Cheap Car Insurance for College Students: Best Good Student Discounts
Taking only some of the averages available to college student today, students can gain an idea of what pricing they may be looking at and plan accordingly. For those who can’t afford these types of plans, knowing these prices may help with their awareness, but it can also prove to set the bar outside of their financial budget range. On this list, Progressive shows to be the best deal for an offered premium plan. Despite this, there may be more than one reason why a company like progressive isn’t the best choice for a student. Looking around at other options is suggested for college students who are trying to find the best deal, while also being comfortable with the rest of the company’s policies.
Why Should a Student Have Their Own Car Insurance?
Having your own car insurance as a student will differ depending on a few factors. To clarify, a student having their own car insurance policy means that they will not be a part of a parent or guardian’s car insurance policy. Meaning that if they have been a part of their parent’s policy previously, once they have their own policy, that will no longer be the case. There are plenty of pros and cons for a student to have their own policy. Some pros to having your own car insurance include the ability to build your own credit by holding a policy for an extended period of time and by making all payments on time and in full.
For some car insurance policies for teens or young adults, this will end up reducing future costs for that individual’s car insurance policy. An example would be that, should your policy start out as $100 or more per month for the first few years, being able to hold onto your policy for a certain amount of time may reduce it down to the mid to late double digits per month. That will significantly reduce costs in the future simply by showing dedicated efforts to pay on time each month.
If you are part of a family plan, where your parent is the head of the account, then this would likely build their credit and not yours. Obvious cons include higher costs due to being a new driver and due to age adjustments. It can also be more difficult for late teen drivers to obtain car insurance in the first place, since they would fall into the age bracket that is the most accident prone on the road.
When Should a Student Get Their Own Car Insurance Policy?
If you are driving a vehicle full-time and are not currently living within your parent’s residence, then obtaining your own car insurance policy is a must. The reason being that if your car insurance company catches wind that you are not currently living with your parent and are still driving a vehicle everyday, then you risk having your insurance policy interrupted or denied altogether. If you are already in the middle of a long-term policy plan, then this can really put a strain on your personal finances and even the credit you’re trying to build may be in jeopardy.
Sufficed to say, it would be a mistake not to invest in a car insurance policy under your name if you feel that you’re at risk. Even if you’re living in a complicated situation, such as between your parent’s home and elsewhere, there is still no reason to risk it.