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Car Insurance For Graduate Students
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Many different factors affect how much a driver will pay for auto insurance. Some of them are obvious, such as the driver's driving. But there are also things that most people don't need that will affect the price of their auto insurance.
In particular, people with a license often pay less for car insurance than drivers with only a high school diploma. And the difference in cost may surprise you.
According to The Ascent, the national average auto insurance premium for drivers with a bachelor's degree is $2,168 per year. That's $478 cheaper than the national average for all drivers, which is $2,646.
This may seem like a big contradiction, but it pales in comparison to the clear difference in cost that a driver with a four-year license will pay and a driver with only a high school diploma. The national average insurance rate for a driver with a high school diploma is $5,988. That's $3,820 more than someone with a bachelor's degree would pay — more than double the cost.
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There are many potential explanations for this. One reason is that many teens and young drivers do not yet have bachelor's degrees but still need auto insurance, and young drivers are much more expensive to insure because of their relative lack of driving experience and increased likelihood of accidents.
Insurers also noted that people with only a high school diploma have a higher overall risk of a collision, and the cost of insurance depends on the likelihood of an accident.
For those without a degree, it may seem unfair that they are forced to pay higher car insurance rates, but unfortunately there is little the individual driver can do to change the criteria that insurers take into account when setting prices.
However, every driver can take steps to keep their premiums as low as possible – regardless of education level. These are things like:
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It doesn't make sense for a motorist to try to get a higher education just to lower their insurance premiums. But for those without advanced training, it's even more important to take those extra steps to try to find an insurer that doesn't spend as much money on risk assessment training.
By taking the time to find the right insurance provider, drivers who haven't graduated from high school can still find affordable auto insurance rates so they can protect their personal finances on the road.
Ready to buy car insurance? Whether your focus is on pricing, claims handling or customer service, we've polled insurers across the country to find the best-in-class car insurance coverage. Read our free expert review today to get started.
Christy Bieber is a personal finance and legal writer with over a decade of experience. Her work has been featured in major publications including MSN Money, CNBC, and USA Today.
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Ascent is a Motley Fool service that reviews and rates essential products for your everyday money needs. We compared good student discounts from Geico, State Farm, Allstate and others and found that high school and college students can save anywhere from 4% to 20%. car insurance by getting good grades.
The biggest student discount can be found at Allstate. However, State Farm offers the cheapest auto insurance with a discount for students.
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Most insurances require students to have a B average or higher or be in the top 20% of their class to get a good student discount.
In the state economy, the cheapest car insurance for good students. The minimum coverage policy with a good student discount is $71 per month or $848 per year. That's a 17% savings for good students.
Although Allstate offers the best student discount of about 20% off the standard price, its rates are higher than average even after the discount. We recommend comparing comparisons with other insurance companies instead of going with Allstate based on the percentage discount alone.
The typical amount you can expect to save with a good student discount is $22 a month for minimum coverage, but good students can save up to $174 a month by shopping around with many companies.
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The process of getting a good student discount on car insurance is simple – the most important part is making sure your records meet your insurance company's criteria.
To qualify for a good student discount, you must have a B average or higher or be in the top 20% of your class. This is usually based on your cumulative transcript, so you don't have to worry if you have next semester.
Many auto insurance companies offer discounts for good grades, and the process of finding out how much you'll pay with a discount is similar to getting another auto insurance quote. Just keep an eye on the "good student" column when filling out the form.
However, remember that a good student discount is only one part of determining how much you will pay for car insurance. Even though Allstate has the largest student discount of about 20%, its rate is still nearly double that of the cheapest option overall, State Farm.
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Once you find the best price and get insurance, you'll need to provide proof that you're enrolled in a full-time school and getting good grades. Typically, this is your most recent high school or college transcript, although exact requirements vary by insurance.
If you use a standardized test instead, you can submit an official printout of your score and percentile. High school students can expect a report card, but anyone else should be able to apply at any time during their studies.
For high school students, things are a little more complicated. Allstate states in its Good Student Insurance section that homeschooled children are eligible for a discount. However, homeschooling from Geico or State Farm is not in question.
Prospective students will need to inquire directly with the company and see if they have any special requirements. A standardized test may be the only way to get a discount for a qualified student.
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For some companies, including State Farm, you don't have to be enrolled in college to get a good student discount. If you've completed a two- or four-year degree and are under 25, your school's qualifying program can get you a good student discount from the government.
A good student discount isn't the only way students and college students can save on car insurance.
Yes, student drivers can earn between 4% and 20% on car insurance by earning a GPA of 3.0 or higher or placing in the top 20% of their class.
Yes, Advanced offers a discount for students under 23 with a B average or higher. The company says its good student discount is 10%.
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Good students can save an average of 17% on minimum insurance at State Farm. The company also offers the cheapest auto insurance rate for students at $71 per month, including the student discount.
USAA offers the lowest student discount we've seen at 4%. However, it's still the second cheapest company for minimum coverage – good students can expect to pay around $105 a month.
To find the best student car insurance discounts, we've compiled car insurance rates for 18-, 20-, and 22-year-old males living in Illinois who own a 2015 Honda Accord.
Data on insurance rates from Quadrant Information Services were used for the analysis. These rates are usually obtained from insurance files and should be used for comparison purposes only - your rates may vary.
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To get an insurance quote over the phone, call: (855) 596-3655 | Agents are available 24 hours a day, 7 days a week! If you are looking for temporary student car insurance while on vacation or regular pay
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