Car Insurance Discounts For Students - Student car insurance is often expensive. Many insurance companies offer different student car insurance discounts to save you money.
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Car Insurance Discounts For Students
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Young people can find it difficult to relax, especially when it comes to the cost of car insurance. But young drivers and their families often have good reasons to pay more.
Although American teenagers drive less than all other demographic groups except older drivers, the number of accidents and deaths among teenagers is disproportionately high. According to the Insurance Institute for Highway Safety, the fatal crash rate per kilometer for 16- to 19-year-olds is nearly three times that of those 20 and older.
The good news is that your child, whether in high school or college, may qualify for student car insurance discounts. Your young driver can help lower premium costs in a number of ways, including maintaining a good record and taking safe driving courses. You can also purchase discounted student car insurance if your existing policy doesn't offer these potential savings options.
Taking the time to learn more about what student car insurance your son or daughter qualifies for and which carriers offer this incentive can put some money in your pocket.
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Most car insurance companies offer one or more discounts for qualified students and young drivers. Below are the most commonly used discounts:
"If your high school or college student has at least a B average, they may qualify for this discount," says Rocky Dellamano, a financial representative at COUNTRY Financial in New Lenox, Illinois, who says most auto insurance providers offer this discount.
How much is a good student discount on car insurance worth? Savings can range from 5 percent to 25 percent, or even more for qualified students under 25.
In this situation, the student's school address must be at least 100 miles from home to qualify for this discount. "However, the child has to go to school away from home without a vehicle to take advantage of these savings," says Brett Dawson, USAA's director of insurance research in San Antonio.
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"Many driving schools and local departments of motor vehicles offer affordable courses where you can improve your child's driving skills and awareness," adds Dawson. Ask your insurance agent to recommend an appropriate defensive driving or driver education class available online or in person. Completion of the course may result in a fee reduction from the service provider, if this is permitted.
"Young drivers qualify for a no-accident discount if they have a clean driving record, no tickets and no auto insurance claims for a certain amount of time," explains Brandon President Greg Martin. , based on Think Safe Insurance, LLC.
Which car insurance companies offer student discounts? After researching the carriers and the discounts they offer, we found the following
"You may choose to drive an older vehicle that's cheaper to insure," suggests Delamano. "You can talk to your insurance agent about reducing that vehicle's coverage to liability only." Note that liability-only insurance generally only covers the other party's medical expenses related to vehicle damage to the other party. Most states require you to have minimum liability coverage. However, most states require you to purchase uninsured motorist coverage or personal injury and medical payments coverage.
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"If your insurance company offers it, you can install a removable telematics device in your child's car that provides feedback on driving behavior and patterns," says Dawson.
Another way to save money on car insurance is to shop around for quotes from different carriers. A competitor may find your child cheaper than your existing insurer.
“Every company evaluates young drivers differently. Just because carrier rates are favorable for one driver does not mean they are competitive for all drivers on the policy. Take some time to compare offers from different companies,” advises Martin.
Finally, explore switching to usage-based insurance, such as pay-per-mile coverage, which can give you more control over how much you want to pay for your child's car insurance.
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"Many college students drive less than the national average of 35 miles per day, which is considered low mileage in the industry," says Rick Chen, spokesman for Metromile in San Francisco. "With pay-per-mile insurance, premiums are based primarily on actual observed usage and are less dependent on factors such as age or creditworthiness, which traditional insurers may rely more on."
Geico is one of the most popular car insurance providers in the country. Not surprisingly, they offer different discounts for young and student drivers, as shown in the table above.
Specifically, Geico policyholders can get a discount for taking a defensive driving course. If your young driver completes a driver's education course, you can get additional discounts (although Geico doesn't specify the actual savings amounts generated by the discounts).
What's more, full-time students with good grades and an honorable academic record are also entitled to a maximum 15% discount at Geico.
Auto Insurance Discounts That Could Save You Money
Most major insurance companies offer a number of student discounts on car insurance, including good student discounts, in-school student discounts, driver training discounts and safe driving discounts. These discounts range from 5% to 35% off your annual car insurance premium and are an easy way to put cash back in your pocket.
Our team consists of ordinary people with insurance needs just like you. We have to know a little more about insurance than the average bear. By Carol Pope By Carol Pope. Arrowright Insurance Writer Carol Pope is the team's insurance writer and spent 12 years as an auto insurance agent before joining the team. During that time he sold, serviced and insured people across the country. He also has experience in selling additional coverage such as umbrella insurance. Contact Carol Pope and Carol Pope by email
Edited by Maggie Kempken Edited by Maggie KempkenArrow Right Insurance Editor Maggie Kempken is the Insurance Editor. Help create insurance content that meets the highest quality standards for accuracy and clarity to help readers navigate complex information about home, auto and life insurance. It also focuses on ensuring that insurance content represents and matches the brand. Maggie Kempken
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