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The Importance Of Good Student Car insurance
Millions of students every year rush to colleges to start a new and away-from-home phase of life. However, these students or those already living away from their home might not have car insurance. At the time due to academic pressures or otherwise, these students may not consider car insurance their priority.
But college life is an expensive experience. Therefore neither students nor their parents want to get caught in an unpredicted financial burden, caused due to inadequate coverage of their automobile. In addition, to give students the minimum financial burden, automobile insurers offer certain discounts on car insurance to those students who perform well in school and maintain their high academic performance. Such insurance options are referred to as good student car insurance.
Legal Position Of Car Insurance For Good Students
In almost every state, it is illegal to drive or own a car without carrying the prescribed limits of auto liability coverage. Therefore, regardless of whom you are or what you have, every driver is required to carry at least the prescribed minimum limits of auto insurance liability coverage. It does not matter whether you are a good student or a bad student, you must carry the auto liability insurance if you want to drive/own a car.
If you are caught driving without insurance, you may face a steep fine or penalty. In the unfortunate event of causing any accident and if someone gets injured and any property gets damaged, you will have pay for the damages, which may be beyond your capacity.
Issues Associated With Student/Teenage Drivers
Just in California in 2006, college-aged drivers were involved in 186,543 accidents. Similarly, the maximum number of drunken driving cases has been committed by students below 25 years. Therefore, owing to the legal requirement of carrying at least the prescribed limits of auto liability coverage and its financial significance, you must plan and purchase auto insurance carefully and without any delay.
Planning Good Student Auto Insurance
Since education itself is very costly these days, any other expense, however minor it is, adds the financial burden of college students and their parents. However by being proactive and planning early, there are options through which they can reduce some of their financial burden in regards to auto insurance.
Students as well as parents should decide early on whether the student should take a car with him to college and in this case, parents should make sure that their existing insurer provides coverage in the college’s city and state. Also, every semester, the insurance company must be informed about the good performance of the student.
Eligibility For Good Student Car Insurance Discounts
There are several factors that are taken into account while calculating the cost of auto insurance coverage and the amount of discounts that would be offered. Age is the first and the most important factor. This is due to the fact the young drivers commit the maximum accidents. Therefore, as a general rule, students and young drivers pay a higher insurance premium. Given below is the general eligibility criteria for obtaining good student car insurance, whereas, the exact conditions for obtaining good student discounts for car insurance and other factors that can reduce your cost of coverage have been given below under separate sub-topics:
The most common eligibility for obtaining car insurance for good students is as follows:
- Full-time student under 25
- Either maintains academic performance level of B or qualifies as good student as described by the insurance company.
- Must have 3.0 GPA, if numeric is used to evaluate performance.
- Ranked among the top 10% of his class*
- Has position among top 5/10 students in the class*
- Is on any honor list such as Dean’s list, Honor Roll or any other list that shows exceptional performance.
*These two conditions vary from company to company.
Car Insurance Discount For Good Students
Students who are good do well in school and maintain their academic performance are considered responsible individuals by auto insurance companies. Insurance companies consider such responsible students as responsible. Good students would be less risky to insure.
Therefore, in order to motivate these students, insurance companies offer discounts on the cost of car insurance them. To get discounts for good students on car insurance, students should have consistently good academic performance with a GPA of 3.0 or above. In the alphabetical system of performance evaluation, students should have at least a “B” average. Also, students should inform the insurance companies of their academic performance every semester in order to get discounts on renewal etc.
Good Student Car Insurance Discount:
Is It The Only Discount?
Car insurance discounts are a company specific policy. It is not mandatory for insurance companies to offer discounts and therefore discounts for car insurance for good students varies from company to company. There are several companies that offer such discounts and similarly there are other companies that do not offer any discounts to good students.
However, the main purpose of discounts is to reduce the overall cost of car insurance. Therefore, even if a discount is not available, there are other methods and ways through which you can reduce the cost of car insurance thereby making the cost of coverage equal to the good student discounts. Some of these methods/ways have been discussed below:
- Get multiple quotes
- Compare quotes for cost, coverage and other features
- Check the additional coverage, if any and whether you need any additional coverage
- Raise deductibles
- Complete a driving course
- Look for low mileage discounts
- Group purchase of car insurance
- Ask for discounts if you don’t drink
Reducing Good Student Car Insurance
Costs Through Accident Forgiveness
In order to reduce the overall cost of good student car insurance, parents/students may ask for an “accident forgiveness” clause that ensures that premium would not be raised. Another method of reducing cost is that instead of purchasing a new car for their child to be used in colleges and getting collision & comprehensive insurance in addition to liability coverage and thereby enhancing the total cost, parents might consider purchasing a used car and opt for no collision and comprehensive coverage, thereby reducing the overall cost of coverage.
Find A Good Student Car Insurance Policy Now!
If you have a good academic record, there is no reason why you should purchase costly car insurance when you can get good student discounts.
Use our free good student car insurance quote finder now to compare rates from multiple auto insurance companies.
Find the good student auto insurance policy you need right now!