Car insurance for college students is cheaper than the other car insurance policies because students already have a lot of burden on their shoulders and some students are depending on their parents so, it is hard to give a monthly high premium for cars. Some companies give a good discount as well as good coverage of car insurance in case of damage and theft. Two policies are likely to consider good for students one is comprehensive and the other is a collision.
Car insurance for college students
We all know that college life is a hectic life. There is a lot of expenses which a student and parents have to bear during this time. Collage fees, college tuition fees, food expense, apartment rent clothing expense ahhhhh……… students have a lot of burden on their shoulders. Among all such things, another burden of car insurance makes the student more worried. Because of all these responsibilities how a student gets efficient in studies, he has to do a part-time job and his job is not giving enough salary to pull on this burden.
By intender all these scenarios, insurance companies design car insurance for a college student which actually gives a discount on coverage plans which gives full coverage in discount.
If a student is living with his parents and his college is 100 miles away from home, his age is up to 25 years old then he is eligible for a discount. Along with it, there are some other factors which actually which is important to get a discount on the insurance policy.
Factors that influence the premium discount of an insurance policy
Factors that influence the premium discount of an insurance policy are as follows.
Location
For getting a discount on the insurance policy they need to know where do you live, in rural areas coverage is cheaper than in urban areas because in urban areas roads are full of traffic and a lot of obstacles which create a problem for the driver and there is a high chance of getting an accident
America has a higher insurance rate, cities like new jersey and New York has a high rate of college student car insurance then Idaho, Iowa, Wisconsin, and Maine.
Despite all such things, there is a relief, if a student is live 3 miles away from his college or job then he will be qualified for a mileage discount.
Type of car
An expensive car or high-speed car like a sports car maybe look good standing on your college campus but its insurance rate can actually break your back. The reason these cars required high maintains. The sports car is a high-speed car so, it is obvious that the driver dives it fast and fast driving increase the chances of an accident.
Unexpansive cars have cheap maintenance and low rate premium which is affordable for the student.
Credit history
Credit history influences the premium rate of the insurance policy. Besides all other factors like location, type of car Insurer check your credit history if your credit history is good then you get a low premium policy means the discount rate increases or if you have not good credit history then the premium is high means you get a low discount coverage policy.
How much drive
For a student, It is important to get a good grade with a low premium policy. Although, if you drive less then you have to pay a low rate premium. Premium discount depends upon how much you drive your car. It is better to stick to your parent’s policy rather than get your own.
Driving record
It is the most influenced factor among all. A good driving record means how much you drive and how you drive. Driving records includes any past accident, the reason for the accident, how much you drive your car, and where you stand your car.
If you stand your car at your parents’ house and your college is 100 miles away from your parent’s house then it is better to stay at your parent’s insurance policy. If your age is unto 25 and your college is more than 100 miles then your parent’s house you should be at your parent’s policy.
Car insurance coverage policies considered for students
Your child is now young and it’s time to go collage but wait have to think about to review your car insurance policy. It is a better time to see your car insurance and add a policy if needed.
Two polices which are considered for student car insurance
- Collision coverage policy
- Comprehensive insurance policy
What policy to choose depends upon how your child uses a car or where does he park. If your child parks his car outside then it is better to get a comprehensive coverage policy Parking a car outside is at higher risk to be stolen and a comprehensive insurance plan is the only policy that helps to repair or replace a car or car parts in case of theft.
On the other hand, if your child drives a car fast and drives more than just to go college then the collision insurance policy is good for it. A collision coverage plan helps to cover damage due to accidents, either strike with any car or object.
Both policies are mandated if the car is financing or lease. Other than that, if you paid off it is not compulsory to have it.
Summary: student car insurance policy provides a low premium coverage plan which can be easily affordable by the students. There are different scenarios in which it can be eligible to get a discount on the coverage plan. Two plans are suitable for student car insurance one is collusion and the other is a comprehensive policy. Choose the right policy depends upon the requirement of the student and the use of a car.
Discount for college students
Now the next thing we should know, about the discount for college students.
For resident students
if you use your parent’s car means the car is in the name of your parents plus you leave your car at your parents’ house and you live in a college hostel then you qualify for a student discount or if your collage is 100 miles away from your parents’ house then your parents qualify for a resident discount on coverage policy because you are not using your family car and live away from home.
For good grade student
The insurance company also gives a premium discount to students who get a good grade in their studies. By considering their hard work, loyalty and they or their parents deserve a discount on their premium.
Young male pays a high premium amount the young female. Most insurance policies give good grade discounts to unmarried and full time employ up to 25.
Multiple policy discount
Students who live in rental apartments and have their own insurance policies are eligible for multiple policy discounts. Multiple policy means have more than one policy.
Anti-theft device discount
If you are thinking to get residents in a new location then it is better to research local crime statistics. We ensure that you are living in a safe neighborhood. If you are going to your college which is far away from your house and you bring your car then it’s a good time to purchase an anti-theft device discount. Doing so may cut back on the likelihood of your stuff being stolen and also land you a discount on your car insurance.
Best Car Insurance For College Student
After knowing all factors about student car insurance now I am ready to purchase the best car insurance plan, but wait how do I know what is the best plan for me, which company gives the best discount rate.
We tell you what is best for you. Here describes a list of companies that provide the best insurance plan for college students.
| COMPANIES | BEST FOR |
|---|---|
| Allstate | It is overall best |
| GEICO | It is good cheap car insurance for college students |
| Statefarm | Best discount for students |
| Metro mile | Best for infrequent drivers |
| Auto-owners | Best family policy |
| USAA | Best for military members |
Here I describe the two best insurance companies.
Allstate
Allstate insurance company is the best insurance provider. It is the fourth largest auto insurance provider in the nation. No doubt, that Allstate insurance provides good coverage with a significant discount.
Although, Allstate insurance is the best insurance for students it has some cons as well. The pros and cons are as follows.
Pros
- It gives coverage and discount for college students.
- It is available in all 50 states.
- Have a great mobile app.
Cons
- Its average premium rate is higher in some state
- For claim satisfaction, its average rating is below.
Coverage
Allstate provides extensive coverage. Allstate offers everything from barebone coverage to full package. It also provides a roadside assistance package in which towing coverage, rental car reimbursement, and battery restart included. Allstate also offers coverage plans for the students who drive a car for others like uber or Lyft. This coverage plan is called ridesharing insurance.
Discount
Here are the best discounts for students.
- Allstate offers a smart discount rate. The smart discount gives off up to 25% to those students who maintain average B.
- Allstate provides a residential discount for those students who live 100 miles away from their colleges and they don’t have a car. The residential discount is up to 20%.
- They provide a mile-wise discount which gives discounts on the number of miles drive car per month.
GEICO
If you are looking for the cheapest insurance plan then GEICO provides the best and cheap coverage plan. It is well known to provide a low premium rate policy in the industry.
It has also some pros and cons and they are.
Pros
- GEICO provides highly competitive rates.
- It is the only coverage provider who has a high rate of satisfaction among their customers.
- GEICO is available in all 50 states.
Cons
- It has a mediocre student discount.
- It has limited access to local agents.
Coverage
GEICO not only gives coverage what the state is required but also gives additional coverage include emergency roadside assistance, mechanical breakdown coverage, rideshare insurance, and GAP insurance.
Discounts
GEICO has already offered the lowest rate in the industry. GEICO provides a list of discounts but for the student, there is a specific discount of 15% on good grade students. Although students get to benefit from the other discounts as well.
| Simple Score | J.D. Power Rating | AM Best Rating | BBB Rating | S&P Rating | |
|---|---|---|---|---|---|
| ALLSTATE | 4.2 | 5/5 | A+ | N/A | AA- |
| GEICO | 4.2 | 3/5 | A++ | N/A | AA+ |
The above table shows the average score of Allstate and GEICO insurance company.
Average rates for college students
| annual | monthly | weekly | daily | |
|---|---|---|---|---|
| ALLSTATE | $2,558 | $213.16 | $49.19 | $7.01 |
| GEICO | $1,750 | $145.83 | $33.65 | $4.79 |
Summary: Allstate and GEICO are considered the best insurance providers for college students. they provide good discounts with the best coverage. The above table shows annual, monthly, weekly, and daily average rates of Allstate and GEICO insurance company for college students. According to it, GEICO rates are cheaper than the Allstate.
FAQ’S
What is the best cheapest car insurance for college students?
Here is a list of the cheapest car insurance companies.
| INSURANCE COMPANIES | LOWEST RATE |
|---|---|
| National General | $32/month |
| Dairyland | $36/month |
| Workmen | $49/month |
| Mercury | $54/month |
| MetLife | $55/month |
Does the insurance provider give a discount to the college student?
Yes, companies give a good discount to college students on car insurance. But there is some condition in which the student has to full fill. Mostly the company gives discounts to young boys and girls up to 25 years of age.
Can college students stay on parent’s policy?
Yes, they can but they are considered to be dependent on their parents. Students who live in their parent’s house or drive family cars can stay on their parent’s policy.
How long can a child be on parent’s car insurance?
There is no hard and fast rule for the child to stay at their parent’s policy unless and until children live with their parents. In health insurance, the age limit of children to stay at parent’s policy is 26.
Can you insure a car if you don’t own it?
It is not necessary for insurance to own a car. A registered person who is not an owner can also insure a car.
Is it cheaper to be on parent’s insurance?
Yes, in some policies it’s cheaper to be on parent’s policy, but in life insurance, it can be more expensive if you get under parents’ policy.
Can two people insure the same car?
Don’t worry you can legally have more than one car insurance policy for the same car there’s nothing to stop you from doing it. And if you take out a second car insurance policy when you already have one, it won’t mean the first policy is void.
Conclusion
College students already have a lot of burden on their shoulders and after all these things car insurance premium is another burden. By considering it, insurance companies give discounts with good coverage to the students on the car insurance policy. There are some scenarios in which students get discounts on their policies. What policy they should consider is depends upon their usage. More likely, comprehensive and collision coverage plans are considered best for college students. Parents can add their Childers to their policy but it becomes expensive for them.
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