Where can I find cheap car insurance for students?
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UPDATED: Oct 14, 2021
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It is difficult to find cheap car insurance, especially for newer, younger drivers under the age of 25. The lowest cost advertised policies often include only the most basic coverage required by state laws. Premiums for higher risk drivers, such as students, are bound to be significantly higher.
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The price of insurance, all insurance, has climbed dramatically in recent years. This is especially true of auto insurance. While car insurance for student drivers won’t be inexpensive, there are many things to consider which will help bring the cost down.
Most of the nation’s major auto insurance providers such as Allstate, Nationwide, and State Farm provide valuable tips for parents shopping for a student auto insurance policy on their respective websites. Nationwide suggests the most important consideration in shopping for student auto insurance is to strike a proper balance between cost and coverage.
Many believe that the most cost efficient insurance option is for student drivers to remain on their parent’s policies. Even without their own vehicle, students will then be adequately covered in whatever vehicle they might be driving.
A Separate Policy May Be Better
USA Today, suggests that parents may actually save money by buying a separate policy for their teenage driver. Some large insurance companies they say, discourage parents from adding student drivers to their policies by significantly hiking up premium rates.
Some insurers will actually offer discounts to parents with good driving records when adding new drivers to their existing policies.
These companies are anxious to lock in new drivers as a way to build their long-term customer base. In either event, it pays to carefully shop around and compare both insurance options before purchasing coverage.
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Tips for Reducing Student Insurance Costs
The MSN Money website reviewing a recent article by the Kiplinger Report, provides a number of potential money saving tips for insuring student drivers.
These tips include raising comprehensive and collision deductibles to at least $1,000. This would eliminate small insurance claims that arise from fender benders and other minor accidents. However, it would also be wise to keep emergency funds on hand to cover potential repairs.
For older cars, which have low resale values, it may be wise to drop collision and comprehensive car insurance coverage altogether. Another money saving tip is to shop for a safer vehicle. Not only will your student driver be better protected in the case of an accident, vehicles which are highly rated by the Insurance Institute for Highway Safety (IIHS), will cost far less to insure than other vehicles.
Parents can also take advantage of the multi-policy discounts offered by many auto insurance companies. Some insurers even offer discounts for teen-age drivers who have completed driver education and safety programs.
Premiums can also be adjusted lower if your student drivers are away from home at college and therefore driving less frequently.
Students Can Also Help Reduce Their Own Insurance Rates
Many insurance companies offer discounts to students who receive good grades as well as those who sign up for a defensive driving class or other special driver safety classes or training. Students who perform well in college can receive discounts of up to 15%!
Students should also consider buying a sound used car, which is generally much more affordable to insure. Paying cash for a used car also eliminates the requirement for collision coverage that is imposed by banks that finance newer, more expensive vehicles.
Even a 17 year old young driver can get reduced car insurance rates, and protect his or her vehicle, by installing anti-theft devices. Another money saving bet is buying a car with additional safety features such as anti-lock brakes and side and rear airbags.
Whatever your circumstances, it is always best to shop around and review all possible insurance choices. Remember, it is important to have sufficient liability coverage to protect your family financially. Despite lower required state minimum coverage amounts, experts maintain that drivers should carry liability coverage of at least 250/500/100.
Switching auto insurers just to save a few dollars may prove to be a costly move if your new insurer drops you after you have an accident or file a claim.
Experts maintain that there are benefits to staying with a company that you have done business with over a number of years, even if their rates are somewhat higher than the competition.
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