Examples Of Reduced-Premium Auto Insurance Programs For College Students

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Examples Of Reduced-Premium Auto Insurance Programs For College Students

Examples Of Reduced-Premium Auto Insurance Programs For College Students

25 March 2021
Insurance, Blog

Auto insurance discounts are available for qualifying college students. Several companies provide premium reductions if they have evidence the young person is responsible and the policy would be low-risk. Parents may want to purchase insurance for their child so that the student can use a car at school. When contacting an agent for quotes, they should ask about possible savings.

Relevant Statistics

Teens and younger adults typically pay the most expensive car insurance premiums. Underwriters view them as riskier drivers than those in other age groups because their serious accident rate is significantly higher. The age range of 16 to 29 has a higher rate of car crashes in general. These drivers have a higher percentage of collisions causing injuries than any other age group. They also have a higher rate of fatal crashes except for drivers 80 years and older. 

Examples of Programs

Good Grades

A reduced premium for a high grade point average is one of the more common savings programs offered by automotive insurance companies. This accomplishment indicates the characteristic of responsibility, which underwriters appreciate. It's a sign that these young people will behave appropriately while driving.

Each insurer has different requirements for this discount. One might require that the student has consistently been on the honor roll for a period of time. Another may provide savings for students with a minimum of a B average for a number of semesters.

Family's Clean Driving Record

One intriguing discount is provided by some companies when all immediate family members have clean driving records. If the college student, siblings, and parents have not received traffic citations for three or more years, that is a positive sign. Everyone understands and follows the rules for safe driving. The college student has learned this from their closest role models.

Vehicle Safety Features

If the parents are in the process of buying a car for this young adult or planning to help finance a purchase, they might consider the viewpoint of underwriters. Some insurers offer lower premiums for certain safety features. Automatic safety belts, daytime running lights, and lane departure warnings are examples. Electronic stability control as an extension of the anti-lock brake system is favored by insurers.

Getting Started

Saving money is always helpful for the family budget, especially when college tuition and related bills must be paid. Asking an insurance agent about discounts offered by various companies is a step toward having lower premiums. 

If you have additional questions about auto insurance, contact a local insurance provider.

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When you operate a business from your home, you enjoy the benefit of not having to commute to a busy office every single day. One thing that you may not have considered is whether your home business is covered under your current homeowners insurance policy. If you have expensive equipment, inventory and files stored in your home, you may need to add a rider to your insurance policy to ensure that you are covered. Find out more about how a home business can impact your homeowners insurance policy and whether or not you are protected as your policy stands today.