Are you a college student looking to get your first auto insurance policy? College students tend to have the highest rates demographically, because they're considered a significant risk—but there are certain ways you can lower your insurance premiums, with a little work.
1. Get Good Grades
Auto insurance companies are looking for students to show that they can be responsible. On way to prove this is to get good grades! There are many auto insurance companies that offer "good grade" discounts for students that maintain a high GPA. But don't forget that you might lose your discount if your grades start dropping.
2. Start Driving Less
In general, auto insurance premiums are calculated based on both risk and the amount of miles you put on your vehicle. If your premiums are very high, try calculating out the costs if you only use your car to and from school and work. Often, you'll find that you can save a lot of money by using public transportation when you can. You should also make sure that your calculations are correct, as you don't want to be blindsided by an adjustment the next year when you go to report your car's mileage!
3. Bundle It
If you're a college student, you're probably paying renter's insurance—unless you live in the dorms. And if you don't live in the dorms and you aren't paying renter's insurance, you should be! Renter's insurance protects you from the loss of your property, given a fire, flood, theft or other unanticipated event. Even better, renter's insurance can be bundled with auto insurance so that you can save money on both policies.
4. Get the Right Car
Don't forget that your auto insurance is affected by the type of car that you get. In general, coupes will cost more than sedans and sports cars will cost far more than family cars. Cars that have better crash test ratings will have better rates than cars deemed unsafe, and newer cars may cost more to insure if they are much more expensive (as the replacement and repair value of the car is being insured). Before buying a car, you should always get estimates for your insurance costs, from professionals such as those from White Hoskins Agency.
Don't forget that small mistakes will add up. Getting tickets—even just parking tickets—will greatly increase your insurance premiums because you'll be seen as a risk. Make sure that you drive safely and you should see your premiums going down over time.Share