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How much is average car insurance for a college student? a lot of. But there are ways to reduce the cost. Here are the best cheap insurance companies.
Affordable Student Car Insurance Options
The life of a broke college student is real. Do you have to pay for rent, food, school, and car insurance?
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But there are many ways you can save now. Did you know you can get a discount just for staying in a student group?
Here are the best cheap car insurance for students. Plus, learn how to find the best insurance deals wherever you shop.
Statistically, young drivers are involved in more car accidents. According to the Centers for Disease Control and Prevention, drivers ages 16-19 are nearly 3 times more likely than drivers age 20 and older to be involved in a fatal car accident.
A higher risk of an accident means younger drivers pay the highest premiums. In fact, we found that the average cost of car insurance for college students is $3,500 per year. That’s 274% more than the national average of $936!
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But there is good news. Even if you can’t change your age, you can still save money on car insurance.
We compared the costs of a 20-year-old male college student living in a mid-sized Midwest city. He drives a Ford Fusion 2016. Prices are for a policy with no discounts:
Car insurance rates depend on factors such as age, gender, and zip code. Search online or talk to an agent to get you the right quote. Keep reading for the best places to start shopping.
State Farm is the largest auto insurance company in the U.S. You may have seen their khaki-wearing agents in commercials, but how do they act in real life?
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While they don’t have the lowest prices, they make up for it with discounts. They may not be the cheapest option if you want your own policy. But their multi-car family premiums are good if you live on your parents’ policy.
Leaving your car at home doesn’t mean you don’t need car insurance. Differences in your car insurance history can increase your premiums even more.
When you think of Allstate, you can’t help but hear that deep voice asking, “Are you in good hands?” For college students who need insurance while away at school, the answer is yes.
They have competitive rates whether you stay on your parents’ insurance or get your own. They are especially popular with students who leave their cars at home.
How To Save On Car Insurance With Good Student Discounts
Here’s a little secret: Regardless of which companies you shop with, there are steps you can take to ensure you get the lowest prices.
Liberty Mutual College has incentives for students to adhere to their parent policy, including accident waivers. It increases the rate after your first accident.
USAA serves military members and their families. They offer lots of discounts on safe driving, good prices and more.
They are also known for their excellent customer service. JD Power USA ranks as the number one auto insurer for customer satisfaction.
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USAA rates are very competitive. This is a great option if you or a parent has served in the military. If you can stay on an existing policy, this is your best bet.
Founded in 2011, Metromile offers an innovative pay-per-mile system. It monitors your usage through an app or device in your car. You only pay for what you drive – usually between $0.03 and $0.10 per mile.
Metromile still offers full coverage and modest benefits. If you don’t drive a lot, it can save you some money.
As a college student, your cheapest option is usually your parents’ policy, even if it increases their premiums. Partner Content: This content was created and researched by a Dow Jones business partner and written independently of the newsroom. Links in this article may earn us a commission. learn more
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Good student discounts can offer teens and young drivers big savings on their car insurance premiums if they maintain strong grades in school.
Author: Daniel Robinson Author: Daniel Robinson Author Daniel is a Guide Team writer and has written for several automotive news sites and marketing companies in the US, UK and Australia, specializing in automotive finance and car care topics. Daniel is the Guide Team authority on car insurance, loans, warranty options, car services and more.
Edited by: Rashawn Mitchner, Edited by: Rashawn Mitchner Managing Editor Rashawn Mitchner is a Guide team editor with more than 10 years of experience covering personal finance and insurance topics.
Teens and young drivers almost always suffer from higher car insurance costs than more experienced motorists. There are ways to save money on your car insurance policy, however, and great student discounts are an easy way to do so.
Best Car Insurance Companies For 18 Year Olds
We at the Management Team researched average car insurance rates for teens and young adults and looked at qualifying for good student discounts. In this piece, we’ll recommend some of the top auto insurance companies that offer the best student discounts to help you find the best rates for high-quality coverage.
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The management team is committed to providing reliable information that will help you make the best decision about your vehicle insurance. Because consumers trust us to provide fair and accurate information, we’ve created a comprehensive rating system to compile our rankings of the best car insurance companies. We collected data on several car insurance providers to rate companies on a wide range of factors. After 800 hours of research, the final result was an overall ranking for each provider, with insurers that received the most points at the top of the list.
Being young and having less driving experience often leads to higher car insurance rates. According to the Insurance Institute for Highway Safety (IIHS), the fatal crash rate for drivers ages 16 to 19 is three times higher than the rate for drivers age 20 and older. Car insurers are aware of this fact, because they often see young drivers as high-risk drivers. Car insurance for new drivers is priced accordingly, as rates are higher for 16- and 17-year-olds.
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Below is the average lifetime cost for a comprehensive car insurance policy. The typical price for 16- to 25-year-olds is higher than the national average, which is $144 per month or $1,730 per year for a full coverage plan. This national average estimate reflects the profile of a 35-year-old driver with a clean driving record and good credit history.
The criteria for getting a good student discount vary between car insurance companies, but our research team found that many reputable insurance companies apply the same or similar requirements. To get a good student discount, make sure you do the following:
Eligibility for the discount depends on good grades, as these are the main factors when it comes to getting a good student discount. Most insurers require that you have at least a B average while enrolled as a full-time college student in high school or university. Be sure to check with your auto insurance company to determine their specific criteria and whether or not you meet the criteria.
Once you’ve verified that your grades qualify you for a good student discount, provide proof of your grades to the auto insurer. This usually means sending a copy of your most recent report card or transcript, although this depends on the auto insurance provider.
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It’s best to shop around for car insurance quotes from different providers to see if an alternative will give you better rates as a young or student driver. Quotes are free and easy to get online, so spending a little time researching different companies and their great student discounts can save you a lot of money.
Many reputable auto insurers offer good student discounts for accepting home school students, so you may still qualify. However, check with your auto insurance company as acceptance and documentation varies between providers.
We’ve researched and ranked the top auto insurance companies that offer the best student discounts and we like State Farm, Geico and USAA. Below, you’ll find more information about these three stand providers.
State Farm ranked highly in our comprehensive review because of its reasonable prices, reputation, variety of coverage options and strong customer service. It offers an excellent student discount with savings of 25% if student drivers maintain high standards. Students can qualify up to age 25, which is longer than many other auto insurers.
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In addition, homeschooled students are eligible for this discount if they have taken certain nationally standardized tests in the past 12 months and ranked in the top 20% of test takers. Both traditional students and domestic students must submit evidence of test scores or grades to qualify
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