Ah, there’s nothing quite like being in college. College life is truly an enriching experience, providing education and adventure that can’t be found anywhere else. It is one of those times in life that must be truly savored and enjoyed.
However, with all the good that comes with the college experience, there is one little drawback – you don’t have any money! Tuition costs are sky high; you have to pay for books, rent, food, and entertainment…basically, who has money left over for car insurance? As tempting as it may be to simply drop auto insurance, if you drive a car it is simply not a good idea (not to mention illegal). Fortunately, there are ways for college students to retain their auto insurance, get all the coverage they need, and keep the costs down.
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Good Student Discount
Most of us know that if you get good grades in high school, you can receive a good student discount from your auto insurance company. Well, the benefits of this discount do not stop when you graduate from high school. You can still receive this discount until the age of 25. All that hard work hitting the books should pay off – and it does, to the tune of 20% off your premium, depending on the insurer. All you have to do is maintain at least a B average.
Low Mileage Discounts
If you happen to live close to campus, or only use your vehicle on the weekends, you could be eligible for a low mileage discount. Most auto insurance companies will offer discounts for drivers who drive less than 10,000 miles a year.
Away From Home Discounts
Auto insurers will use different terms for this discount, but the principle is the same – if you went away to college, you can receive an insurance discount. Auto insurance companies realize that college students don’t need to commute as much or as regularly as the rest of the driving population. Less commuting means there is a less chance of getting into a wreck. Therefore, insurance companies have discounts for students going away to school. If you fit that definition, take advantage of these discounts. You maybe missing out on some home cooking, but you could see some extra savings on your insurance premium.
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Combine Coverages
Now living outside their parents’ home, college students often discover that they are responsible for all their stuff. One way to keep your possessions secure is to purchase renter’s insurance. Renter’s insurance protects you in the event your possessions are destroyed in a fire, flood, or if they are stolen. Most companies that offer auto insurance also sell renter’s insurance. And when you purchase additional coverages from the same insurer, they often will give you a discount. It may be worth it to consider purchasing this insurance. If you do, try to consolidate your coverages under the same insurer and you can save on your annual auto insurance premium – usually around 10%.
Drop Coverages You Don’t Need
Being in college usually means that you aren’t driving a fancy new car. Let’s face it, you have a lot of bills to pay, and getting that new SUV can usually wait until graduation, when you have landed your first high paying gig. If you are driving an older automobile, it may not be worth it to carry collision and comprehensive coverages. Ask yourself – are you insuring your car for more than it is worth? Does the deductible alone outweigh the monetary value of the auto? If this is the case, you are better off dropping collision and comprehensive insurance coverage. The savings on your premium will be worth it, as long as you drive carefully and defensively. If you remain accident-free, the hundreds of dollars saved on your auto policy can add up very quickly. And what college student couldn’t use a couple hundred extra bucks a year?
In addition to dropping coverages, college students should consider raising their deductible. Raising your deductible from $250 to $500 can mean big savings on your annual insurance premium. One word of caution, though. Do not raise your deductible to more than you can afford at one time. If you never have more than a few hundred dollars in your bank account at one time, raising your deductible to a $1000 could be an unwise move. You don’t want get caught in a situation where you can’t afford to pay your deductible if you have to file a claim. So pursue this tactic only if it makes sense in regard to your finances.
Get An Online Quote
It is now even easier to save on car insurance. Use our free online quote form and find the cheapest auto insurance rates available. It will only take a few moments to get multiple insurance quotes, so why not invest the time? The savings you receive will be more than worth it. The more money you save on car insurance, the more you can spend on tuition costs, books, food, and maybe even a party or two. Get an online quote at Cheap Quotes Car Insurance and start saving today!