Why Must I ensure my car when I know I’m a careful College study in the USA or any other country? That will be a question asked by anybody reading this post. Well, we have answered that question critically in the post. These are the Car Insurance Plans cheapest for College Students.
Yeah, you’re careful as a College student, yes you have all the experience to manage the risk that comes from driving, and you walk with nice and careful people.
Remember that one day, we’ll be loose and what will happen will be a mere afterthought.
To enjoy that smart and conscious move daily, get a Car Insurance for College Students or a High School Student!
In some countries, it is compulsory to gain insurance for your car, which enables the provision of certain financial coverage in the event of an accident, damage or even a loss and there are several options of car insurance to pick from.
Students have frequently asked what car insurance is, including what it entails and some cost involvements.
Well, Car Insurance is basically an agreement between a car insurance company and the owner or user of the car which aims at protecting against financial damages or loss in the situation where an accident or theft is involved.
We have answered a lot of questions in this post. Just a soft reminder that it might be rather long. Nevertheless, it is very enlightening.
Table of contents
- About Car Insurance
- Why Is It Important To Have Student Car Insurance?
- What Should I Consider before Insuring my Car as a Student?
- Car Insurance Rates For Students
- How much is car insurance a month for an 18-year-old?
- How much does it cost for car insurance for a 19-year-old?
- How much does it cost for car insurance for the Age bracket of 20 -23 years old?
- What qualifies as a good student discount?
- Conclusion
About Car Insurance
The insurance company agrees to pay your losses for a premium paid by you as outlined in your policy.
Car Insurance is meant to provide coverage for your property in the event of damage or theft of your car. Liability which involves your legal responsibility to other users of the car for bodily injury or property damage and also medical coverage which covers the cost of treating any injuries incurred during an accident, rehabilitation and sometimes lost wages and funeral expenses.
The good thing about Car Insurance is that most of this insurance can be priced individually considering the individual’s budget. Policies are renewable and have an expiration of six-month or one year.
When an agreement is finalized on, the car insurance company sends a notice when it’s time to renew the policy and pay your premium.
Car Insurance may not be Cheap but, we have done the maths for you by bringing you a list of the Top 10 Companies with the Lowest College Student car Insurance Plans. Why spend high on accidents when you can Insure your Car as a student?
Why Is It Important To Have Student Car Insurance?
How do you feel when your most valued property is gutted by fire or smashed by an unexpected accident? Yeah, you feel bad right? Some people, they feel secure because they got a backup plan.
The law in the USA and other civilized nations makes it compulsory for Students in that country to place Car insurance at least a Third-party policy.
Students depend on their budgets per month, per year; even those on Scholarships have budgets that they keep. No student will ever love to make expenses above his/her budget.
Most times we never expect accidents to happen, but we have to plan for it in case they do.
Student car Insurance will always take care of Unseen accidents. When it happens, you need not panic, you’re a call away from your new vehicle…..Smiles
What Should I Consider before Insuring my Car as a Student?
The choice of the best insurance policy for a college student depends on many factors.
For instance, who has ownership of the car, the student’s residence and how often he or she drives?
As a college student, your insurance needs will vary dramatically depending on your exact situation. In some cases, college students should have their car insurance coverage.
Car Insurance Rates For Students
On average, college-student drivers typically have to pay insurance rates because their age group is shown to be dangerous on the road. The rates paid varies with age, the older you grow, the diaper your rate.
Below is an average annual rate for college-student drivers between the age of 18 to 23 years who happen to have their policy and its variation.
How much is car insurance a month for an 18-year-old?
At the age of 18, any student or a teenager is assumed to have become an Adult. This is considered based on Average rates. With the USA as a case Study, the Average rate with 100/300/100 liability is billed for up to $4,055. Also, Students with an Average rate with minimum liability have up to $1,638 to pay.
How much does it cost for car insurance for a 19-year-old?
For Students or a teenager under the age of 19 with an average rate with 100/300/100 liability are meant to pay $2,842. Those with the Average rate with minimum liability can pay up to ,082. (Xanax)
READ ALSO: 10 Lowest Car Insurance Plans for You in 2023
How much does it cost for car insurance for the Age bracket of 20 -23 years old?
Students under these brackets pay less. Here are the stipulated fees at the Age 20.
The average rate with 100/300/100 liability is worth $2,549 and that of the Average rate with minimum liability $953.
For Students at Age 21, the cost of Car insurance is worth $2,063 for the Average rate with 100/300/100 liability and $761 Average rate with minimum liability.
For Age 22, the Average rate with 100/300/100 liability amounts to $1,883 and the Average rate with a minimum liability of $693.
Finally, for Students Age 23, the Average rate with 100/300/100 liability can pay up to $1,743 & the Average rate with minimum liability Is worth $642.
From the details above, there’s an average rate policy of $100,000 for injury liability for one person, $300,000 for all injuries in one accident, $100,000 for property damage, and a $500 deductible on comprehensive and collision coverage.
Minimum liability refers to the cheapest or lowest coverage allowed by law, which varies drastically by state.
What qualifies as a good student discount?
Many Insurance companies will only offer a “Good Student” discount if you are listed as a driver on your parent’s policy.
If you are on your own separate insurance as the primary driver then you will not qualify for that discount.
The best means to get the cheapest rate is to shop a wide variety of companies as you can as it is the only way to ensure that you are getting the cheapest rate under your budget.
While various insurance agents can be consulted, below is a compilation of the 10 cheapest Car Insurance Companies available to college students;
#1. American Family
Similar to other auto insurance companies enlisted here, the American Family offers a Student Discount for full-time students maintaining a B-average or ranking in the 80th percentile for their class.
The Good Student discount can be as much as 25 percent. American Family also provides a Teen Safe Driver discount for those teenagers who drive at least 3,000 miles a year.
The American Family insurance also has the Young Volunteer discount for people under 25 who offer at least 40 hours of volunteer work for a non-profit organization per year. Such persons may stand a chance to qualify for another discount on their Car insurance. For students who are already volunteering, this is a big plus!
#2. State Farm
With State Farm, there are various ways to get a discount.
First is their Steer Clear Safe Driver Program. This is an online course that you can take either at your computer or on a mobile app and you receive 15 percent off your auto insurance premium once you’ve completed it .
Secondly, State farm offers what is known as Good Student Discount.
College students who meet certain minimum grade requirements while in school are eligible to receive up to 25 percent off of their rate hence reducing the rate which leads to greater savings! Isn’t that quite amazing?
#3. USAA:
This insurance company offers discounts that some other major companies enlisted offers, such as a good grade discount, a safe driving discount, and even the resident student discount (scenario of Students who get to School over 100 miles from home).
You must be on active duty in the military, a veteran, or a Department of Defense employee (families are included) to be a member of USAA.
It offers lower rates to members which include a discount if you are a college student!
#4. Amica Mutual
Although very unpopular amongst Insurance companies but has a very high recommendation.
It is a smaller company which offers a good student discount, for those who live away from home to go to school, a discount for taking a new driver’s training class.
In addition, they also a discount for students who take the defensive driver and accident prevention class.
In addition to these wonderful discounts, Amica offers free roadside help, including key loss.
This is very beneficial for those who drive through weird roads such as cornfields in the middle of nowhere, to get to College.
SEE ALSO: Progressive Insurance Review: Everything You Need To Know
#5. Farmers
Farmers are known to offer one of the best good student discounts.
On average, good students save around 24 percent per year to obtain good grades which can sometimes be a motivation for students to sit up and study hard.
The Distant Student Discount is another reason why parents will appreciate it as it offers a special discount to parents whose children go to school a certain distance away from home
#6. Allstate:
Allstate has an awesome incentive program to combine renters’ insurance (which every college student needs) with their car insurance. And by combining your policies, you can save big bucks AND get more of what you need.
#7. GEICO
GEICO gives the cheapest rates.
However, you might qualify for different insurance discounts such as an organization discount or a good student discount.
Visit the official website of GEICO to check for the best offers.
#8. MetroMile
MetroMile happens to be a pay-per-mile company which is only available in some states. With this model, you’ll only get to pay for what you use.
And if you live on or near campus or only drive during the summers and maybe some random trips you get to pay less!
#9. Nationwide
Nationwide is known to provide a Good Student Discount on auto insurance to students whose age lie between 16 to 24 years.
This gives flexibility to those who may start college early or finish late. With Nationwide insurance, all that is required of you is to provide some proof of your academic accomplishments which is required to be a B average or even higher.
This can be a signed document from a school administrator or a current grade card. Nationwide also accepts academic achievements from those who school at home as well.
#10. Liberty Mutual:
Liberty Mutual Insurance Company offers a discount for good grades to students who are under the age of 25 and you have at least a 3.0 GPA.
Students under the age of 21 qualify for an additional Driver Training Discount after completing a qualifying Driver Training Program.
They also offer a distance discount and up to 10 percent off if you belong to one of the over 14,000 alumni associations, employers or professional associations with which Liberty Mutual has arrangements.
You know what this implies, right; you stand a chance for a discount just based on where you go to school or where you’re doing your internship. Sounds pretty interesting!
Conclusion
It’s obvious enough that there is plenty of variety to choose from the endless list with amazing benefits attached, all you need to do is make a careful comparison in alignment with your budget and maybe the help of an Insurance Agent as well.
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