#CAR INSURANCE For College Students Cost
Our Pick For The Cheapest Car Insurance For College Students. It's important to remember that the average annual cost of car insurance in the United States is about $900 per year. That's $75 per month. But that's the average for everyone. The average cost for college students is roughly $3,816 per year, or $318 per month.
College can come with some significant expenses — from tuition to room and board. You (or your parents) may be looking for ways to cut some costs, including saving some money on your car insurance.It is important to get car insurance at the right price, but it's also a good idea to find the right coverage to meet your needs.
State Farm's good-student discount offers up to 25% in annual auto insurance savings to eligible college students. The eligibility requirements vary by state, but typically the driver must be a full-time student and have a grade point average of at least 3.0 (out of 4.0). Average car insurance rates for college students. College-age drivers typically have pay insurance rates because their age group is shown to be dangerous on the road. As you grow older, your rates will dip. See how average annual rates for drivers age 18 to 23 who have their own policies vary:
We know college students like to lend their cars to their friends or roommates, but think carefully before you do. You see, car insurance follows the car—not the driver. This means if you lend your car to a friend and he gets into a fender bender, your insurance must coverage the damages—regardless of your friend’s insurance coverage.
The cost of car insurance for college students is usually more than for older adults, primarily because insurers view those between the ages of 18 and 22 as riskier to insure. That’s one of the reasons most parents keep their college-aged students on their car insurance policy after they leave home. The average student health insurance plan costs between $1,500 and $2,500 a year, according to the American College Health Association. If you want to buy your own policy, you can use the Kaiser Family Foundation’s Health Insurance Marketplace calculator to get an estimate of the cost.
Here are five common auto insurance mistakes that parents of college students make. Not asking for a good-student car insurance discount. Many major auto insurance companies offer a discount for students who receive good grades, up to a specific age, typically 21 or 25. The grades required and the amount of the discount varies by insurance company.
Car insurance as a high school student. Buying car insurance as a high school student raises some important considerations — namely, when a student should be added to the family policy, and how much it will cost. Car insurance companies use your driving record as a rating factor when determining rates. The typical college student looking for car insurance may already be at a disadvantage. A 2016 study by CarGurus.com puts the average cost of car insurance for “young adults” at approximately $2,000 – although many college-age kids way underestimated that cost.
If you have $75,000 in student loans and owe $20,000 on your car, and you expect this debt to be paid off within 10 years, a 10-year policy of about $100,000 would cover your needs. If you’re young and healthy you should have access to the best term life rates out there — possibly as low as $10 a month. But don’t expect your insurance company to take your word for how young and healthy you are.
Generally, the smaller and less powerful the car, the cheaper the policy should be. When buying a car, look for a vehicle in a low car insurance group. Think about your mileage. By reducing your annual mileage, or living closer to the college or university campus, then you're likely to receive cheaper car insurance quotes.
Car Insurance for College and High School Students. Affordability is important for students, which is why we're here to provide cheap car insurance for college students or high school students with competitive rates and a variety of amazing discounts. By switching to GEICO, students could save $100, $150, or even $200 on an auto insurance policy.
If your son gets good grades, it can help lower his car insurance costs. Most car insurance carriers offer students up to the age of 25 a discount if their grades meet certain criteria (normally a B average or better). The good student discount can vary and be as low as 5 percent or as high as 25 percent. Allstate's average cost for full coverage car insurance is $5,994 a year, for 18-year-olds on their own policy. Although this is a steep price, college students can apply a number of discounts to bring down the cost of Allstate's auto insurance.
Read on to learn what goes into determining your car insurance rates. 5 Factors That Influence Auto insurance Rates for College Students. Besides your age, gender, and grades, the biggest factor that influences student car insurance is whether you take your car to school. Helpful Car Insurance Tips for College Students. When your child goes away to a college or university and leaves their car behind, there are options you might take to lower your insurance premiums during the months they are away. Insurance Tips for College Students and Their Belongings.
