How College Students Can Find Cheap Car Insurance

How College Students Can Find Cheap Car Insurance


College students have so much on their minds, not to mention their bank accounts. From student loans to make sure there’s enough to cover books for the semester, students are looking for savings in any way possible. This includes shopping for the right car insurance policy. Thankfully, there are resources for any student to be able to comb through auto insurers to provide the right safety net for them behind the wheel.

Student Discounts

The truth is that most car insurance providers will see a college student as a high-risk driver because of inexperience on the road. However, those same insurance companies will offer up discounts for students rewarding them for good grades in the classroom. Insurers even offer college students a discount for driving to campus. However, that auto insurance policy is strictly limited to a person who is driving from home to school and back.

This expands to saving on auto insurance for safe driving. Policyholders with minimal claims end up in good standing with their insurance company. There are also data-tracking discounts, where car insurance providers will keep a monitor on a driver’s habits behind the wheel. This expands to a variety of coverage options, from a basic compulsory third-party plan that covers injuries to other parties in an accident to comprehensive coverage. Don’t be afraid to get a car insurance quote from different auto insurance providers to know if you can expand your safety net for little increase in premium.

Consider Per-Mile Car Insurance

Some insurance companies will offer up what’s called per-mile insurance, where you pay a monthly base car insurance rate with a per-mile charge added on for your monthly payments. Miles are tracked by a mobile app or a device provided by an auto insurance company for installation in your car’s diagnostic port. If you’re heading home for the holidays, don’t fret. Most auto policies recognize that long ride and do not charge that as part of per-mile coverage.

If you’re a college student living on campus, that would be in the best interest, as you are probably limiting your driving, to begin with. After all, most college campuses provide students with their meals, lodging, and other extracurriculars within walking distance, or access by bike or shuttle. Some universities will offer young adults certain opportunities for car insurance coverage, through discounts obtained by the school. However, the perks of this coverage may not have the underlying impact on your auto insurance rate that you’re hoping for.

Staying on Your Current Insurance Policy

If a student can stay on their existing family auto insurance policy, it may make the most financial sense. After all, with a minimal driving history and possibly limited credit history, it could make sense to wait to explore insurance rates to build better standing throughout the school year. It may provide parents with greater peace of mind knowing their auto insurance coverage is still in place to protect their child. It’s a good option to prepare your student to understand the responsibility of monthly payments, and safely operating with a driver’s license.

A student credit card is a great way to help create good credit habits. Student credit cards are designed to come with a set limit that can be monitored by any party put on the credit card statement. This will relay spending habits and garner a sense of responsibility in building a credit score long-term. An applicant of a certain age group could see a credit limit increase with well-maintained habits. Some credit cards are designated as part of a rewards program, such as gaining points at grocery stores and gas stations to earn mileage for air travel.


Sneha Shukla

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