Cheap Car Insurance for College GradsOctober 28, 2015
Recent college grads are preparing themselves for a number of big changes including finding new places to live, finding a job, and getting their own insurance. None of these are easy tasks, but compare.com can help you with at least one of them. We’ve created a guide to cheap car insurance for college grads to help you get one of these big changes pinned down and out of your way so you can move on to more important stuff (and have some money in your pocket too).
How can college grads get cheap car insurance?
College students and grads have a lot to worry about when it comes to finances. Finding cheap car insurance for college students and grads is certainly a concern, but it’s rarely a top priority. Many college grads just get a policy from the same company that insures their parents. Some go online and get a quote or two from different car insurance companies. But what’s the best way to find a good deal on car insurance?
Plan ahead to get cheap car insurance
What can college grads do to help them get cheap car insurance when they’re ready to get their own car insurance policy? The first thing is to make sure that they have a good credit score. A good credit score can get you a better rate on car insurance and keeping that score up by paying bills on time or paying overdue debts can ensure you continue to get a good rate. On the other hand, falling behind on payments can hurt your credit score and, if you get very far behind, could mean your insurance provider might choose not to renew your policy later on.
College grads can combine car insurance and other policies
Recent college grads will often have a need for a number of insurance policies such as auto, renters, and perhaps life insurance. One way to get cheap car insurance is to package these policies by purchasing them together from the same insurance company. Not only does this decrease your auto insurance premium, but the premium for your other insurance products as well.
Getting cheap car insurance is about knowing what you need
Not many college grads run out and buy a new car after their commencement ceremony. Some of them get a new car from mom and dad, but not many. If your college grad plans on driving their current car for a few years more, take a closer look at the coverage levels for their new policy. If the car has a few scratches and dings, it might be worth raising the deductible or dropping comprehensive coverage. Be careful though, while you can save money by changing coverage levels and deductibles, you can also get yourself into a tight spot if you don’t have money put aside to deal with any issues that might arise.
College Car Insurance Policy Check-Up
- If your college student is on your policy, make sure they are a listed as a driver on your car insurance policy. If they are not, they may not be covered in the event of an accident.
- Make sure they are assigned as the primary driver of the car they’re driving to school. If they have their own policy, they’ll need to make changes to their policy to reflect where they live and where they garage their vehicle. This is ensures that any claims made can be handled without incident.
- In the event that your college student will not be taking their car to school with them, update your policy to reflect the change in how often the vehicle is being driven and how far. This could potentially lower your car insurance premium. Many insurance companies refer to this as a distant student discount and require that your college student attend school at least 100 miles from home.
- Check the limits on your (or their) collision, comprehensive, and liability coverages. Colleges are densely populated with limited-experience drivers. As a result, accidents are more likely to happen. Checking your coverages in these areas will help ensure that you have the appropriate insurance for college in the event that an accident occurs.
- Theft of vehicles and personal items from within vehicles is more common on and near college campuses. Be sure to avoid leaving valuables in vehicles parked around campus, and always lock your vehicle.
The best option for cheap car insurance for college grads
It’s really simple: shop around. Getting one or two quotes isn’t enough. Insurance companies don’t calculate risk the same way, that’s why prices are different from insurer to insurer. Do your homework and get multiple quotes. The more quotes, the better your chances for finding a quote that fits your budget. Compare.com can even help you by allowing you to fill out a single form and get multiple quotes all at the same time. You can even compare them side by side. Start comparing now and start saving up for that dream house.