculate the rate. Past moving violations raise potential risks. Alternately, students who participate in driver education classes can pay a lower rate.
Additionally, some students may consider remaining on their parents’ insurance policy. Most insurance companies allow students to remain on their parents’ policy while attending college. Many insurance companies require parents to name their children on policies if the student still lives at home.
A credit report may affect students who must purchase car insurance separate from their parents.
Types of Student Car Insurance Discounts
Comparing student discount offerings among insurance companies is a good way to save money. Actual discounts may vary, but most companies offer standard discounts. Inquiring about various discounts is an essential part to comparing car insurance policies online.
Some of the discounts are not only an incentive for saving money, but also a way to promote safe driving habits among students.
Student drivers under 21 may qualify for a 20 percent discount. Most insurance companies accept proof of completing an advanced driver training course. In addition, defensive driving courses may lead to reduced rates after a student is involved in an accident.
Many new drivers avoid this training if its not required, and thus miss out on these kinds of discounts.
A good student discount is one of the most common discounts offered by car insurance companies. Insurance companies factor a lower risk when a student maintains good grades by performing well in school.
Generally, this is offered to students who have a class rank in the top 20 percent. Maintaining a 3.0 GPA is another qualification for the good student discount.
Similar to adult drivers, some car insurance companies offer discounts when the student uses the car infrequently. For example, some college students may only drive during a semester break.
Instead of naming the student on the policy, some insurance companies may cover the student as a friend or relative who occasionally drives the car.
Low mileage is another student discount based on the amount of driving. College students may have a car while living on or off campus, but use other means of transportation on a daily basis.
Monitoring System for Teen Drivers
Parents may choose to install a monitoring system in their teen driver’s car. This may ease parental concerns about their teen’s driving habits. Additionally, this could lead to a discount from car insurance companies.
Essentially, a GPS system is installed and provides remote access to the actions within the vehicle while the teen is driving. The GPS system tracks the location of the vehicle and monitors the driving speed.
Some systems may also include remote camera access so parents can visible see what is occurring.
The teen driver monitoring discount is typically available for students between 16 and 20 years old. Exclusions may apply and vary among states. Find coverage in your area with our FREE ZIP code search!
In summary, student car insurance can be expensive. However, there are ways to find lower premiums without sacrificing good coverage. Insurance companies must calculate the risks involved with insuring teen and young adult drivers. Conversely, parents and their student drivers want the peace of mind that comes with having the right insurance policy.
Comparing what different car insurance companies offer online is one way to guarantee the best rates. Start your search today with our FREE quote comparison tool!