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Car insurance for students is the most expensive when you look at averages across age ranges. Simply put, college students often pay thousands of dollars more than anyone else. Therefore, finding cheap car insurance for students can be difficult, but it’s not impossible.
There are some companies that offer affordable student car insurance that is not only cheap but worthwhile to have. Companies such as Erie, Geico, Travelers and Progressive offer affordable premiums and the type of car insurance that builds customer loyalty for years to come.
To select the best car insurance for students, we considered factors such as:
Amount of discounts
Average amount of yearly/monthly premiums
Finding affordable auto insurance for college students can be challenging, so it’s also important to know which companies offer the best deals.
Companies may quote you an annual premium that is more or less than the following averages. Nevertheless, the companies below offer some of the cheapest car insurance plans for college students:
Average Annual Premium
Auto Insurance Discounts for Students
Some of the best car insurance student discounts include:
Good Student Discount: Maintain a 3.0 GPA and your insurance company will likely give you a discount because teenagers with good grades are statistically more likely to be safer drivers than students with lower GPAs.
Driver’s Education/Defensive Driving Discount: Further your driver’s education and most companies will reward you with savings. Double check with your state’s requirements, but many teenage drivers can qualify for this discount by taking a course online.
Military Discount: Serve your country and reap the awards. People who join the military often qualify for savings with their insurance provider. Plus, they qualify for USAA insurance, which is one of the best insurance providers in the country.
Distant College Student Discount: If you’re away from your car and not driving that much while at a school, many insurance providers offer savings to reflect the amount of time you’re actually driving.
Top 5 States with the Cheapest Car Insurance for Good Students
Average annual premium for 19-year-olds with discount
Average annual premium for 19-year-olds without discount
Should You Take Your Car to College?
If you take your car to college, you won’t be stuck limiting your grocery shopping to what you can carry back home. Plus, having a car makes it easier to get a job off campus.
But there are a few reasons not to take your car to college, including:
Parking may be extremely difficult
You may have to pay extra for a parking pass
Many colleges discourage students from taking a car, and some even make it against the rules
And then there’s insurance to consider. If you leave your car at home, your insurance provider will likely offer extra savings. Often called “Student away at school,” this discount still allows you to drive your car when you’re home, but it expects you to leave it there when you go back to school.
Can You Stay on Your Parents Insurance?
Sometimes it makes sense to stay on your parent’s insurance, especially if it saves them money. If you’re getting a lot of discounts for them, such as a good student discount, it might make sense for everyone if you stay.
Another reason to stay is for your insurance history. Insurance companies don’t like to see large gaps between coverage. Even though you may have a solid reason for not needing a policy, it may behoove you in the long run just to stay put.
However, it’s better to get your own insurance policy if:
You get married/you no longer plan to live at home: Though there’s no age limit on when you have to get your own policy, if you no longer live at home, most insurance companies require you to be taken off of your parents’ policy.
You buy a car in your name: If you own your own car, you need to get your own insurance policy.
Your parents have a bad driving record: It might be financially advantageous for you to have your own policy if your parents have a bad driving record.
Why Your Friends Can’t Drive Your Car
There are many reasons that you shouldn’t let your friends drive your car. First and foremost, if they get into an accident, you and your insurance provider may be deemed financially responsible if your friend is found to be at fault. This means you will be the one expected to pay for any damages should they exceed your policy limits. And if the other person decides to sue, you will be the one taken to court. When this happens, even if it’s just a fender bender, you can also expect your monthly and yearly premium to go up.
There’s also overall safety to consider. Each car accelerates, turns, and brakes a little differently from one another. If your friend wants to take your car on the highway, they could be putting themselves in danger if they don’t have much driving experience.
What is Covered By Car Insurance
Bodily injury: If you injure someone else in an accident, your insurance provider will cover their medical costs up to your policy limit.
Property damage: Damage another car or person’s property, and your insurance provider will pay for repairs up to your policy limit.
Personal injury protection: Should you get into an accident, this coverage option covers you and your passengers’ medical costs up to your policy limit.
Uninsured/ underinsured motorist protection: This protects you in the event you get into an accident with a person who has little to no insurance protection.
Collision: No matter who is considered at fault, collision protection will pay for your car’s repair or replacement up to your policy limit.
Comprehensive: If your car is damaged while you’re not driving it, this coverage option will pay for its repair/replacement up to your policy limit.
What is not covered by Car Insurance
Any amount that exceeds your policy limit: If you get into an accident that does more damage than your policy accepts, you will be responsible for the remaining amount.
High performance cars: If you have a highly valuable car, it’s likely that a regular insurance policy won’t cover it. You will need a specialized type of insurance to make sure it is protected.
Gradual wear and tear: Your insurance provider will not help you replace parts damaged from normal wear and tear, like your tires or brakes. Anything that is considered a loss due to normal usage is not covered.
Ridesharing: Drive for Uber or Lyft, and you will need a specialized type of car insurance called ridesharing. This is because your car has gone from being a personal use car to a business car.
Reviews.com scores products, services and companies using five criteria to help readers choose the best one for them. For the best cheap car insurance for students, our editorial team compared affordability, customer support, coverage options, customer satisfaction scores and online resources from each company, averaging the scores to produce our own Reviews.com score. These scores were created with our readers in mind and are meant to be a helpful tool to simplify the process of choosing which car insurance company is best for you.
Lauren Ward is a personal finance writer who regularly covers consumer insurance products. Her work has appeared in a variety of online publications, including Bankrate and The Simple Dollar. She graduated from Georgetown University with a BA in Japanese.