University can have significant costs, from tuition fees to accommodation and board. You (or your parents) may be looking for ways to cut some costs, including savings on your auto insurance. Getting auto insurance at the right price is important, but finding the right coverage to meet your needs is also a good idea. If you need help getting started, this video answers some common questions about auto insurance for students:
Here are some tips for students looking for auto insurance:
DO COLLEGE STUDENTS HAVE TO HAVE ITS OWN AUTOMOTIVE INSURANCE POLICY?
You may be wondering if you need your own auto insurance now that you are moving. The answer depends on where you live while studying and who owns the vehicle you will be driving.
Where are you going to live
If your parents’ address is still your permanent address while you are in school, you may be able to keep the vehicle you are driving in your auto insurance (depending on the vehicle owner).
If you live on campus during the school year or rent an apartment temporarily, check with your representative to see if you can follow your parents’ directions or if you need your own.
What is the name on the title of the car?
The owner of the car depends on whether a student needs their own auto insurance.
If the title of the car is in your parents’ name and you take them to school, you may be able to keep family car insurance.
If the car has a common title (contains your name and the name of one of your parents), you may be able to stay with your parents’ auto insurance.
If your name is on the title, you will likely need to purchase your own auto insurance on your behalf.
CAN PARENTS KEEP AN INSURED CAR IN ANOTHER CONDITION?
If you are a parent whose child attends extra-public school, you may be able to get your child to purchase auto insurance if you own the vehicle you drive to school. Otherwise, you may need to purchase your own insurance policy separately.
CAR INSURANCE CONSIDERATIONS FOR UNIVERSITY STUDENTS
When you or your child enters college, it’s a good idea to check your current insurance policy to make sure it offers the protection you need, whether you live on campus or travel to at work. are.
For example, if a student brings a car to school, think about where you will park it. If you are parked outside most of the time, consider full coverage. It can help replace the car if it is stolen or repair it if damaged by hail or vandalism.
Collision protection can be a good idea when the student is driving in or out of a car, for example. It can help you pay for the repair of your car if it was damaged in an accident with another vehicle or object.
Usually, when you lease or finance a vehicle, your lender needs collision insurance and comprehensive coverage. However, if the car the student is driving is paid for, you may be able to remove one or both covers from your auto insurance to save on premiums. Remember, if your car is damaged and you don’t have full coverage or collision insurance, your policy won’t pay for your vehicle to be repaired.
DISCOUNTS ON CAR INSURANCE FOR UNIVERSITY STUDENTS
If you (or your parents) want to save money on your auto insurance premium now that you’re in college, many insurance companies offer student discounts.
Discount for resident students
If the car you usually drive is named after your mom or dad and you leave it at home while you live on campus, you might be able to save them a few extra bucks. If your college is at least 100 miles from where you live, your parents may qualify for the “resident student” discount because now that you’re in school, you don’t drive the family car as much.
The benefits of good grades on your auto insurance don’t end when you graduate from high school. Most insurance companies offer a good discount for single full-time students up to the age of 25.