Auto insurance tips for college students

August 22, 2013

Auto Insurance Tips for College StudentsAre you heading off to college this fall? Now is a good time to review your auto insurance policy to ensure you have the best coverage for the best price.

College is an expensive endeavor, so finding ways to save on other expenses along the way is never a bad idea. Unfortunately, auto insurance is often expensive for college-aged drivers because of the higher risk insurance companies assign to people in that age range.

But that doesn’t mean you should just settle for the lowest rate you can find. If you have to make a claim, you’re going to want a good policy or else you could end up in an even worse financial situation.

What’s more important is that you look for a policy that is appropriate for your situation, one that doesn’t provide too much or too little coverage. Then you can save money by taking advantage of the appropriate discounts.

What to consider

The first step in evaluating your auto insurance coverage is determining what types of coverage you’ll need. Here are a couple factors you’ll want to consider when searching for the right policy for you:

How often you’ll be driving your car

How much driving are you planning to do while you’re in college? If you’re living on campus and will only be driving to the grocery store once a week, you may want to scale back your coverage to save a little money.

On the other hand, if you’re going to be commuting to campus every day, especially through hectic traffic, you may want to increase your coverage to account for the added risk. You’ll be glad you had the extra coverage if you’re involved in a car accident.

Campus security and crime rate

When evaluating the types of coverage you’ll need, you should look into the crime statistics at your college.

If you’re bringing your car to an area with a higher crime rate, you may need to talk to your insurance agent about adding comprehensive coverage to your policy. This coverage provides protection in the event of a theft.

Ways to save

Once you have selected a policy that’s right for your situation, your agent can help you take advantage of any available discounts to help you save on your premiums. Here are a few of the most common discounts you may qualify for:

Good student

Getting good grades in school can also help you save on car insurance because insurance companies have determined that good students tend to be good drivers. Guidelines for getting a good student discount will depend on the carrier, but in general you’ll need to be a full-time student and maintain a 3.0 GPA or higher.

Resident student

If you’re leaving your car at home and no one will be driving it while you’re away at college, you may qualify for a resident student discount. This may help lower your parents’ premiums by up to 30 percent. You will typically need to be attending a school at least 100 miles away from home for this discount.

Anti-theft device

If you’re bringing your car to an area with a relatively high crime rate, it may be a good idea to install an anti-theft device in your car. The right device can deter criminals and reduce your premiums.

Need help finding the right auto insurance policy for you? As an independent agency, Guffey Insurance Agency, Inc. can help you get quotes from several of the best insurance companies in Louisiana and make sure you’re taking advantage of every possible discount. Request a free quote or call us at (225) 291-4544 to get started!