Car Insurance For College Students - By Lena Borrelli Lena BorrelliArrow Right Insurance Contributor Lena Muhtadi Borrelli has years of experience working for insurance domains including allconnect, Healthline and Reviews.com. Prior to that, he worked at Morgan Stanley. Contact Lena Borelli by email
Edited by Maria Posey Maria Posey ArrowWrite Insurance Editor Maria Posey is an auto and homeowners insurance writer and editor. It aims to put the reader in charge and make the insurance journey as convenient as possible. LinkedIn, LinkedIn Email Maria Posey Connect with Maria Posey via email
Car Insurance For College Students
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What's The Cheapest Car Insurance For College Students?
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How Your Graduate Impacts Your Nh Car Insurance
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How College Students Can Save Money On Car Insurance
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Owning a car can be expensive for college student drivers, along with maintenance, gas and car insurance, as well as car loans. Budgeting is often necessary to make sure the money lasts from semester to semester. Knowing that students pay more for car insurance than other age groups can help you prepare for the cost. The college also offers students ways to save on insurance, gas and maintenance costs.
College students often report higher car insurance rates than older drivers because of the added risk.
According to the CDC, teenagers between the ages of 16 and 19 are at the highest risk of car accidents. In addition to general inexperience on the road, alcohol is a major concern for teenage drivers. According to the National Highway Traffic Safety Administration (NHTSA), drivers between the ages of 21 and 24 account for more than one-third of alcohol-impaired crashes. The Substance Abuse and Mental Health Services Administration (SAMHSA) reports that 31.4% of college-age adults are considered drinkers, and 37% in the same age group have used illegal drugs in the past year, both of which impair driving. Also, young drivers do not have the experience of more experienced drivers.
The Best Cars And Universities For Cheap Student Insurance
Insurance companies know that college students can have an accident on the road and require car insurance, so they add extra risk to these rates.
Driving can be expensive, especially for college students on a tight budget. Lowering car costs can help students keep their cars and car insurance in check. Here are some ways to save on gas, maintenance and car insurance costs.
It's common knowledge that most auto insurance companies offer discounts, but some discounts can save college students and young drivers more money than others.
In addition to membership discounts, there are other ways college students can help lower their car insurance premiums by using these additional savings programs:
The Five Types Of Insurance Every College Student Needs
Auto insurance trends for young drivers and college students are regularly analyzed using data from Quadrant Information Services. The national average cost of full coverage auto insurance is $1,771 per year. However, the average annual premium for an 18-year-old male driver on a parent's policy is $3,506. The average for a woman of the same age is $3,198 per year. While this rate may seem high, it can be even higher for 18-year-olds who carry their own auto policy. The average annual cost of an 18-year-old driver's policy is $5,694 for men and $4,946 for women.
Fortunately, once a driver turns 25, they can expect lower rates because of longer driving experience. On average, 25-year-old male and female drivers pay $2,247 and $2,106, respectively.
No matter where you live and what you drive, you should always compare and shop around for car insurance rates to see which company is best for you. Each company offers different savings programs and coverage options that can have a big impact on what you spend. Be sure to talk to a licensed insurance professional to find out what's best for you.
Car insurance is a necessary expense for college students, but it doesn't have to be overwhelming. Auto insurance companies know that life is expensive for college students, and they offer some discounts. A thrifty college student can use their discretion to cut other car expenses — and sometimes eat food other than ramen.
Looking For The Best And Affordable Car Insurance For College Students?
Lena Muhtadi Borelli has years of experience working for insurance domains such as allconnect, Healthline and Reviews.com. Prior to that, he worked at Morgan Stanley.
Edited by Maria Posey Maria Posey ArrowWrite Insurance Editor Maria Posey is an auto and homeowners insurance writer and editor. It aims to put the reader in charge and make the insurance journey as convenient as possible. Connect with Mariah Posey on LinkedIn Linkedin Contact Mariah Posey by Email Mariah Posey Insurance Editon If you have a college student on auto insurance policies, even if they are good drivers, you know they can be expensive. Luckily it's there
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