What Will I Pay for Auto Insurance as a College Student?

Reader Question: What Are Some Ways I Can Save on Auto Insurance as a Full-Time College Student, and What Will I Pay?

Higher education costs are undoubtedly expensive, but fortunately there are numerous ways to save money on necessities like auto insurance!

According to the Insurance Information Institute (III), the average college student pays roughly $1K to $5K a year for auto insurance. What you’ll pay depends on many individual factors though, including driving history, vehicle, where you live, credit history, and chosen coverage options.

Although any extra expense can seem high when attending college, there are things you can do to save on auto insurance regardless of other factors though. Here are some of the best discounts for college students and what each can save you:

Good Student Discount

College expenses are high, but one thing you’ll want to keep high is your GPA. Most insurers offer good student discounts to full-time students as long as they maintain 3.0 GPAs. Many insurers only allow this discount until age 24, but until then you could save anywhere from 3 to 7% depending on the insurer.

Affinity Discounts

One of the best insurance discounts for college students are affinity discounts, which you can obtain for belonging to certain organizations or clubs (like a particular credit union or sorority), or being an employee with certain businesses. Additionally, being alumni of certain colleges can qualify you for this discount – an added savings opportunity particularly for graduate students. When getting insurance quotes, ask each insurer what organizations and businesses they offer discounts for, as they vary by insurer.

Multi-Policy Discounts

Whether you live in dorms or rent while in school, this is an easy discount to get and the way you’ll get it is greatly beneficial. You may be using plastic crates for a coffee table, but get renters insurance quotes too when shopping for car insurance. You may think your belongings aren’t worth insuring, but the average renter has $30K worth of personal property (like clothes, furniture, or electronics), according to a recent Allstate survey. (You need it to cover the costs of your personal property in the event of a loss, like a fire, and to protect you against liability claims, which can arise from guests injuring themselves at your home.) The added perk? About a 7% to 10% discount for carrying both policies with the same insurer. Better yet, renters insurance is cheap, so what you’ll save on auto insurance usually pays for it. Before dismissing it, check out this info on renters insurance, and take advantage of the additional savings it offers. If you happen to own your home, you can get the same discount for carrying homeowners insurance and auto insurance with the same insurer.

Once you’ve received a few auto insurance quotes, you’ll get the hang of what’s required where you live and what costs you’re looking at. Hopefully you’ll find the perfect insurer, price, and great discounts to make college a little less expensive!


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