When you consider the cost of going to college, including your food, lodgings, and tuition, it’s a pretty big commitment. It’s no wonder that college students across the country are known for trying to save money and reduce their costs. As a college student looking to buy auto insurance, it’s important to balance the need for value with the right coverage.
In this post, we’re going to outline everything you could possibly need to know before you buy auto insurance.
Do students really need their own auto insurance?
Surely getting coverage on a parent’s policy is best….
Interestingly, there are a number of factors that come into play; let’s discuss.
The key things to consider before deciding whether to buy student auto insurance is whether or not you will be living at home during term-time, and who is the verified owner of the vehicle you intend to use.
The Vehicle Title
- If in your name – then you’re probably best buying your own coverage.
- If in your parent’s name – then you can probably use their coverage.
- If in both of your names – then you can probably use their coverage but might be better getting your own.
Where You Live
If your permanent address is your parent’s home, even while attending college, then you could still keep your vehicle on their auto insurance.
However, if you are living away from home, whether that be in an apartment or on campus, then you will need to double-check with your insurance agency if you can remain on their policy or not. If your campus or accommodation is out-of-state, then it’s possible you can stay on your parent’s policy, but again, this is something you would need to verify with the insurer directly.
Comprehensive Coverage Vs. Collision Coverage for Students
If the vehicle is going to be parked outside of college, then comprehensive coverage is ideal as this covers for events such as vandalism, hail damage, and theft. Collision coverage is a wise choice for those who are needing to drive to and from college, as it offers coverage in the event of a collision with an object or vehicle.
If you are financing or leasing a vehicle, you’ll find that both collision and comprehensive coverage are both typically required by a lender. Once the finance is cleared, you might be able to drop the coverage down in order to save money. However, it’s important to balance the cost of the premiums vs. the potential costs you would need to pay should the vehicle be involved in an accident.
Can students get discounts on their auto insurance?
If you’re looking for ways to save money on a student auto insurance policy, there are a number of ways to do this.
The Good Grade Discount
It’s true that good grades pay off. The majority of insurers will offer this discount to students up to the age of 25, as long as you remain in full-time education. Not all insurers offer this, but it’s worthwhile speaking to your agent about it.
The Anti-Theft Device Discount
Again, not all insurers offer this, but regardless of this fact, getting an anti-theft device is always a sound choice. Particularly so if you are moving to a new area and staying away from home on a regular basis. It’s a win-win situation really;, you could get cheaper insurance while reducing the likelihood of your items being stolen.
The Resident Student Discount
If your college is located a minimum of 100 miles away from your home, the vehicle is titled in their name, and you leave it at home while you attend college, then you could qualify for an additional discount.
If you rent an apartment and need to buy renters insurance, then combining this with your auto insurance could qualify you for a multi-policy discount if you buy insurance from the same company.
While there aren’t any specific insurance policies that are considered to be the ‘best’ for college students, a little research could help you save money when buying your coverage.
We’re Here for You
We want to help you find the best student auto insurance for your needs. If you contact us directly, our team will be happy to offer guidance about the different types of coverage you might need to buy; we can also get prices from the best insurers and present you with a range of options to choose from.