10 Ways to Save Money on Student Car Insurance
When you're in college you've got enough on your plate without having to worry about paying high insurance premiums every month. Luckily you don't have to.
Right now the price of your insurance premiums depend on a number of different variables. Being aware of these variables can go a long way toward saving you hundreds of dollars per year, which can go a long way towards student essentials like coffee, cell phone bills, and booze, er I mean... books.
Here are 10 ways to save on student car insurance so you can make the most of your money:
1. Increase your deductible
Your deductible is the amount of money you’re on the hook for before the insurance company pays out. Taking a higher deductible will lower your monthly premiums. However, it can cost you a little bit more in the event of a claim. If you can afford the out of pocket expense, take the higher deductible.
2. Complete a government approved training course
Many insurers offer discounts to drivers who have completed a training program in the last several years. Even after the cost of the courses, young drivers usually see dramatic savings when it comes time to buy student car insurance.
3. Live at home? Take advantage of mom and dad
With years of driving experience under their belts, parents are likely to get much lower rates than an independent young driver. One of the best things about auto insurance is that it doesn’t matter how old a student is: as long as you’re at the same address, you can be put on the same policy as their parents.
4. Bundle your insurance
As a student renting your own place, you probably need renter’s insurance. Maybe you’re looking to insure multiple vehicles at once. Many insurers offer discounts for customers who take out multiple policies with them. Make sure to ask about any discounts they have when you talk to them about setting up a student car insurance policy.
5. Get your full licence
The kind of licence you carry affects premiums, too. Some students take their time since getting their intermediary graduated licence because life gets in the way. If you can drive on your own, you might not feel the need to rush to get a full licence. However, in an insurer’s eyes a fully licenced driver is a safer driver, and premiums will reflect that.
6. Drive safely
Being a safer driver in general will keep your student car insurance premiums low. If you have a spotty driving record, it can mean higher premiums for several years. Start driving defensively today.
7. Drive the right vehicle
Most people know that the car they drive will make a difference on their premiums, but not many know exactly which cars typically have the lowest rates. Look for cars on our list of lower-cost cars to get an idea of which cars will save you money. Avoid shiny new cars that are likely to get stolen and go for reliable cars with good safety records.
8. Don’t drive very much
You probably got a car so you wouldn’t have to take a bus every day, but the truth of the matter is that when you decrease the time you spend behind the wheel, you see better insurance rates. This is because you decrease the risk of getting into accidents and that means lower student car insurance premiums.
9. Don’t default on your payments
Insurers are not fans of people that don’t pay them on time. Defaulting on insurance payments can really jack up your prices in the future. If you aren’t confident you can make a payment on time, call your insurer and see what can be done to postpone payment.
10. Compare, compare, compare
One of the simplest ways to get the best deal on your student car insurance is to find the company that will offer you the best rate. With HUB InsuranceHunter it only takes a few minutes to find out how much you could be saving on car insurance.