It’s back-to-school time for college students and whether your student is new or returning to classes this year, you will want to cut some expenses where you can.
One place you can start is auto insurance. In fact, you might be overpaying in spite of data that points to most teens and college-aged students comprise 20 percent of all accidents.
Here are some ways that could save on auto insurance for teen and college-aged drivers:
Does your student live in a traditional college town with pedestrian and cyclist friendly options? If so, encourage them to leave the car at home and drop your coverage to occasional driver on your family policy. The less they drive, the lower your rate. This may not be possible if your student is working and needs to commute to a job or it’s a remote campus. If your student insists on keeping the car parked at school, it’s worth looking into UBI or user-based insurance which could offer deep discounts for less time spent on the road.
If your student has taken any driving safety courses this certainly qualifies for a discount. Better yet, if they haven’t ask your insurance agent which courses are approved for the best discount.
Making the grade:
Better students make better grades and could qualify for discounts from the top insurance companies. This is especially important if your student is returning to school this year. Take a look at those grades and ask for a better rate. Typically, these discounts apply to full-time students and are under 25 years old.
The bare minimum:
Every state has rules for the minimum amount of insurance that is required for drivers. This is where an insurance agent can give you the best guidance. Depending on their driving record and propensity for considering safety first while behind the wheel, you could consider upping the deductible on the policy.
These are just some of the less-known ways to curb auto insurance rates for teen and college drivers. It’s always a good idea to get some guidance and direction from an insurance agent to ensure your coverage is the best and your rates are the lowest.