May 29, 2022
8 Ways to Save Money on Insurance as a College Student

8 Ways to Save Money on Insurance as a College Student

 

Choosing the right insurance can be hard enough as an adult, let alone when you’re in college and trying to save money on insurance so you can splurge on that new pair of shoes you just found online! But don’t worry—with these simple tips, you’ll be able to save money on car insurance, life insurance, homeowners or renters insurance and more as a college student. And remember: getting the best car insurance for college students can help protect you not only now but also in the future, especially when you’re starting your own family!

1) Shop around
It’s easy for college students (and their parents) to think that any insurance provider is offering a fair price—but most college students don’t do enough shopping around. Be sure you know what your current rates are, and compare them with what’s available from different providers. Also take into account how much coverage you need—and whether or not you really need full coverage (vs.

2) Know your grades
The first thing that any insurance agent or agency will want to know about you is your grades, including GPA and relevant classes. Insurance companies consider students with GPAs of 3.0 or higher, who are taking and completing 16 credits per semester, riskier drivers—and therefore will charge them more for their premiums. You can get a good idea of what insurers expect from college students by looking at your school’s website.

3) See what discounts you are eligible for
It’s easy to focus on your car insurance premium when you’re checking rates, but there are several other factors that can affect your monthly bill. It pays to take some time and see if there are any discounts you may be eligible for. Here are 8 discounts college students should look into before they pay their next premium

4) Use online tools
Many of your insurer’s policy tools are now available online, and that means it’s easier than ever for you to get an idea of what your auto coverage will look like before you purchase it. Check out insurer websites like Geico, Progressive and State Farm for rate comparisons between different levels of coverage and discounts. While you’re at it, check out other services they offer—like credit cards or banking products—to see if any fit into your overall financial picture.

5) Compare quotes from several providers
When shopping for insurance, college students should be sure to check out rates from all carriers in their area. Many young drivers mistakenly assume they can’t get coverage because of their age, but there are many companies that cater specifically to younger drivers, and may offer lower prices or more favorable features. It’s also important for college students to investigate whether they qualify for discounts—for example, a student who drives very little each year might qualify for an occasional-driver discount.

6) Consider low-mileage cars
As a college student, you’re likely to be shuttling between home and campus or between classes. If you live at home and drive just once or twice a week for short trips, owning a car may not make sense. Even if you do have your own set of wheels, consider downsizing from your mom’s Honda Accord (which may still sport some rust) to something like an economical compact car with excellent gas mileage.

7) Insure multiple vehicles with the same provider
Sometimes, car insurance providers offer special discounts for insuring multiple vehicles with them. In most cases, these discounts are available only if you insure your vehicles with that company for five years or more. If you’re currently looking for an insurance provider, be sure to ask about any potential discounts like these.

8) Keep your cool when driving
One of your biggest expenses will be insurance. The amount you’ll pay every month depends largely on how well you drive. If you’re not an experienced driver, try practicing before getting behind the wheel of your parents’ car—and never get behind it after drinking alcohol or using drugs.

Conclusion
The best way to save money on car insurance, no matter what type of driver you are, is by maintaining a clean driving record. Accidents and moving violations can lead to hefty fines and skyrocketing monthly payments. If you’re insuring your car with your parents’ or guardian’s policy, make sure they know how safe of a driver you are by reminding them every time they drive. These subtle reminders might be all it takes for your premium to go down next year. Best of luck!

4 thoughts on “8 Ways to Save Money on Insurance as a College Student

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