If you have a college student heading off to school this fall, the last thing you need to worry about is making sure he or she has cheap car insurance. With all the expenses involved in sending a child to school it’s helpful to pay as little as possible. Thankfully, cheap car insurance is available.
The law in most states is very friendly to college students as it relates to car insurance. We’ll get to that in just a minute. For now it’s important to know that you and your students don’t have to simply settle for whatever your current car insurance company offers you. You can look around and compare offers from competing companies.
Keeping a Student on Your Policy
The best way to ensure the most affordable price for your student is to keep him or her on your policy for as long as possible. In most states, that means age 26. As long as your child is attending college or university during those years, he or she can be included on your policy under the student classification. Check with your insurance company to verify any upward age limits.
Also, consider there might be some residency restrictions. For example, if your child is attending school out of state he or she can remain on your policy as long as they do not continue to reside in that state while school is not in session. If they stay away from home year-round, they may be considered an independent adult requiring their own car insurance policy.
The Car Your Student Drives
The next thing to consider is the car your student drives. Car insurance companies base premiums, in part, on the make, model, and age of a car. They do so for two reasons:
- liability insurance – larger, heavier vehicles are more likely to do more damage in an accident
- comprehension/collision insurance – newer and more expensive vehicles cost more to repair or replace
If you want the cheapest car insurance possible for your college student, encourage him or her to buy a car that is older, does not require a blank loan, and is classified as a compact or subcompact. This will allow you to get the cheapest liability and comprehensive/collision rates.
If your student will be living at home and driving one of your vehicles, make sure your insurance company assigns them to the oldest and least valuable car. That’s not to say they cannot drive your new vehicle from time to time; rather, it is to say the older vehicle will be their primary mode of transportation.
Student Driver Discounts
An important part of cheap car insurance for college students are the discounts some insurance companies offer. One of the more popular of those discounts is one given for good grades. As the thinking goes, a student with good grades is less likely to be careless, will have less time for leisure activities, and will take their responsibilities behind the wheel more seriously.
If your student is eligible for the good grades discount, he or she will have to provide the insurance company with the proper records to demonstrate those grades. Those records can be obtained from the college or university they are attending.
Shop, Compare, Buy
When you are ready to start looking for a policy, we recommend you shop online. Using a website like ours is the quickest and easiest way to get multiple quotes. And with quotes in hand all that’s left to do is compare and buy. It’s just that simple.
For the cheapest insurance possible, remember to compare quotes at least once per year. Otherwise, you’ll never know if you are paying too much.
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