Car Insurance for College Students
The unfortunate part for most students is that they are considered a risk factor by car companies. They are young, reckless, and likely to get involved in more accidents. This is why student car insurance rates are likely to be higher than the rates for someone who is married, working a steady job, or 10/15 years older. That does not mean students cannot work their way into a situation where they get offered discounts on car insurance. It is simply a matter of being persistent and intelligent about how you manage your insurance.
One of the quickest ways to get lower car insurance rates as a student is to be involved in fewer accidents. Students who have held their license since they were 16 or 17 and have not been involved in a car accident for several years will be eligible for discounts when applying for car insurance. Statistics show that while students are only 13% of licensed drivers, they account for 25% of fatalities and serious injuries that happen on the road. This means that a student with a flawless record of accidents is likely to receive significant discounts from car insurance companies.
Students are encouraged to go through the Graduated Drivers’ License course work before they are on the road by themselves. What the GDL does is limit students’ exposure to situations where they are likely to get involved in car accidents. It gives them supervised time behind the wheel, in addition to an introduction to rules and traffic regulations. This helps when students eventually drive on their own, and often results in safer driving. Students can inform the auto insurance company that they have completed their GDL work, which may result in a good discount on their monthly premiums.
It is also possible for students to obtain an insurance policy that is attached to their parents’ policy. This will enable lower insurance rates while still providing the student with the complete coverage they need. Having a supplemental insurance package like that is a great idea, but it may not be feasible for everyone. Quite often, parents do not want their insurance premiums to increase in case their child is given excessive speeding tickets or gets into an accident. If that is not a viable option for you, here are some other ways to get discounts on car insurance:
1. Shop Around
No one gets a great car insurance deal by opening up one or two insurance company websites and looking for quotes. Securing a great deal requires considerable effort. Research every major insurance company in the area to determine what they are offering. Speak to them about specific student discounts, in addition to any discounts you may receive for being a safe driver. After that, make a list of all the best policies you have been offered. Do not simply go for the cheapest one. Weigh the cost against the coverage, and that will help you decide which policy is best.
2. The Older the Cheaper the Insurance Policy
Students aged 24 or older are eligible for better insurance deals than those under 24. However, the older you are, the better your chances are of getting discounts. An 18-year-old will have a harder time getting a good deal than a 20-year-old, and so on.
The cost of being a student in Canada has never been higher. Shop around for great car insurance deals, so that is one burden you can cross off your list of major expenses.