If you’re sending a kid off to college this fall, there are several points to consider about your car insurance. You may need to contact your insurance company to let them know about a change in address and situation. You may also want to shop around to see what other providers will offer your family. Car insurance is an extremely competitive industry and rates vary considerably from company to company, so it pays to get a free car insurance quote online.
How Rates Go Up For College Student Drivers…
- Is your child attending college out-of-state? You will need to check with the minimum car insurance coverage laws in that state to ensure your child is covered there too.
- Is your child attending a city college? Cars in urban settings cost more to insure than cars in the country.
- Any driver under 25 is considered to be in “the risk pool,” since more accidents occur in this age bracket.
Ways To Lower Your Car Insurance Rate…
- You’ll pay less if your child doesn’t plan to take a vehicle to school. Call your insurance company to have your child switched from a “primary” driver to an “occasional” driver on someone else’s car.
- If your child does well in school and attains a 3.0 or higher, you can save 10-15 percent with an insurance provider’s “Good Student Discount.” Keep in mind you’ll need to keep track of this and notify the company.
- College car insurance rates drop when you switch to a safer vehicle.
The Bottom Line:
Did you know that 47 percent of college student parents do not call to make adjustments to their car insurance policies? That’s according to statistics collected by the Independent Insurance Agents & Brokers of America. They found that these parents wind up overpaying by as much as $3,000 by the time their children graduate! Don’t be one of those suckers. Search free car insurance quotes online today! (It only takes a moment.)
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