College students have lots of expenses to take care of – tuition fees, rent, and food expenses are top of mind for the average college student. An affordable car insurance policy should also be a consideration.
Many students use the same insurance company their parents use, even though they can typically get a cheaper car insurance policy if they did a little shopping around.
In this article, we will guide younger drivers step-by-step to get a car insurance policy and find the best discounts available for college students.
Car Insurance Options For College Students
Here are a few insurance options most used by college students that help them save money:
- If you drive a car owned by your parents and you’re bringing that car to college, you can continue on your parent’s existing insurance policy.
- If you drive a car owned solely by you, you will need to get a new insurance policy of you own.
3 Types of Car Insurance Coverages You Should Know About
- All states require every vehicle owner to at least carry liability insurance in the event of a car accident. Liability insurance covers the vehicle damage and medical expenses of the other driver and the other driver’s vehicle that you caused.
- Collision coverage insurance covers the expenses of repairing or replacing your car caused by an accident.
- A comprehensive insurance plan pays for the repairs of damage caused by a non-collision event like stolen cars or damaged by a storm. This coverage will cover the repairs or can help you buy you a new vehicle of the same model if your car is deemed to be totaled.
Best Insurance Provider for College Students
Students always try to save money and get the best deal out of everything, so they look for an economical insurance plan that covers their essential needs.
Here are four major insurance carriers that great plans for college students:
Allstate is one of the most preferred insurance companies by students because of the incentive and reward programs offered to college students.
Allstate has the Drivewise program that rewards the driver for driving safely.
For example, after completing 10 trips with no hard braking and over speeding, you can earn 200 rewards points. If you display consistent driving behavior you can earn an additional 200 points. These points can be redeemed for many things like gift cards, car rentals offer, magazine subscriptions, and much more.
Another program that Allstate offers is the MileWise pay-as-you-go program whichallows you to prepay your insurance fees and the balance will only deduct when you get on the wheel. This program is ideal for the student who lives on campus and only drive out on weekends.
Geico is a leading insurance company in the United States. Geico offers low prices and discounted car insurance rates for college students.
Along with providing exclusive offers to students, Geico also provides insurance policies at discounted rates for college alumni, staff, and professors.
The Geico app is equipped with the latest features to assist you along your journey with them. The app keeps track of your policy and they even assign you a personal assistant which will answer your questions related to the policy.
For college students that drive less than 12,000 miles each year, Metromile may be the best choice.
Metromile insurance policy charges you on how many miles you have driven. They charge a base cost with the addition of a per-mile fee, which means the less you drive your car the less you have to pay the insurance premium.
Metromile doesn’t charge for driving over 250 miles a day (150 miles a day in New Jersey).
State Farm insurance company offers college students a 25% discount on their car insurance premium for full-time students who maintain a 3.0 GPA.
This discount is available for student until the age of 25.
Discount Exclusively for College Students
Before purchasing an insurance policy for your car, ask your insurance provider if they offer any special discounts specific to college and university students.
Depending on which state you’re in, there are many discounts that are exclusive for college students. Here are some of the most common discounts to look for:
College Grade Discount
Many insurance companies offer significant discounts for students who have scored good grades at their school. These discounts can be redeemed until the student turns 25 years old.
Safe Driving Discount
Some insurance companies incentivize and reward for driving safe. They offer discounts to drivers who avoid speeding tickets and accidents.
Less Driving Discounts
Some insurance companies might offer a great discount on car insurance if you leave your car home when you go off to college.
Combing Policy Discounts
If a student is renting an apartment and has their own car they might get a discount by bundling both of their renting and car insurance policies together.
Good luck on saving your money and enjoy your college life.