Between the costs of classes, textbooks, meal plans, and sometimes even rent; college students have quite a few expenses to worry about. If you’re a college student then you’re probably eager to find some ways to save money.
One expense that you may not be thinking about is the cost of car insurance. Car insurance can be costly for young drivers, but if you happen to be on your own car insurance policy or will be purchasing one soon, we know how to help lower your rates a bit.
Here are 3 ways that a student can save money on their auto insurance.
1. Take a defensive driving course online
By taking this course, you demonstrate to your insurance company that you’re less of a risk to insure. This can be especially helpful for students trying to save money and here’s why:
The course qualifies you for a 10% discount on your insurance premium regarding the vehicle assigned to you on your policy. To put it in perspective using a simplified example – if you’re paying $100 a month, you’d save $120 on the year.
Before you roll your eyes at the idea of taking yet another class, check out these details:
- There‘s NO FINAL EXAM, you just have to complete the course.
- It takes 5.3 hours in total to complete, but you don’t have to do it all at once. Do an hour here and an hour there. Just finish it within 30 days.
- The course is good for 3 years!
Trading 5.3 hours now for 3 years of savings is a pretty good deal, and it doesn’t seem so bad compared to that 8:00 am calculus class you had last semester.
Saving money isn’t the only benefit, either.
The New York State Defensive Driving Class can reduce up to 4 points on your license if the violation and points were received within 18 months before completing the course.
And to state the obvious, you can become a safer driver by taking the course, which is the whole point!
2. Get Good Grades
If preparing for your career isn’t pushing you enough to excel in school, maybe saving money will. Many insurance companies offer “good student discounts” to students doing well in school.
They do this because it’s statically proven that students with higher grades are less likely to get into car accidents.
To qualify, you must maintain a 3.0 GPA or be on the honor roll/dean's list. You must also be younger than 25 years old and enrolled full-time (at a high school or college/university).
If your insurance company offers a good student discount, you may need to present a report card, transcript or a letter signed by your school administrator.
3. Drive safely and obey traffic laws
Speeding tickets and fender benders alike will raise your premium. If your driving record has a rebellious streak, you may be penalized by your insurance company.
It’s not difficult to understand why your insurance company may charge you more if you’ve made a habit out of car accidents or have a history of getting in trouble behind the wheel.
Things like DUIs and texting while driving aren’t just incredibly dangerous and foolish; they often have incredibly expensive results too.
You’re a larger risk to insure when you have a sordid past on the road; so drive with care.
Don't just save money, get more for your money. Contact an independent insurance agency like Sidle Insurance. We can cater to your insurance needs specifically and help you build the best insurance strategy for your needs at a great price.